This is the final week of seminars. I hope they have proven useful to everyone who attended. As promised by Craig last week there is a teamwork article and example of an offer letter posted on the website. Also, here is the link to the Human Resources site he was talking about... http://employment.alberta.ca/cps/rde/xchg/hre/hs.xsl/4339.html. I have looked at it and it is quite thorough.
We have this weeks seminar then the business plans are due on August 10th. Good luck finishing your plans. I hope it all goes off without a hitch. See you on Thursday.
Monday, July 23, 2007
Friday, July 6, 2007
Financial Help
Hello Everyone
As promised there is a website that will help you gauge your business by comparing your financial statements to those of the industry norms all across Canada.
It is called Performance Plus. In their own words:
The website is http://SME.IC.GC.CA. It is an interactive website to tailor to your business/industry. To use it first click on build your own profile, then use the 2004 data because it is the most recent. Then select the area, business type, and expense data units (I recommend $ instead of %). In the next screen you will need to choose and industry. Then simply keep narrowing it down until you have only on left to choose and click create report.
This is an amazingly powerful tool and great to compare your business to the industry for projections.
As promised there is a website that will help you gauge your business by comparing your financial statements to those of the industry norms all across Canada.
It is called Performance Plus. In their own words:
"Performance Plus is an on-line performance benchmarking tool. It provides detailed financial and employment data on more than 600 business sectors across Canada, including more than 30 performance benchmarks to help small businesses determine how they measure up against their competitors.
This tool uses the Small Business Profiles (SBP) created from a sample of Revenue Canada tax returns for both incorporated and unincorporated businesses operating in Canada.
Performance Plus gives instant access to benchmark financial data that can help small businesses construct a business plan. This tool also helps new and established firms find out where they stand as compared to a relevant industry average. Performance Plus assists small businesses in making the best operational decisions - quickly, simply and effectively."
The website is http://SME.IC.GC.CA. It is an interactive website to tailor to your business/industry. To use it first click on build your own profile, then use the 2004 data because it is the most recent. Then select the area, business type, and expense data units (I recommend $ instead of %). In the next screen you will need to choose and industry. Then simply keep narrowing it down until you have only on left to choose and click create report.
This is an amazingly powerful tool and great to compare your business to the industry for projections.
Friday, June 29, 2007
Seminar Material
We are under way with finance material. Last night we learned the different avenues to raise capital from a senior partner in the top 10 accounting firm MNP. Next week we will address the different financial statements that need to be included in your plan.
Keep in mind that we have a very small amount of time and a very large amount of material to cover. Therefore, a lot of the material will be surface level material. If you wish to delve deeper into some particular subject matter, ask questions during the seminars. I am supremely confident in our instructors, guest lecturers, and other resources at hand to answer your questions. I also can guarantee, that if you have a question, at least one other person has that question as well. Also, it gives the instructors something else to work from other than there slides, and perhaps the real world examples that come out of questions may be very useful to you.
On another note, this blog is designed to be a discussion board. It is dynamic so if you would like to post a comment or question here click "comment" on the bottom of the blog and I will respond as quickly as possible. If you have tried this in the past and failed, I have changed the settings to allow anyone to comment on the blog. So if you have a pressing question or hate speaking in the midst of a group, post a comment on here, and I will respond either by email or the blog itself.
Have a safe long weekend.
Keep in mind that we have a very small amount of time and a very large amount of material to cover. Therefore, a lot of the material will be surface level material. If you wish to delve deeper into some particular subject matter, ask questions during the seminars. I am supremely confident in our instructors, guest lecturers, and other resources at hand to answer your questions. I also can guarantee, that if you have a question, at least one other person has that question as well. Also, it gives the instructors something else to work from other than there slides, and perhaps the real world examples that come out of questions may be very useful to you.
On another note, this blog is designed to be a discussion board. It is dynamic so if you would like to post a comment or question here click "comment" on the bottom of the blog and I will respond as quickly as possible. If you have tried this in the past and failed, I have changed the settings to allow anyone to comment on the blog. So if you have a pressing question or hate speaking in the midst of a group, post a comment on here, and I will respond either by email or the blog itself.
Have a safe long weekend.
Wednesday, June 27, 2007
The Foundation of Success
The author of the best selling book series Rich Dad, Poor Dad Robert Kyiosaki, said, "Education is the foundation of success. Just as scholastic skills are vitally important, so are financial skills and communication skills."
In his books Kyiosaki had two fathers. His own father, a very prominent government worker in Hawaii, well respected and with a big income. However, he never was truly "rich". This dad was awarded for spending money and hiring people. He also had a very close friend who's dad was a smart investor and wise business man. He was truly "rich". He was awarded to cutting costs and maximizing profits. Growing up with both allowed him the unique experience of being able to choose between both lifestyles. He chose his rich dad's lifestyle, he doesn't have a traditional job, but is one of the most successful men in Hawaii. Granted, he started buying land and starting business during Hawaii's tourism boom, but still. The gist of his books is invest in something that will get you where you want to go and invest wisely.
Since reading his books I have realized, almost to late, that if a penny saved is a penny earned...a penny wisely invested is a dollar earned. (I even came up with that saying myself)
You are all investing in your business. This entire Blog Post was building up to this. Invest wisely. If you're financial statements don't work, perhaps you have to revise before going ahead with your idea. Even if you have the best idea in the world, make sure it is feasible. Owning a business is only good if it can support you (and your family). I'm not saying give up, just rework/rethink the details. This is where the mentors come in and if they say this may not work, ask why, don't get mad at their opinions.
In his books Kyiosaki had two fathers. His own father, a very prominent government worker in Hawaii, well respected and with a big income. However, he never was truly "rich". This dad was awarded for spending money and hiring people. He also had a very close friend who's dad was a smart investor and wise business man. He was truly "rich". He was awarded to cutting costs and maximizing profits. Growing up with both allowed him the unique experience of being able to choose between both lifestyles. He chose his rich dad's lifestyle, he doesn't have a traditional job, but is one of the most successful men in Hawaii. Granted, he started buying land and starting business during Hawaii's tourism boom, but still. The gist of his books is invest in something that will get you where you want to go and invest wisely.
Since reading his books I have realized, almost to late, that if a penny saved is a penny earned...a penny wisely invested is a dollar earned. (I even came up with that saying myself)
You are all investing in your business. This entire Blog Post was building up to this. Invest wisely. If you're financial statements don't work, perhaps you have to revise before going ahead with your idea. Even if you have the best idea in the world, make sure it is feasible. Owning a business is only good if it can support you (and your family). I'm not saying give up, just rework/rethink the details. This is where the mentors come in and if they say this may not work, ask why, don't get mad at their opinions.
Tuesday, June 26, 2007
Finance Templates
If you remember, I said I was going to post some financial templates on the website. I was in the process of drawing some up when I was directed to a website that had everything we will need and more. It is http://www.score.org/template_gallery.html. This website has every financial template that will be included in your plan with explanations and answers to FAQ's. It is more in depth than I was going to go and all around a better format. I encourage you to take a look at them, even if you are not planning on using them, they may still remind you of a hidden cost or a cost you may not have thought of.
I will see you all Thursday for the 4th seminar.
I will see you all Thursday for the 4th seminar.
Wednesday, June 20, 2007
Legalities
For the last several weeks I have been trying to put into perspective the benefits of our seminars. I have emphasized the fact that you cannot get classes like this except in a university setting, and then it would cost you upwards of $500.
I cannot put into words how valuable I believe these seminars are in developing a solid business plan which is the base for a solid business. However, there are some things that we may not cover because we simply do not have time. Because each industry is different, legal issues are big issues we expect that you will know.
If you are a regular reader of this blog you will know that Found|Read is an insightful resource I quote constantly. It is geared toward tech businesses but is applicable to any industry.
The last article I read was about a big time case being held in San Fransisco right now. It is at http://www.foundread.com/view/greg-reyes-day-in. Anyways, it made me realize how important it was to "cover your butt", so to speak, and make sure your actions or the actions done on behalf of your company are legal. This applies to every facet of your business. Employment, benefits, pay, incentives, and financial statements are increasingly under review by watchful government human rights/business officials.
Remember, as Eliot Spitzer, current Governor of New York, stated, “Never talk when you can nod, never write when you can talk, and never, ever, put anything in an email.”
On a different note, I have been asked some questions about some business plans. To be fair and to remain impartial about every business plan entered in the competition here are the answers that I gave to the questions.
If you are in doubt about the content of your business plan, have an outline of the bare essentials, it will help keep you on track. If the business is expanding, you need to give your best judgment and weigh the plan between the expansion and the current business. Remember, the judges need both background on the current business and details on the proposed expansion. If you are opening multiple businesses I will answer in the form of a question to get you on track... What is your main business? Are you opening business A to support business B or vice versa. If they are two separate entities all together, I'm sorry, you have to choose only one to enter the competition.
I hope this helps.
I cannot put into words how valuable I believe these seminars are in developing a solid business plan which is the base for a solid business. However, there are some things that we may not cover because we simply do not have time. Because each industry is different, legal issues are big issues we expect that you will know.
If you are a regular reader of this blog you will know that Found|Read is an insightful resource I quote constantly. It is geared toward tech businesses but is applicable to any industry.
The last article I read was about a big time case being held in San Fransisco right now. It is at http://www.foundread.com/view/greg-reyes-day-in. Anyways, it made me realize how important it was to "cover your butt", so to speak, and make sure your actions or the actions done on behalf of your company are legal. This applies to every facet of your business. Employment, benefits, pay, incentives, and financial statements are increasingly under review by watchful government human rights/business officials.
Remember, as Eliot Spitzer, current Governor of New York, stated, “Never talk when you can nod, never write when you can talk, and never, ever, put anything in an email.”
On a different note, I have been asked some questions about some business plans. To be fair and to remain impartial about every business plan entered in the competition here are the answers that I gave to the questions.
If you are in doubt about the content of your business plan, have an outline of the bare essentials, it will help keep you on track. If the business is expanding, you need to give your best judgment and weigh the plan between the expansion and the current business. Remember, the judges need both background on the current business and details on the proposed expansion. If you are opening multiple businesses I will answer in the form of a question to get you on track... What is your main business? Are you opening business A to support business B or vice versa. If they are two separate entities all together, I'm sorry, you have to choose only one to enter the competition.
I hope this helps.
Tuesday, June 19, 2007
Seminar 3
Just a reminder that seminar 3 is this Thursday. I am working on mentors for those who wish to be paired with them.
Hopefully everyone has started researching market information as we talked about last Thursday. Another thing to think about and research is competition. We will talk more in depth about this during seminar three, but just to get you started...
There is direct competition and indirect competition. For example, if you were to open a movie theater. Direct competitors are other movie theaters. However, there are other ways people may wish to spend there evening rather than watching movies. They could go to the driving range, go carts, horse races, the list goes on. Those may not be the same business as yours, but they are an equally effective way to entertain one's self for an evening. So... you may be the only one with your product or service, but you will always have competitors.
This is important for raising capital. If you say there are no competitors in your field, you may want to rephrase that to there are no direct competitors in your field. If you simply say there are no competitors it tells the people you are making your pitch to that maybe you didn't do your homework well enough.
This is only one topic we will cover next seminar. I hope to see you there.
Hopefully everyone has started researching market information as we talked about last Thursday. Another thing to think about and research is competition. We will talk more in depth about this during seminar three, but just to get you started...
There is direct competition and indirect competition. For example, if you were to open a movie theater. Direct competitors are other movie theaters. However, there are other ways people may wish to spend there evening rather than watching movies. They could go to the driving range, go carts, horse races, the list goes on. Those may not be the same business as yours, but they are an equally effective way to entertain one's self for an evening. So... you may be the only one with your product or service, but you will always have competitors.
This is important for raising capital. If you say there are no competitors in your field, you may want to rephrase that to there are no direct competitors in your field. If you simply say there are no competitors it tells the people you are making your pitch to that maybe you didn't do your homework well enough.
This is only one topic we will cover next seminar. I hope to see you there.
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