Start Your Business
It is important when you start a business that you develop the right foundations, are able to ramp the business, obtain financing, and manage your business. Most business owners know what they need to know about their specific product, service, and industry. What they usually tell us is that they are lacking the business knowledge to get the business started off on the right foot and manage it, so they are able to meet their goals.
Owners that invest up front in building a strong foundation have a better chance of long-term success. For those that do not invest, they risk the possibility of running into difficulty down the road. Once a business has been in operation for awhile it becomes more costly to fix issues and implement change. If working capital is not available, sometimes businesses are not able to make the changes required in a timely fashion.
That is where RK Fischer & Associates can help. We have developed 4 business consulting and coaching packages to help get your business started. The packages in this pillar will help you set your business up properly and begin making revenue and obtain financing if you need it. We will then work with you to teach you how to manage your business, understand your financials, and keep you and your business on track in order to meet your business goals.
Some businesses may not need all four packages and may be in different stages of starting up. There is not a requirement to purchase all four packages, but each package builds on the previous one, so much of work is based on the results and outcomes of the previous one. For this reason, there is a difference in the price, when you purchase them separately.
Start Your Business Solution Packages
Start Your Business Solutions are focused on businesses that have been in business 24 months or less.
Remember financing is available for our solutions through Meridian Credit Union, Pickering Branch. If you would like invest in ensuring your business has the best chance of success whether you are looking to start, grow, or tune your business, extended payment terms are available to you. We can offer payment terms up to 6 months depending on the amount, but you are able to apply for aloan through Meridian Credit Union for up to 3-5 years if required.
All financing through any of our financing partners is based "ON APPROVED CREDIT".
Price assumes Accounting Software is QuickBooks® or Sage 50®. Other software may require additional time and a customized quotation.
For this package, we cannot offer to clients who do not plan to use some type of Accounting Software in their business.
Price assumes Business Foundations has been performed prior.
Price assumes Business Foundations and Ramping Your Business has been performed prior.
Price assumes Business Foundations and has been performed prior and that client is using QuickBooks® or Sage 50®. If using another accounting package that is industry specific there, might be an additional charge depending on complexity.
There is a 6 month commitment on this package.
This is an all-day business strategy session with the owner and any key stakeholder to help define and build their business strategy. There is the possibility to break the session into two half-day sessions as well.
The business owner will be sent a questionnaire along with an agenda for the day in advance. The business owner and stakeholders will need to review and come to the meeting prepared. During the session, they will build their business strategy with some help and guidance from our consultants.
Business Strategy Model
This is a model with summarizes the key pieces of your business strategy which your business will start to work from to move forward.
- Business and Revenue Goals for 1, 3 and 5 Years
- Mission and Vision of Business
- Target Market and Size
- Product and Service Offerings
- Resources How You Plan to Sell
- Expenses for Business
- Revenue Projections
A balanced scorecard that translates your business strategy into an action plan to move forward. It identifies what you need to do to meet revenue targets, profitability targets, customer acquisition / retention targets, as well as how you are going to measure success. A balanced scorecard looks at the following aspects of the business:
- Financial expectations
- Customer and Market requirements and expectations
- Internal Processes and Projects required
- Key tracking indicators to deliver the projects, customers and financial expectations
Set-up Chart of Accounts
When we consult with existing businesses who are questioning their financials, in many cases it had to do with how their original chart of accounts is set up in their accounting system. A chart of accounts needs to be set up for your specific business and industry. Using a generic one can land you in trouble down the road with misclassifications. Your financial accountant uses this information to generate your compiled statements. If they are set up incorrectly, the financials may not resemble how you run your business.
accounting software intro training
For the majority of small businesses, QuickBooks in Canada is the defacto standard. They have an online version as well as offline versions specific for different industries, with add-on modules. We also are knowledgeable on Simply Accounting by Sage (SAGE 50), so we can set it up and provide training, but must be purchased in advance. If you are using another software package, let us know.
If you are hiring a bookkeeper to manage your books, it is still very important that you understand the basics of the system, reporting, and what your bookkeeper and accountant are telling you.
A financial model is built with “what if” scenarios based around your business such as your market size, forecast, pricing model, expenses, product and service types, seasonality, loan requirements, along with any additional pertinent variables. This data is developed into a model for your specific business and is then used to calculate 5 years of forward-looking financial statements (balance sheet, income statement, and cash flow statement).
When you are starting out, it is important that you develop a financial budget to keep yourself on track. Most people think that a budget can be constraining which is not the case. Budgets are based on your revenue and expense plan. Budgets help identify where a plan is deviating from expectations. Being able to identify and react to deviations is important in order to run a profitable business. Some deviations may be okwhile others may be detrimental to your profitability.
Ramping Your Business
marketing and Sales Plan
A detailed marketing and sales plan will be developed for your specific business. There will be an interactive coaching session with the business owner to develop:
- Detailed Market Analysis, Market Segment, and Size
- Detailed Overview of the Competition to understand market potential
- Branding Messaging
- Product and Service Features and Benefits and Competitive Placement
- Pricing Model
- Promotional Online (Includes Web Plan, Social Media Plan, Online Advertising and Other Inbound Marketing)
- Promotional Plan Offline (Includes Networking, Communications, Events, Print Advertising and Other Direct Marketing)
- Go To Market Strategy
- SWOT Analysis
- Sales Channels
- Sales Forecast
- Sales Compensation
- Sales and Marketing Budget (3 Year)
- Implementation Plan
This assumes that you have already done research on your market and can provide the necessary data on markets and competition as market research is not included in this engagement. If you require specific market research this can be done as a separate engagement at our normally hourly rate.
A Microsoft® Excel spreadsheet will be developed for the businessto track the metrics of the marketing promotional activities outlined in your marketing and sales plan. It is important to understand if you are receiving a return on your investment for your marketing spend.
social media Training
This is a one-on-one training and coaching session with the individual responsible for Social Media in your business. The training will cover how to choose your platforms as well as how to use and manage SMedia for your business. You will be provided with materials and tools to use after the training.
basic SEO and Google Analytics training
This will be a 3 hour one on one session with the individual responsible for the success of your website in your business. The website might be developed by an outside individual, but the success of the content and selection of the keywords are the responsibility of the business.
- Select the right keywords for your business
- Understanding the Basic components of SEO
- Write optimized text for the web
- Read and Understand Google Analytics for your business
Financing Your Business
During the previous packages, your business strategy and marketing and sales plan were developed, so this moduleis focused on developing your Operational, Human Resource, and Financial Plans.
We have worked with several traditional lenders to help secure financing for our clients, and we also have partners who provide third partner lending as well as have access to investors. No one can guarantee financing for a start-up since there are not previous financials to support your business. Financing will very dependent on your personal credit rating and personal assets. During this engagement, we will be more than happy to engage with your lender or investor and answer any questions and provide any additional information they require related to the business plan.
The price assumes that you have already done research on your market and can provide the necessary data on markets and competition as market research is not included in this engagement. If you require specific market research, this can be done as a separate engagement at our normally hourly rate.
Managing Your Business
Monthly Reporting Development / Financial Coaching Session
There will be a session with the owner and key stakeholders to define the monthly financial reporting requirements for the business. This engagement will include developing the reports that will need to be run on a monthly basis that provide the metrics and ratios needed to determine how the business is performing.
The reports that will need to be run monthly will very much depend on your specific industry and business. An example of reports that will be required for every business will include:
- Monthly and YTD Income Statement
- Monthly Balance Sheet
- Cash Flow Statements
- Budget Variance
- Sales Forecast and Funnel / Pipeline
- Accounts Payable and Accounts Receivable Aging Reports
monthly review and coaching
One on one sessions will occur each month for a half a day following month end or twice a month for 2 hours with the owner and any key stakeholders which will include:
- Review of the Monthly Reports (run prior by business owner)
- Identify concerns, issues, and variances
- Problem definition and the development of options for resolution
- Define accountability for resolution
- Update Balanced Scorecard
Our offices are located just outside Toronto within the GTA. We are able to provide many services to businesses across Canada remotely.
Our local service area includes: Toronto, Peterborough, Bowmanville, Lindsay, Kawartha Lakes, Orillia, Clarington, Oshawa, Whitby, Ajax, Pickering, Port Perry, Uxbridge, Scarborough, Markham, Aurora, Newmarket, Bradford, Richmond Hill, Vaughan, Brampton, Mississauga, Burlington, Oakville and surrounding areas.
Contact us if you are outside our local service area and require service in person.
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