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Systematize Your Business (Without Making it Boring)

Have you ever noticed that you get some of your best ideas in the shower? Every morning, you’re stuck there for a few minutes doing something you’ve done since you were a child. Your mind knows it has a couple of minutes to think. Employees get the same mental holiday when you specialize and give them systems for routine tasks. ...

September 7, 2022

The Two Best Ways to Make your Company Special

Specializing in one product or service allows you to focus on delivering that thing better than everyone else. It enables you to hire (or train) specialists in your field, improving the quality of your work, which leads to happier customers. And satisfied customers buy again and refer their friends.That’s why specialists often grow faster even while they are spending less on marketing, leading to better profit margins and, ultimately, a more valuable company. Specializing in a specific product...

August 15, 2022

Starting vs. Growing a Business

Most company founders are good at the first stages of entrepreneurship. But in the phases that follow, they may only be average. Just because you have a knack for starting companies, doesn’t necessarily mean that those skills translate well into growing one. There are celebrated cases of founders who have successfully started and grown a business – Elon Musk and Bill Gates come to mind. There are, however, many more examples of entrepreneurs who perform well initially and then hold back thei...

July 16, 2022

One Tweak That Can (Instantly) Add Millions to The Value of Your Business

If you’re trying to figure out what your business might be worth, it’s helpful to consider what acquirers are paying for companies like yours these days.  A little internet research will probably reveal that a business like yours trades for a multiple of your pre-tax profit, which is Sellers Discretionary Earnings (SDE) for a small business and Earnings Before Interest Taxes, Depreciation and Amortization (EBITDA) for a slightly larger business. ...

July 14, 2022

Will This Be the Year You Seriously Drive Up the Value of Your Company?

If you have resolved to make your company more valuable this year, you may want to think hard about how your customers pay. If you have a transaction business model where customers pay once for what they buy, expect your company’s value to be a single-digit multiple of your Earnings Before Interest Taxes, Depreciation and Amortization (EBITDA).  If you have a recurring revenue model, by contrast, where customers subscribe and pay on an ongoing basis, you can expect your valuation to be a ...

July 6, 2022

5 Ways to Get Your Business to Run Without You

Some owners focus on growing their profits, while others are obsessed with sales goals. Have you ever considered making it your primary goal to set up your business so that it can thrive and grow without you?...

June 18, 2022

How to Create a Recurring Revenue Model That Appeals to Customers

Have you struggled to identify a recurring revenue model that will work in your business? If so, you’re not alone.  Most owners understand the benefits of recurring revenue, such as predictable cash flow and an increase in their company’s valuation, but struggle with where to start. Just changing your pricing from a one-time transaction to a smaller, recurring fee does not make a sticky subscription model.  The first step of creating a recurring revenue model for your business has ...

May 22, 2022

3 Things Wealthy Business Owners Do Differently

Much is made of analyzing the personality traits of successful entrepreneurs. Some appear outgoing. Others are introverts. Some lean right, others left. Some are flashy. Others are monk-like with their money. Their diversity can lead one to the conclusion that there are no common personality traits among successful founders.  Rather than trying to understand who they are, let’s look at what they do. ...

May 16, 2022

3 Ways to Flip Repeat Customers into Subscribers

Repeat business drives the value of your company. There are two types of customers, which are sporadic customers and customers who buy regularly.  Turning regular customers into repeatable, predicable buyers increases revenue and profitability....

May 2, 2022

Six Power Ratios to Start Tracking Now

Doctors in the developing world measure their progress not by the aggregate number of children who die in childbirth, but by the infant mortality rate – a ratio of the number of births to deaths.Similarly, baseball’s leadoff batters measure their “on-base percentage” – the number of times they get on base – as a percentage of the number of times they get the chance to try. Acquirers also like tracking ratios, and the more ratios you can provide a potential buyer, the more comfortable...

April 28, 2022

One Counterintuitive Strategy Led to this $380 Million Payday

When David Perry started his video game company, he filled a dartboard in his office with the names of companies he thought would want to buy his company, Gaikai, one day....

April 9, 2022

3 Things to Consider When You Hit “The Freedom Point”

When was the last time you calculated the percentage of your net worth tied to your company’s value?...

March 31, 2022

3 Ways to Get Your Life Back

How’s your workload these days?If the pandemic has forced you back into the weeds of your business, you’re not alone. Many owners are again doing tasks they haven’t done in years because they have had to lay off front-line staff or their employees have fallen ill or are caring for someone in need.Being back in the middle of things is neither healthy for you nor your business long term. Personally, it’s a recipe for burnout, and professionally, your business will be less valuable with you...

March 10, 2022

The Most Critical Factor in Achieving Your Goals May Surprise You

Whatever time of year you put on your calendar for planning, setting goals is an important part of managing a successful business. Perhaps you came out of a difficult year, like we've had during the pandemic, and managing new priorities is part of your survival. Perhaps you’re going to create a recurring revenue stream or finally hire that general manager. Or maybe you’ve decided to start preparing for an exit. Whatever your goals are, the most important thing you can do now is write down y...

March 1, 2022

3 Ways to Re-Invent Yourself in a Crisis

During a crisis, key decision making is vital to the success of your business. Leaders know that making the right decisions in normal circumstances can be challenging enough, but in unprecedented times when information, time, and resources are limited, it can feel almost impossible. When you have incomplete or imperfect information, lose focus, feel rushed because you are busy putting out 'fires', or don't have the means to respond to the situation, you can feel pressured to make decisions out o...

February 16, 2022

Why the Future of Your Business Is Critical to Its Value

As a business owner, you’re likely proud of the results you’ve achieved in the past, but when it comes to the value of your business, your future is critical. That’s why your growth potential is one of eight factors that drive the value of your business....

January 14, 2022

4 Reasons Why It’s Better to Own a Big Chunk of a Small Company

Is it better to own a big chunk of a small business or a minority stake in a big company?  It’s one of the fundamental questions all owners must wrestle with. Owning a relatively small slice of a big pie has worked out well for both Elon Musk and Jeff Bezos, who recently traded places on the list of the world’s richest person. Musk still owns around 20% of Tesla, and Bezos controls about 10% of Amazon, so they both have chosen to sell most of their company to fund their ambitions. The s...

November 17, 2021

One Way To Decide When To Sell

How do you know the right time to sell your company?  One answer to this age-old question is that the time to sell is when someone else is willing to invest more in your business than you are. When you start a business, nobody is willing to invest in its success more than you. You’ve already worked a 40-hour week by Wednesday and, if you’re like most founders, you’ve invested a big chunk of your liquid assets to get your business going....

September 23, 2021

The Hidden Dangers of Cross-Selling

You've likely heard the adage that it is far easier to cross-sell an existing customer a new product than it is to find a new customer. And if your goal is to grow at all costs, then cross-selling makes sense.  However, all of that sales growth may not do much for the value of your company. If you cross-sell your existing customers too much stuff, it could make your business far less valuable. When you cross-sell a customer so many things that they begin to account for more than 15–3...

September 17, 2021

Response to COVID-19

COVID-19 Measures at R. Tisi Professional Corporation In light of the global COVID-19 pandemic and the excellent work of those who are trying to keep us all safe at this time, we have developed procedures so that clients and colleagues can continue to interact with us.  We have been deemed an essential service by the Government of Ontario and we will continue to operate for as long as we are permitted to serve our clients. We are maintaining normal office hours of Monday to Friday from 9:00...

March 24, 2020

Grow Your Business, October, 2019

This prior edition of "Grow Your Business" contains valuable information that we thought you would benefit from on: The Gig EconomyThe Power of a Powerful CRMTransparency in the workplaceData Breaches and how to handle one Enjoy!...

December 20, 2019

Grow Your Business, November, 2019

We are pleased to initiate our monthly feature entitled "Grow Your Business".  Each month we will feature a few items of interest to the small business community.  These articles will be opportunities to reflect on some of the aspects of your business that are available for improvement.  Please feel free to comment or contact us if you find anything that you would like some help with....

December 18, 2019

Payments to shareholders of Canadian controlled private corporations

There are volumes of business literature on the subject of payments to shareholders because it is indeed complex.  The primary consideration for the design and implementation of a payment strategy in Canada is the Income Tax Act.  It should be noted that these comments are very general in nature and are prepared as a starting point for you to consult your tax and accounting professionals for assistance and specific recommendations. There are 3 types of payments that can be made to the ...

December 12, 2019 Posts 1-23 of 23 | Page
 

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