• How to kill two birds with one stone Using Profit First to Achieve Your Strategic Objectives

    | Categories: Building Strategy , Business Tips , Profit First , Profit First Coaching

    Blog by Fuel Accountants

        Did you know we can kill two birds with one stone? Well, I’m about to tell you how!! One of THE biggest challenges facing small/medium businesses (SMB’s) centers around tactical cash flow management and achieving strategic objectives. How can you balance short term cash management with long term strategy? We do have a solution for that. It’s called our Profit First Cash Management System (PFCMS). When our clients (and us, too because we use this system in our business) employ Profit First, we can manage short term cash requirements, and at the same time, store cash to meet long term strategic goals. How do…

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  • Have you started using the Profit First Cash Management System yet?

    | Categories: Building Strategy , Cash Management , Future Financial Planning , Profit First

    Blog by Fuel Accountants

      What are you waiting for? For those of you not yet familiar with our Profit First Cash Management System (PFCMS), it gives you the opportunity of taking charge of your cash and profitability.  We use Profit First in our practice, and many of our clients use it as well. It works amazingly great… If you’re not yet using it, call us to get more info. It involves setting up several bank accounts where your revenue is apportioned into on a consistent basis in order to make certain that you have the right amount of cash, in the right place, at the right time. When…

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  • How do you win an Infinite Game?

    | Categories: Building Strategy , Business Tips , Operations

    Blog by Fuel Accountants

      What kind of question is that, and why am I asking it? Well, why don’t you ask yourself if your business is a finite, or infinite enterprise? Sure, your business had a beginning. It might also have rules (processes), timelines, and score keeping (the numbers). But when does it end? What does the end even look like?  This is an important concept to consider for several reasons: Even if you have a business plan with 1 year or 3-year goals, once you reach the goal, now what?  Is it possible to create our own future? While it’s impossible to predict the future, is it possible…

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  • A Penny for your thoughts… Are you ready for 2024?

    | Categories: Building Strategy , Business Tips , KPIs

    Blog by Fuel Accountants

      Well, have you been thinking about your goals? Oh wait, are you one of those people that believe in New Year's Resolutions? I used to be one of those myself. But I’ve since learned the difference between a wish and a plan. So what is the difference between a wish and a plan?  You know, I’m not sure I ever had a wish come true when I tossed a coin into a fountain. Are you any different? And then there’s that wishing star. How romantic to think that simply wishing for something makes it happen. It’s like winning the lottery!!  I’m much more…

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  • Are you riding a rocking horse into a rut?

    | Categories: Building Strategy , Business Growth , Business Tips

    Blog by Fuel Accountants

      Excuse me for being obvious. If you ride a rocking horse long enough, you’ll end up creating a rut from repeating the same motion over and over. In other words, things that don’t change stay the same. And over time, inertia makes it more and more difficult to change. Feel stuck (like you’re in a rut)? Are you ready to get out? First, you must accept two business truths. Truth 1: Everything around us is always in motion. Tasks, phone calls, emails, texts, to do lists, etc. Then to compound the problem, as time goes by, things change. The business grows (or shrinks).…

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  • There isn't a person alive who can make a single lead pencil

    | Categories: Building Strategy , Business Coaching , Business Tips , Profit First

    Blog by Fuel Accountants

    The famous economist Milton Friedman once once made this observation. This article is all about understanding how to make your business system function more effectively from a cash management point of view. There is no way we can make a pencil. Why? Well silly, think of all the skills needed between wood working, making the eraser, the lead, paint, lettering, the metal part holding the eraser. So you see, even though a lead pencil is a rather simple instrument, we can’t make one on our own. We need all the materials and equipment to do it. Your business is no different.  When looking…

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  • How do I know if I have enough in my tax account?

    | Categories: Building Strategy , Business Coaching , Business Growth , Profit First

    Blog by Fuel Accountants

      If you’re involved with our Profit First Cash Management System (PFCMS) you’ll recognize why we are asking this question.  PFCMS is intended to make sure you have the right amount of cash, in the right place, at the right time. When it comes time to make tax payments, it feels GREAT to know you’re already covered by having the cash ready. The Best Way To Eat an Elephant!! What’s the best way to eat an elephant? Most people think it’s best done a bite at a time. And that’s why we have you set up a separate bank account to collect tax. We…

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  • Did you think we were done talking about business implosion?

    | Categories: Building Strategy , Business Coaching , Business Tips

    Blog by Fuel Accountants

    As more information becomes available, it turns out that there were some definite warning signs about the submersible that imploded recently. Had the participants paid attention to certain warning signs, they might have been able to avoid the disastrous consequences that occurred. Last month we talked about business implosion. This month we’d like to talk about a few telltale warning signs you might want to be aware of. Signs, Signs, Everywhere There’s Signs… Someone should write a song about that, right? Hey, I don’t know about you, but sometimes I get annoyed with the sheer number of signs we are subjected to when driving…

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  • Are cash flow problems draining your business revenue?

    | Categories: Building Strategy , Business Coaching , Cashflow , Revenue

    Blog by Fuel Accountants

      It all depends on which world you’re in… What’s that you say? That doesn’t make sense to you? Well, it might if you think about it a little. When we experience cash shortages, our behavior changes, and sometimes it’s not always for the better. Let me introduce you to two different worlds: The Cost World The Throughput World The Cost World In the Cost World, we are very focused on costs. We look at every single expense and try to reduce it. We also tend to be obsessed with allocating all costs against the production of income.  But isn’t that a smart thing to do? After all, that…

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  • Are you sure you know how to customize your offering for customers?

    | Categories: Building Strategy , Business Tips , Service , Target Market

    Blog by Fuel Accountants

      Lots of people talk about how unique their products and services are. Many times when I listen to them, I start yawning. Boring… Why? 2 main reasons: Sellers tend to look at their offerings from their perspective. How much did this cost me to produce? What features and benefits should I offer? Sellers can be lazy. They don’t have a clear sense of their market demographics, and they don't do the market research to validate the characteristics and size of their markets. What does that mean? Well, it usually translates into sellers becoming product pushers. And when sellers do that, they make it…

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  • The problem of wandering bottlenecks, and how to settle them down

    | Categories: Building Strategy , Business Tips , Finance , Marketing , Operations

    Blog by Fuel Accountants

    Here’s an interesting fact: Every organization has 3 main functions: Sales and Marketing to generate opportunities,and close deals. Operations to produce and deliver the goods/services sold Finance/Administration for accounting, HR, and other admin functions. Knowing this allows us to understand how work flows through the company. In fact, it’s linear. It must pass through all 3 functions in that order to generate money/profit. Are you aware that every business has a bottleneck, or constraint? That is a mathematical certainty. Why? Because if your business does not have a constraint, you’d have infinite profits. And even Apple doesn’t have that (although some think they are close)... Your…

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  • Who is your ideal client/customer?

    | Categories: Customer , Building Strategy , Business Coaching , Business Tips

    Blog by Fuel Accountants

      Have you ever asked yourself this question? There are several reasons this is important: Do you like your customers? Some we really like, some we tolerate, some we dread every time the phone rings. So in other words, some customers suck up energy and some give us energy. Which can you do your very best work with? Duh… The Pie Is Usually Big Enough I love pie, don’t you? Let’s compare your market segment(s) to a pie. Every market pie has a certain size. It’s impossible to serve the entire market (or eat the entire pie). It’s too big, or at least it should…

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  • Does Reviewing Your Financials Sound Really Intimidating?

    | Categories: Building Strategy , Business Coaching , Business Tips , Cash Management , Future Financial Planning , Profit First

    Blog by Fuel Accountants

      It’s ok, you can be totally honest with me. And I will be honest with you, too.  Most business owners hardly ever look at their financials. There are several reasons for that: The financials are not very accurate It’s difficult to read the financials because they are so messy looking It’s difficult to understand how those financial results ended up on the financials The info on the financials is too old to be useful How in the world can you implement our Profit First Cash Management System (PFCMS) without accurate financials? Answer: It’s almost impossible.  Let’s look at your financials one by one. You good with that? Let’s…

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  • How should I store my business documents

    | Categories: Building Strategy , Business Tips , documentation , Operations , Productivity

    Blog by Fuel Accountants

    Cloud storage is now easily available to everyone.  This gives the advantage of knowing that your files are backed up and being able to access them from anywhere.  You shouldn’t be storing important files on your computer alone or on memory sticks.  But just throwing files randomly in a folder isn’t helpful either.  You need to be able to organize them so that each file’s purpose is clear without having to open it and so that you can quickly find files when you need them. To organize files well, you need both an organizing folder structure as well as a file…

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  • Who wants game changing business advice that will 100% guarantee that your business is profitable?

    | Categories: Profit , Building Strategy , Business Growth , Business Tips , Cash Management , Profit First

    Blog by Fuel Accountants

    Did I just get your attention? I’m very glad I did!! So by now you’re asking how in the world can I make such a bold claim. I can absolutely guarantee it. How? By implementing our “Profit First Cash Management System (PFCMS)". Have you heard of Profit First? Our friend (yes, he’s our friend) Mike Michalowicz wrote a book a few years ago called “Profit First.” I first became acquainted with Mike at a conference several years ago. I was so enthralled with his presentation that I immediately bought and read his book. Then I called up his office to see what…

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  • Customer Frustration Department

    | Categories: Customer Frustrations , Building Strategy , Business Tips , Customer service

    Blog by Fuel Accountants

        Last week I got an automated call from my credit card company.  They had noticed some strange activity on my credit card and wanted me to call to verify the details.  Their message was pre-recorded and automated (I’m feeling suspicious already - I already get several scam calls a week with pre-recorded messages), they included their address in the message (why? They’re not asking me to write to them are they? - this is public data - is this a scammer trying to give me a false sense of security with publicly available information?) and gave a phone number to…

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  • Taxing Crypto in Canada

    | Categories: Profits , bitcoin , Building Strategy , Canada , Cryptocurrency , mining , Tax , Trading

    Blog by Fuel Accountants

      IMPORTANT NOTE: This article discusses Canadian Taxation matters and may not be applicable to those outside of Canada.  Personal circumstances play a significant role in determining your taxation situation and should be discussed with a tax professional to determine your unique situation.  This information is provided for informational purposes only and does not constitute tax advice. SECOND IMPORTANT NOTE: Be careful where you get your tax advice from.  Rules in the US are quite different from rules in Canada, and most stuff you find on the internet is written from a US perspective.  Also, don’t take tax advice from a plumber!…

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  • Do You Know Your Business 3 R’s? 

    | Categories: Building Strategy , Business , Business Coaching , Business Growth , Business Tips

    Blog by Fuel Accountants

    In school, our parents and grandparents studied the 3R’s. Do you know them? Reading, Righting, and Rithmetic. There is even a song about it called “School Days.” How about putting a more modern spin on it? 'Reading' “There are none so blind as those who will not see.” This has nothing to do with eyesight. I’m talking about your openness and desire to see what really needs to be seen in your business. It’s easy to see things like our daily tasks (Send an email, make phone calls, etc). But how good are you at reading your business? Do you have a clear picture…

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  • Shutting down your business

    | Categories: Building Strategy , Business , Business Coaching , Business Tips , GST , Tax

    Blog by Fuel Accountants

      We love to focus on profit and business growth. But sometimes (for all sorts of reasons) we still need to shut down a business. This needs to be done and planned well.  It will take several months and the steps will vary based on location and situation. The following steps are designed for a Canadian incorporated business, but the general steps may be similar in other locations as well. Cease Trading. It's important to have all operations completed. If you’re still accepting orders or doing the odd job this will stretch out this process. Make sure that your website reflects your non-trading status (we recently had…

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  • Typical problems contractors have implementing our Profit First Cash Management System (PFCMS)

    | Categories: Profits , Accounting , Building Strategy , Business Growth , Business Tips , Productivity , Profit First Accountants , Profit First Coaching

    Blog by Fuel Accountants

    You’ve Got Problems? Whoa, Dude (or Dudette), We need to talk!! Last month we started talking about how our “Profit First Cash Management System” can help you better manage your contracting business. Now it’s time to show you some of the snakes hiding in the grass. Oh yes, there are snakes… While it sounds simple to create a few extra bank accounts and start allocating cash into them, that doesn’t mean it’s easy. There is a big difference between simple and easy, you know. Simple means that it’s doable. But sometimes it takes a lot of work to get to “simple’” And…

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