In speaking with clients, one issue that is never far from their minds is cash flow. We found the article below from FBC to be really helpful. The original article can be found here.

When small business owners find themselves facing unexpected shortfalls or can’t pay bills during slow months, it’s a sign that they’re not monitoring their cash flow.

For a business, running out of cash is like getting stuck in quicksand: you sink deeper and deeper into the red as you borrow from one area to pay another. As you do your best to stay afloat, your business obligations – from payroll to loan payments – become increasingly hard to meet.

The good news is that you never have to let it get that far.

According to Kevin Cochran, co-founder of the wealth building and financial literary training series Enriched Academy, prevention is the best medicine when it comes the financial health of your business.

By avoiding the following 5 cash-flow mistakes,...

"Great things in business are never done by one person. They’re done by a team of people." (Steve Jobs)

Open Book Management (OBM) is the philosophy that businesses will experience greater success by sharing relevant financial and operational information with every employee. It’s the practice of communicating with people via the numbers. Employees receive information that not only helps them do their jobs well but gives them an understanding of how the company is doing as a whole. According to John Case, who coined the phrase “open book management”, “a company performs best when its people see themselves as partners in the business rather than as hired hands". The intent is to give employees relevant information about the company so they can make better decisions as workers. This information includes, but is not limited to, revenue, profit, cost of goods sold, cash flow and expenses.

Open Book Management involves four basic practices:

• Train...

I love the change of seasons. I have family living in west Africa and one of the hardest adjustments for them is that there’s no change of seasons (unless you count the change from “hot” season to “hotter” season).

But here at home in Canada, we get to experience the changing of the seasons. And fall is my favourite. It’s my favourite for all sorts of reasons – for cooler weather, for a return to routine after the summer, for campfires on cool nights, for Thanksgiving, and even for pumpkin spice lattes!

I also love the change of seasons when it comes to our business. The fall brings with it a change in the type of work we’re doing, the start of planning for the snow season, the excitement of new equipment, and the return of everyone back at work after summer holidays.

But the fall brings with it some unique financial stressors for business owners. These include material and equipment expenses, contracts that don’t pay out until...

Our industry offers a vast amount of professional development opportunities. This is one of the things that sets us apart from other industries.

As we continue our focus on lifelong learning, we wanted to make you aware, if you aren’t already, of some of the great learning opportunities available to you that are specific to our industry.

LANDSCAPE ONTARIO PROFESSIONAL DEVELOPMENT

Landscape Ontario's Professional Development has extensive resources to help provide you with tools for personal and business growth. They offer a wide range of topics, allowing you to update your skills or learn something new. They offer in-person and online seminars. Click HERE to see the list of 2023 seminars.

LMN (Landscape Management Network)

LMN offers a number of ebooks, videos and on-demand webinars covering topics related to running and growing a business: budgeting, business planning and growth, estimating, hiring, improving efficiency, and marketing and sales. For a list of the...

The popularity of podcasts is increasing[1]. Not only are more people listening to podcasts, but they’re listening to more podcasts. The beauty of podcasts is their accessibility. They’re free, they’re available through many different apps and programs, and you can listen anywhere at any time. I enjoy listening to podcasts while I’m driving or walking the dog. Marla and I listen together when we’re on road trips. 

Most podcasts put out new content on a regular basis, usually weekly or monthly. And I usually anticipate the release of a new podcast. I love hearing interviews with successful business owners who are willing to share their struggles and victories. These are real life stories of well-known people and businesses. I find I am encouraged to persevere and always take away some new knowledge or best practice suggestion. The podcasts provide links and additional content regarding the topic being discussed in the show notes.  With so many...

Clockwork is a book for business owners. The purpose of the book is for owners to design their business to run itself. It is a book that has freedom and fulfillment as the ultimate goal. It echoes Peter Drucker's quote "Efficiency is doing things right. Effectiveness is doing the right things.” Michalowicz has taken this concept and created a process to put it in place. 

One of the most impactful elements of the book is identifying what Mike calls the Queen Bee Role. He writes, “Identify the core function in your business that is the biggest determinant of your company’s success. Within every company there exists a single function that is the most significant determinant of the company’s health. It is where the uniqueness of your offering meets the best talents of you and/or your staff.”

The process of thinking this through is valuable in itself. But it is not easy. We all think that every aspect of our business is crucial. Michalowicz says,...

"The most productive business leaders I coach recognize productivity is not about getting more things done; it's about getting the right things done. It's about starting each day with clarity and ending with a sense of satisfaction, accomplishment, and energy to spare. It's about achieving more by doing less, and this book shows you how." (Michael Hyatt, Free to Focus)

This book is a productivity game-changer. Michael Hyatt guides you through the process and provides tools to identify the work that is the most productive and most satisfying. The work that allows you to achieve more by doing less. He says that , "the important question is not, Can I do this job faster, easier, and cheaper? It's, Should I be doing this job at all?"

"If you want to master your schedule, increase your efficiency and output, and create more margin in your life for the things you care about, you've got to learn how to focus. I'm talking about the ability to zero in and do the deep work that creates a...

You can find the original article by Lauren Spiers HERE.  

Properly scheduling and routing crews can often be a complicated, mind-bending exercise.

Ensuring that every crewmember receives his or her required hours per week, creating efficient routes for crews to follow, contending with weather issues or crewmembers who need to take a sick day – it all spells R-O-L-A-I-D-S for operations managers and company presidents trying to make everything fit together.

Creating efficient and effective routes and schedules really is like putting a puzzle together, and finding those helpful edge and corner pieces first can make the process easier. Here are a few tips contractors offered to help ensure the rest of the pieces all fit nicely.

• Work one step at a time. “The more [crews] you have, the more difficult it is to route and schedule, but if you just break everything up into little pieces and try not to schedule everybody at once, it’s much easier,”...

“Crucial Conversations draws our attention to those defining moments that literally shape our lives, our relationships, and our world. . . . This book deserves to take its place as one of the key thought leadership contributions of our time.” (From the forward by Steven R. Covey)

Crucial conversations are those we have with important people in our lives, both personal and professional, where the outcome of the conversation will have a significant impact on our lives. This book teaches you how to manage and use these conversations to their full potential in order to build a better life.

No one likes difficult conversations. But they are necessary and they're important for the health of our business, our relationships and our mental wellbeing. Using the tools outlined in the book, you'll be equipped to handle these conversations with confidence, care, and clarity, making it safe to talk about almost anything and be persuasive, not abrasive.

Crucial conversations...

In our last blog, we talked about improving your snow business (or any contracting business, for that matter), and focused on 3 areas: leadership, customers and staff. Today, we'll cover the final three areas: finances, operations and safety. 

4. FINANCES

• Create and review your budget: Your budget keeps you on track and lets you know how you’re doing. Create a budget and then review it monthly against actuals to measure how well you’re doing and address any issues before they become problems.
• Check your margins: Is each job profitable? Are you charging enough to cover your costs and make a profit? Job costing will provide great insight into where you may need to make changes.
• Everyone gets a number: How do you measure a win? Give everyone a clear and measurable goal that helps you determine how well the business and the employee are doing.  

FINANCE KPI’s/REPORTS

• Profit - gross/net by division
• Cash flow
• Expenses (labour, materials,...