Time to ACCELERATE your Business

You want to grow your company and optimize its value, but you don’t know where to start.

Do you ever find yourself thinking…

  • Why aren’t we meeting our sales goals?
  • Have we stopped growing? Our business seems flat.
  • I have a better product, so why does it seem like my competitors are ahead of me?
  • I’ve got a great group of really smart people. Why can’t we work as a team?
  • I need better data on my company to make decisions, and get my team aligned?
  • My company depends on me to be at my best every day; I can’t take a real vacation!
  • I seem to be working more hours and don’t have any real progress to show for it.
  • I’d like to be spending more time with my family!
  • How can I get back to the days when running my business was actually fun?

So What Can You Do?

  • Do nothing. You could plug along, doing the same.
  • Keep putting in the time. You could just hope it happens from hard work and perseverance … so much for more family time!
  • You could hire a big consulting firm, but you pay outrageous rates for an relatively inexperienced “junior consultant,” or you get great advice, but they don’t know how to help you execute.

So … the big question. How do you get the help you need, discover the real issues
holding you back, either strategic or tactical, quickly, and at an affordable price?

The Solution
Consider calling DSK Profitable Wisdom to talk about how we can address these problems in your business. We can assess your business as a separate project but know that we include this assessment in every Outsourced CFO service.

Here are the FIVE main reasons to consider working with us:

  1. Best Methodology
  • We use one of the industry’s BEST and PROVEN methodologies to uncover the root cause of the challenges your business faces – and shows you what they are worth to your business if you fix them.
  • Holistic Assessment. Evaluates the 18 critical drivers – both market and operational – revealing the best opportunities to improve your current business.
  • Peer Comparisons. Uses industry databases with real numbers from actual sold businesses within your industry to calculate and predict your company’s value now, as well as what it “could” be worth if you addressed the problems and inefficiencies.
  • Emphasis on Best Practices. We measure your company to determine your alignment with a vetted set of private business standards. We then provide a ‘value gap’ analysis so you can see how to improve this alignment to become more efficient at generating revenue – and profits!

2. Best Analysis

We help you identify the RIGHT areas to work on first that will help you get the most value.

  • Quick and Affordable. Our free initial assessment takes as little as 15 minutes and produces a detailed report, quickly identifying the best strategic starting points.
  • Deep Dive Analysis. The 2nd tier assessment only takes 90-120 minutes. This further personalizes and solidifies the plan with dates, resources and expected Return on Investment (ROI).

3. Best Results

  • You get a customized plan of action, based on your input that includes detailed tasks – ready to implement immediately! Plus, you’ll receive our help to get it done right .. and grow your company to the next level.
  • Most Detailed Reports. In addition to calculating your potential business value and rating your operations, your report benchmarks you against your best performing peers. You will clearly see the risks to your company, understand why they need your attention and learn how your company value is improved by mitigating these issues.
  • Value Gap. We show you what your business would sell for today, and what it COULD be worth – based on market data showing what the best run businesses actually sell for.
  • Workbook. Includes a comprehensive workbook with over 140 additional areas to track and score, while tracking the increased value you create over time.


4. Full Service

Once we’ve identified what to work on, we can help you with business financial consulting,
strategic planning, transition planning, family business consulting and more. In addition, we can
connect you with our network of other specialists we have pre-vetted and worked with – and
we can manage them, or have you connect with them directly – whatever you prefer.

5. ROI Based – What Can You Expect?

  • This process has increased value by over $6 billion for the companies that have used it – the average company has grown by 27%.
  • We let the assessment results show why you should work with us. You will see how our services pay for themselves through an increase in operational efficiency and higher enterprise value.
  • We generate a complete list of actionable recommendations – each item calculates an associated ROI. Then we pick the area with the greatest potential ROI and get started.
  • On average, you should get a 10x return for your dollars spent.

Know that DSK Profitable Wisdom is affordable. We provide high quality service, producing
similar results as some of the best-known consultants in the industry.

Know that it is easy and FREE to get started. Free assessment. Free report. There is NO cost and
you get an actionable Executive Report – in minutes. The report shows what your company is
worth, what it could be worth, and how to get there – for free.

Know that the focus of our assessment is on operations, not financials, with lots of client
interaction. That’s why clients like you love it. The actionable plan helps keep you vested in the
process, tracking your progress, providing tangible milestones and the return on your
investment for the work we do.

What’s Holding You Back?
Now that you can see some of the advantages of working with DSK Profitable Wisdom, what’s
holding you back?  Imagine, a balanced home-work life! Spending more time with your family, made possible when you take control of your business. Peace of mind that comes from knowing that you have a
detailed plan, proven to grow your business. You can take a vacation without worry. Enjoy
running your business again!

Get Started Today! Contact one of the DSK offices and ask to meet with an Outsourced CFO.

Leading CPA Firm, DSK, Partners with Profitable Wisdom to Guide Businesses and their Owners to Success

posted in: Blog, Press

DSK Chartered Professional Accountants and Profitable Wisdom have partnered to form DSK Profitable Wisdom LLP: they are finance leaders providing expert advice, training and outsourced CFO services.

FOR IMMEDIATE RELEASE

In 2018 the partners of DSK established, through research and client interviews, the additional services their clients required to reach their goals and be more successful. They recognized a need for leadership assistance to help business owners achieve their family’s long-term strategic goals.

“We knew that Kevin was successfully delivering Outsourced CFO Services to his clients that our clients needed,” says Paul Drouillard, Partner of DSK. “His clients were thriving as a result of his Outsourced CFO services, and that’s what we wanted for our clients. He went on to say, “We’ve found a way to bring our two organizations together in DSK Profitable Wisdom LLP and strengthen both organizations.” Kevin Ballantyne states that “The merging of the two entities brings a great deal of strength to the core of the business. Together, we’ll refine Profitable Wisdom’s services and offerings to help clients grow sales, profits, cash flow, and shareholder value.”

With the formation of DSK Profitable Wisdom LLP, DSK clients will continue to benefit from highly valuable professional accounting and bookkeeping services and with the addition of DSK Profitable Wisdom LLP, also have the opportunity to solve issues related to the achievement of their success.

DSK Profitable Wisdom LLP will help clients through education, outsourced CFO services: financial analysis and forecasting, strategic planning, financial reporting, transition planning, and business planning.

DSK is a full-service chartered professional accounting firm supplying clients in Waterloo Region and beyond with accounting, bookkeeping, assurance, and specialized business transaction advice. DSK also provide tax planning and tax return preparation covering both Canadian and US taxes.

Profitable Wisdom helps small & medium sized businesses grow sales, profits, cash flow, and shareholder value and pursuing the company, owners and their family’s long-term strategic goals. 

For interviews and questions, please contact Paul Drouillard or Kevin Ballantyne, Partners with DSK Profitable Wisdom LLP.

Paul Drouillard
Contact Email: pauld@dskcpa.ca 
Cambridge number 519-249-1209
Business Address: 344 Queen Street West, Cambridge Ontario N3C 1G8
Profile: https://www.dskcpa.ca/team/
LinkedIn Profile
Website: www.profitablewisdom.com

Kevin Ballantyne
Contact email:     kevin@profitablewisdom.com
Phone: (226) 791-0374
Business Address: 7-1120 Victoria Street North, Kitchener, Ontario, N2B 3T2
Profile: https://www.profitablewisdom.com/kevin-ballantyne/
Website: www.profitablewisdom.com
LinkedIn Profile

Who Needs Outsourced CFO Services?

posted in: Blog

Often, after many years of running a business, business owners no longer  feel the freedom that propelled them to open up shop in the first place. The burden of the business, customers relying on the owner to work in the business, and the stress of generating enough work and cash to keep staff busy and paid feels a long way from free. Is this you?

If you’re like most business owners, you’re stuck in a rut, spending 60 to 80 hours a week working in a business that is paying you less than you deserve and generating little or no profit. Of course, you can’t keep doing what you have always done and expect different results.

That is where the right outsourced CFO can help. The ideas listed below are just the tip of the paper pile and accompanying to-do list that can be taken care of by an outsourced CFO.

Correct & Useful Financial Statements

For many business owners, monthly financial statements (if they produce them at all) consist of a single column of numbers with no comparisons. The totals swing wildly month to month, from substantial loss to large profit, with the year-end statements being a surprise. If you find yourself in this position, an outsourced CFO can give you control of your month-end reporting and set up reports that actually tell you something useful.

A Plan to Increase Profits

Increasing profits doesn’t happen by monitoring wildly fluctuating monthly reports and hoping for better next time. In fact, in my experience, most small businesses don’t have plans and are operating at less than optimal profitability. An outsourced CFO will develop a plan that will increase profits and can be implemented in a sustainable way.

Create a Financial and Cash Flow Forecast

This will help you meet all obligations in the near and distant future. No more panicking because a client didn’t pay on time or because you’re waiting for a cheque to clear the bank. This forecast will give you actions that will produce the desired results.

Develop Processes That Give You More Time

Does this sound like a dream? Perhaps. But it’s a realistic one. An outsourced CFO will develop processes with you that will help your business run efficiently with less involvement from you, the owner. Yes, you can say it: vacation! (Or perhaps semi-retirement? Time with your family? All of the above?)

Determine the Value of the Business and Increase Its Value

There will come a day when you realize it’s time to move on. An outsourced CFO will help you take steps to increase the value of your business to the shareholder so that the company is sale-able and the value is maximized when it’s time to sell. If you don’t know the value of your business now, moving on will be a difficult journey and you may discover that your business is worth a lot less than you thought.

A Sounding Board for Difficult Decisions

Too many issues aren’t for employees’ ears. But when you need to discuss increasing profitability, retirement, selling, even employee pay rates, an outsourced CFO is there for you. This person will have both the necessary financial knowledge and the key insights into yourbusiness, so the advice you get will be beneficial to you and your business.

So, what does all of this look like in real life? Here is what one of our clients said:

McCann Redi-Mix

In the first four months of being our outsourced CFO, Kevin Ballantyne from Profitable Wisdom provided us with accurate and timely comparative financial statements that included comments and ratios, helping us understand the financial performance of the company better than before. He was also able to close our year-end financials and provide supporting documents to our external accountants within a month of our year-end. Kevin completed a 2-year financial forecast including cash flow projects, helped to straighten out our HST filing, trained our accounting clerk on month-end procedures, analyzed the potential return on investment for an expensive piece of machinery and helped to save money on foreign exchange. Kevin also created a detailed fixed asset ledger, documented our office processes and reviewed ERP systems for future conversion.
— Bill McCann, President of McCann Redi-Mix

Our purpose at DSK Profitable Wisdom is to guide businesses and their owners to success. Success is defined by you, and we will help you get there. Contact us today at info@profitablewisdom.com or (226) 791-0374 and arrange a no-obligation conversation.

6 Steps to Prepare for Business Owner Disruption Risk

This past year, the owner of a family business died and the general manager quit. My role? To keep the company operating and prepare to sell it. The business had been very dependent on the owner and there was no plan for business owner disruption, which made my role very difficult. Would your business survive if you died or had a serious health issue which prevented you from working? Does your business have a solid transition plan? If not, you need to read this.

No Business Owner Disruption Plan? You’re Not the Only One

You are certainly not alone if you don’t have a transition plan which should include a business owner disruption plan. According to a recent study in the US by Wilmington Trust, only 58% of small business owners have one, and I believe if you ask those owners, most will say that it isn’t written down, which isn’t truly a plan.

So, let’s discuss business owner disruption planning. Because so many older business owners haven’t done business transition planning, and certainly not business owner disruption planning, I foresee that there will be many more situations where the owner’s family will have to bring in someone to keep the company operating and potentially get it ready to sell.

Planning Your Business Without You

Ideally, your business would continue to grow and thrive without you whether your absence from the business was planned or not. Doing this is one of the ways to increase the value of your business and make it more saleable.

(Read “Major Part of Increasing Value Is Decreasing Risk” in the December 2018 issue of The Wise Business Owner Gazette – go to www.profitablewisdom.com to subscribe and receive this issue immediately.)

A plan to address business owner disruption should do the following:

  • Highlight your guiding principles and philosophy that you follow in conducting business so that those running the business without you can follow these same principles
  • Name a successor to run the business and if this successor couldn’t fulfill this role, the plan should provide for interim management
  • Outline the outside support that you recommend your successor seek
  • List the external relationships that should be maintained in your absence
  • Provide the location of important documents
  • Create a step-by-step guide that outlines what to do when the owner is absent

After you have created the plan, communicate it to everyone who could potentially be affected and describe to each person their role when this disruption occurs. Review this plan frequently. Even better, give it a test drive by going on a 3- to 6-month sabbatical from the business.

Start Your Business Owner Disruption Plan Today

Business owner disruption planning is a key component of business transition or exit planning because sometimes events don’t always go according to plan. Many articles have been written in the last ten years on business transition, but it seems that most business owners are still not heeding this advice. I explain more about business transition planning and business owner disruption planning in my course, Finance for the Non-Financial Leader. Sign up for the course today.

If you have any questions about Finance for the Non-Financial Leader or would like help with your business transition plan or your business owner disruption plan, contact me at info@profitablewisdom.com or (226) 791-0374 and arrange a no-obligation conversation.

 

 

Planning for Profits

posted in: Blog

In order to make your business profitable, you need to plan for profits

Each year, owners of small and medium-sized businesses receive annual reports from their CPA which are often long after the year ended, difficult for them to understand, don’t help them make business decisions, don’t help to plan for profit, or reflect what’s working or not working in their business. In this article, I’ll share with you five actions you can take that will help you plan for profits that you will be able to put your in hands.

Does this sound familiar to you?

Almost six months after your company’s year-end you met with your CPA to review last year’s financial statements. It was so long ago that you couldn’t remember the details and from what you did remember, the financial statements didn’t look at all like the reports your bookkeeper gave to you 30-days after the year-end.

When you looked at the statements from your CPA, they didn’t mean very much to you. You skipped over the Balance Sheet because you didn’t understand it and went right to the Income Statement where you saw that your sales were higher or lower than last year and you could see if you made any profit.

If there was a profit, you probably asked yourself, “where is that money?” “Shouldn’t I be able to put my hands on it?”

One business owner I know asked her CPA, “How do I increase my business profits?” He answered, “increase sales.” This flippant remark made her feel dumb because it seemed like such an obvious answer. However, the glib comment was unhelpful, caused resentment and wasn’t even correct because increasing sales doesn’t necessarily cause profits to increase.

The CPA firm isn’t at fault in most cases.

The time between November and the end of March, (tax time), is the busiest part of the year for your CPA. So busy in fact, that your CPA doesn’t have much time to really get to know your business or properly advise you. In addition, most businesses are slow to get their year-end information to their CPA, causing a large backlog to form close to filing deadlines.

Is there a solution that will help me plan for profits?

How can you get timely, accurate and understandable information that will help you make sound decisions, truly understand what is working and what is not working in your business, and be in better control of annual profits?

Here are five steps you can take to plan your profits, measure business performance through the year, and help you to reach your targets.

  1. Create a monthly profit forecast and incorporate it into your financial statements. Be sure to include all the activities and resources needed to achieve the projection. You may need to understand where your business is making profits and where it isn’t. If your initial forecast doesn’t end up with your desired profit, then you will need to adjust expenses, sales, staffing and resources in the forecast plan to hit your targets. (Read “Determining Where Your Profits Are Made” in the October 2018 issue of The Wise Business Owner Gazette – go to profitablewisdom.com to subscribe and receive immediately)
  2. Create financial statements that include the monthly forecast and be sure to include financial ratios to indicate financial health and progress in reaching the targets you set.
  3. Have your bookkeeper, or with the help of a Part-time CFO, make journal entries to your monthly statements to record sales and related expenses in the same month and accrue expenses like depreciation and prepaid expenses. Adopt a policy and develop processes whereby accurate statements are delivered to you no more than one week after each month-end.
  4. Request that your CPA deliver your financial statements within one month of your year-end. In steps one, two and three, you are now receiving timely and accurate monthly financial information, which you can pass on to your CPA at year end. There will be very little work for your CPA, and you will get it from them much sooner. You may even negotiate a lower rate.
  5. Set aside your monthly profits in a separate bank account so that you can indeed put your hands on it and give yourself a much-deserved reward. Because you have done steps one through four above, you will be more likely to achieve your targets and your planned profits.

I explain everything you need to know to about finance to help you reach your goals in my course, Finance for the Non-Financial Leader.  Sign up for the classes today.

If you have any questions about Finance for the Non-Financial Leader or would like help implementing these five steps in your business, contact us at info@profitablewisdom.com or (226) 791-0374 and arrange a no-obligation conversation.