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Entrepreneurship

Starting a business? Cool! [Video]

Starting a business? Cool! Let’s chat! Katlyn Alyssa Inc. goes above and beyond to provide services and solutions you need but didn’t know you needed. Find out how easy business can and should be with Katlyn and her team by your side. #ontariobusiness #ygk #napanee #belleville #brockville

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Entrepreneurship

Basics of Bookkeeping When Starting a Business #canadiansmallbusiness [Video]

Starting a small business is an exciting venture, but it’s also important to make sure you’re on top of your finances from day one. In this video, I will walk you through all of the bookkeeping considerations you need to be aware of as a new business owner. Whether you’re just starting out or are looking to improve your current bookkeeping practices, this video is a must-watch for any entrepreneur.#bookkeepingtips #startingabusiness #smallbusiness 💡 SUBSCRIBE FOR MORE SMALL BUSINESS TIPS 💡https://www.youtube.com/channel/UCTsSi3AJ7CPi0v8lghhRR3g?sub_confirmation=1—My TikTok on Business Banking Options in Canada:https://vm.tiktok.com/ZMY8Qy2qS/CRA Info on Acceptable Forms of Record Keeping & Receipts:https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/keeping-records/acceptable-format-imaging-paper-documents-backing-electronic-files.htmlAccounting Software Options:Sage – https://www.sage.com/en-ca/sage-business-cloud/accounting/Quickbooks – https://quickbooks.intuit.com/ca/pricing/Wave – https://www.waveapps.com/pricingXero – https://www.xero.com/ca/pricing-plans/?gclid=CjwKCAiA5sieBhBnEiwAR9oh2kNfpMdZxHL-HxOE3u_9NmPUp8sFC1ciedVjz38K3grQ6xH0dP4pqhoCxY8QAvD_BwE&gclsrc=aw.ds—▬ VIDEO CONTENTS ▬0:00 – Bookkeeping In Your Business1:15 – Tip #1 2:59 – Tip #2 4:35 – Tip #3 5:56 – Tip #4 8:22 – Most Importantly…—🎥 OTHER VIDEOS YOU MIGHT LIKE:What to Know When Starting a Business: https://youtu.be/eSXNHd83IuMSmall Business Q & A: https://youtu.be/_IaQNyDMHcoGet More Clients: https://youtu.be/7pCnE0z1jfc📲 LET’S CONNECTInstagram: https://www.instagram.com/itsdanielleryanTikTok: https://www.tiktok.com/@itsdanielleryanWebsite: https://danielleryan.me📧 EMAIL ME: hello@danielleryan.me

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Entrepreneurship

501: Key Drivers To Improve Construction Profitability And Cash Flow [Video]

This Podcast Is Episode Number 501, And It’s About Key Drivers To Improve Construction Profitability And Cash Flow Enlightened contractors like you understand the value of developing your own unique Construction Contracting System, a collection of documented repeatable processes and operation manuals. The key is continuously refining your construction company’s practices and procedures. Your office ensures your contracting company has a steady flow of projects. Proper accounting and bookkeeping develop timely financial reports to show which jobs are profitable so you can pursue more. Thus, you can focus more on the following: Acquiring the right clients Doing the project as close to on time and budget as possible Get job deposits and timely progress payments Follow-up with clients to monitor satisfaction and line up new projects Boost profitability by recognizing your key drivers Identifying the key drivers of your business is critical to boosting profitability. A key ‘driver’ significantly impacts your specific construction business’s performance. A whole range of factors can affect the performance of every business. The secret is to focus on a handful of drivers that: Affect the performance of your business significantly Are measurable Can be compared to a benchmark, such as last year’s figures or an industry average Can be acted upon Make use of benchmarking Use past figures as a benchmark for current performance. Figures for last year or last quarter provide hard facts and established patterns that expose potential problems and opportunities. Also, compare your construction business with other similar companies, especially competitors. Your accountant, bank manager, or industry association may be able to supply industry benchmarks. What are some of the key drivers in business? Critical drivers vary from business to business, and in construction businesses, they include: Sales lead in capital goods or service Market share where only the biggest will survive ‘First-time fix’ in a maintenance business Even direct competitors may have different drivers. A prime location is not a key driver for a floor installation business, but it is for a brick-and-mortar competitor that relies on a well-located retail store if they sell hardwood flooring and carpet and provide installation services. Some of the following drivers might be relevant to your business: 1. Converting leads into sales The number of leads (information requests or quotes given) provides early warning of any peaks or downturns in your sales. If you have an established leads-to-sales conversion ratio and know the size of an average sale, you can use the pace of leads to forecast sales. Monitoring sales figures can show: – Which categories of products are selling well – What each salesperson has achieved – If lead conversion rates are improving – Keep your costs under control Maintaining a healthy gross profit margin is critical. If your gross margin percentage is falling, take swift corrective action. The causes could include higher input prices, a changing product mix, production inefficiencies, or excessive discounting. If you run a service business that bills out time, it can be helpful to treat consultants’ salaries as a variable rather than overhead costs because this makes it easier to work out who is making you money. 2. Collecting receivables efficiently Your accounts receivable collection period (the number of days on average to collect customer payments) is an important driver to monitor. Try to improve your past performance and at least match the industry standard. If the standard is 35 days, and you take 45 days on average to receive customer payments, then improve your collection activities immediately. Bill promptly and highlight overdue payments for prompt action. The key is consistency – late payers should know that you’ll unfailingly contact them. 3. Optimal inventory levels Your inventory turnover rate is the ratio of cost-of-sales to inventory. Most businesses aim for a high inventory turnover rate because it indicates an efficient use of capital resources. If the ratio decreases, find out why. For example, you may be overbuying or purchasing inventory you cannot sell. The more you can break down your inventory figures into separate product categories, the easier it will be to pinpoint problems. 4. Hours billed An interior designing firm had a disappointing level of monthly sales for years until the owners realized that hours billed per consultant per week was the key driver. Once they began monitoring this, they could see which consultants were earning the revenue. The firm could then target small and manageable improvements – such as billing 30 minutes more a day each. Attitudes changed overnight, and sales increased significantly. 5. Turning over staff A plumbing company recognized that…

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Entrepreneurship

Growing and Moving Forward | Late Night Happy Hour [Video]

Welcome to BOOKKEEPING, BEER, & BS! Giving advice on business expansion, whether you should make another company for it, and business branding.Grab some coldies and let’s go.Budget Template:https://yourblueskies.com/budget-templates/Full Episode Here:https://youtu.be/ySM6kW_W24cJoin our Facebook Group:https://www.facebook.com/groups/yourblueskiesPodcast Link:https://pod.co/bookkeeping-beer-and-bsTikTok:https://www.tiktok.com/@blueskiesadminservicesInstagram:https://www.instagram.com/blueskiesadminservices/About the Show:This show is for all of us that run (or aspire to run) Service businesses and hate that we have to keep track of all this crazy nonsensical accounting stuff that seems to be written in a different language by people that don’t know what fun is. So, we’re going to change that. We’re going to make this fun. We’re going to open a beer. We’re going to give really quick, simple tips to help you manage your books in a way that makes sense and is easy to repeat. We’re going to drink that beer. We’re going to give the person closest to us a high five and then go make some money.About the Host:Dan Platta is the CEO of Blue Skies Services, a unicorn in the home service industry. Blue Skies operates cleaning companies in 4 different locations across the US, including both interior (maid service) and exterior(windows, sidings, gutters, and holiday lights), as well as an administrative service company that helps other operators in the service industry with recruiting, bookkeeping, and marketing.