Vernon Business Coaching & Business Plan Writing Services

05/07/2025

For those Trump supporters out there. 😗

07/15/2024

The shift from 'startup' to 'small business' mentality is real and necessary.Does the word "startup" make you cringe?A colleague of mine admitted to me that he has this reaction when we talked last week over coffee at a grungy little spot that wasn't the Starbucks at the epicenter of our area's star...

01/03/2024

Are you feeling overwhelmed with thoughts about your business? Many entrepreneurs struggle with analyzing their company's strengths, weaknesses, and opportunities. This is where a business coach can provide value by helping you develop a strategic plan for recovery or growth. I'm here to assist you as your coach, Tom Lewis

11/08/2023

Every business was young once 👏

10/12/2023

Too good not to share 😀

10/08/2023

10/02/2023

Given the current economic uncertainty and recession concerns, many business owners are understandably anxious about the future. However, there are proactive measures you can take to future-proof your business. Begin by developing a comprehensive plan for the next 12 to 24 months, implementing a robust sales strategy, closely monitoring cash flow, and being open to necessary adjustments. Let's explore how you can effectively prepare your small business for an economic downturn.

To prepare a financial cushion and recession strategy, focus on maintaining positive cash flow by increasing revenue and reducing expenses. Consider the following steps:

1. Increase revenue:
- Explore new ways to generate income, even if it's a small amount.
- Ensure you have a monthly draw to cover personal costs.

2. Reduce expenses:
- Review and cut down on monthly expenses without harming the business in the long term.
- Seek better rates from suppliers or consider finding new ones.
- Negotiate lower rent with your landlord, and check if the Canada Emergency Commercial Rent Assistance program applies to your situation.
- Trim payroll hours and explore the Canada Emergency Wage Subsidy (CEWS) for payroll cost assistance.
- Cancel unnecessary subscriptions and delay expensive purchases.

3. Access additional cash:
- Sell any unused assets to generate funds.
- Consider raising money from investors or seeking support from relatives.
- Secure long-term customer deals, even if it means accepting slightly lower prices.

Remember, it's important to adapt and be flexible during challenging economic times.

If you need advise on how to prepare for the future, reach out for a free consultation.

09/27/2023

In the realm of business owners tracking financial metrics and comparing them to competitors, this quote by John D. Rockefeller highlights the significance of excelling at the fundamental aspects of managing a business. By meticulously and exceptionally executing routine tasks, business owners can gain a competitive edge and achieve success in their endeavors.

Your business advisor,
Tom Lewis