• 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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  • I Don’t Get No Respect…

    | Categories: Business Tips , employment , Operations

    Blog by Fuel Accountants

    Do you remember the comedian Rodney Dangerfield? That was his signature line. “I tell you, I don’t get no respect. When I was born, I was so ugly the doctor took one look at me and slapped my mother.” Do your people respect you? Are you getting the results you need from them? Do you sometimes wonder about their commitment? You might ask yourself this question. How do you feel or how do you typically respond when someone tries to exert control over you? I like to watch people walking their dogs. Sounds strange? Maybe it’s because I love dogs. I noticed that…

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  • Try this hat on for size!! (How to increase your company throughput…)

    | Categories: Profit , Business Growth , Business Tips , Cashflow , Operations

    Blog by Fuel Accountants

      Instead of living in the “Cost World” try living in the “Throughput World.” If you are focused on the speed and amount of throughput in your business (while maintaining costs) you are assured of making more money now and in the future. Why is that? It’s because you are looking operationally and systematically at things you can do to improve throughput, which ALWAYS results in making more money. And if you really want to do a deep dive into this area, pick up a book called “The Goal” by Eliyahu Goldratt. It will completely change your perspective about business!!  In our next…

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  • Are cash flow problems draining your business revenue?

    | Categories: Business Tips , Cashflow , Profit First , 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 In the Cost World, we are very focused on costs. We look at every single expense and try to reduce it. That’s not a bad thing unless it affects the Throughput World. In the Throughput World, we are paying attention to the speed/pace of the business, and amount of…

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  • Why is it so Expensive to grow? (How to use PFCMS as a Strategic Planning Tool)

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

    Blog by Fuel Accountants

    Have you ever thought about this? When your business grows, cash can become strained. Why is that? Great question. That shows your interest is piqued!!   The answer is actually quite simple. When your business grows you need additional working capital. Think about that for a moment. When you hire additional employees, expand your inventory to accommodate more sales, buy additional technology or add licenses. Hey, it all adds up!! So now what do you do? Hmmm… All these things require additional funding. And more revenue doesn’t always provide enough cash flow to fund it when needed.  First and foremost, it’s not like birthday…

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  • Is there a recession coming? Oh, well let's ask our economists!

    | Categories: Business Coaching , Business Tips , Recession , SWOT Analysis

    Blog by Fuel Accountants

      Such a question!! And the answer changes about every 15 minutes. Some economists say yes, some are not so sure. Isn’t it strange that we keep listening to disciplines that never have to be right? Economists and weathermen! People we love to hate!! So what should we do about this? Here are two steps you can take NOW to minimize the impact of a recession on your business. Interested? Yea, I thought you might be…  Step 1: Get out a 4 burner stove and put a pot on each burner. Yes, I’m being serious!! Each pot represents a market segment in your business. You…

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  • Are you ready to SWOT something?

    | Categories: Business Growth , Business Tips , Productivity , SWOT , SWOT Analysis

    Blog by Fuel Accountants

      Sometimes I get a little frustrated and feel stuck. Do you ever feel that way? No? Well, then skip this article. But if you do, and you’re thinking about swatting something (leave that poor puppy dog alone…), let me share something that really helps me work through “stuff” when it starts piling up in my head and feels unmanageable. Here’s the recipe: Step 1: Find a quiet place and get a piece of blank paper Step 2: Draw two lines separating the page into 4 equal quadrants Step 3: Label the top left “Strengths”, the top right “Opportunities”, the bottom left “Weaknesses”, the bottom…

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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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  • Do you need a Shareholder Agreement?

    | Categories: agreement , Business Tips , contract , directors , dividend , shareholders

    Blog by Fuel Accountants

      Frequently we get a new client that has a great business and is running it with their “best friend.”  They have total alignment and everything is running smoothly and they can’t foresee even the possibility of things not working out perfectly. We love these clients!  But we hear ominous ticking sounds.  At some point this pollyanna-ish position will change and a dispute will arise.  Having a Shareholders’ Agreement is an absolute necessity when you are doing business with anyone other than your spouse (even then it’s still a good idea, but consult with your family lawyer as well here as local…

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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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  • 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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  • Making Business Tax Payments to CRA

    | Categories: Business , Business Tips , Canada , GST , Online Accounting , Taxation

    Blog by Fuel Accountants

    Most online banking platforms have a Tax Payments module that will allow you to set up your business tax payments.  Please note that most will need payments setup one day in advance of the due date.  Please note that if the due date falls on a Saturday, Sunday or non-banking day then the payment is due on the following banking day. Please note that personal income tax payments are usually handled as a Bill Payment (and not covered in this article).. Setting up your online banking tax payments usually requires two steps: (1) Setup and (2) Payment. IMPORTANT NOTE: Online corporate tax payments…

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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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  • I’ll Make Them An Offer They Can’t Refuse…

    | Categories: Business Coaching , Business Growth , Business Tips , Management

    Blog by Fuel Accountants

    One look at my name and you’ll know that I have an Italian background. You should also know that I’m from Chicago, and yes, I really do have an Uncle Vito. So I speak with some authority when talking about a “Mafia Offer". What is a mafia offer? It’s an offer too good to refuse. And it’s one of the most powerful ways of increasing sales and margins at the same time. The problem: We constantly hear from customers that their biggest concern is cost. I’m not about to suggest that cost is not important. But focusing sales efforts on beating the competition…

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  • Setting business financial goals for 2023

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

    Blog by Fuel Accountants

      Businesses tend to progress more consistently if the owner sets financial goals and makes a plan to achieve them. The new year is a natural time to decide what you want to achieve and how. With that in mind, read on to learn the steps for setting financial goals for your business for 2023. 1. Review and evaluate your 2022 goals You’ve got to see where you’re coming from to know where you can realistically go. At year’s end, review the goals you set last year and use your numbers to see how your business measured up. Whether or not you met your…

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  • Is Your Contracting Business Running Out of Fuel?

    | Categories: Building Strategy , Business Coaching , Business Growth , Business Tips , Future Financial Planning

    Blog by Fuel Accountants

      CashFlow is the Fuel That Keeps Your Business Running For contractors, the idea of cash flow management can seem overwhelming. But with the right strategies, you can ensure that your business has the necessary funds to cover expenses and remain profitable. With Profit First, you can learn how to manage your cash flow so that you always have the right amount of cash in the right place, at the right time. In this blog post, we’ll take a closer look at how Profit First can help contractors make sure their businesses stay solvent and profitable. Understanding Cash Flow Management for Contractors and Specialty…

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  • There are none so blind as those who cannot see…

    | Categories: Building Strategy , Business Coaching , Business Tips

    Blog by Fuel Accountants

    What is always in front of you but can’t ever be seen?  Yup, the future. None of us have a crystal ball where we can clearly see the future. But that doesn’t mean we can’t be response-able to meet any challenges that are thrust upon us. Sounds simple? It is simple, but it’s not easy. Preparing for the future requires 2 things: A Plan Discipline to execute the plan First the plan  What components should be in your business plan: A 3-5 vision statement 1-year strategic objectives 90-day Rocks 3-5 year Vision Statement This is a statement of clarity. We recommend a compound sentence that covers the following: Revenue targets Market segment(s) Product/…

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