THE GAB LAB // Financially Fierce Intel for Founders!

As Shauna points out, many of us start our business because we’re passionate about what we do and are excited to bring our ideas to market. Unfortunately , finances are often the last thing we want to deal with. Furthermore, when we look to better understand our numbers, financial statements appear to be written in a language foreign to most Founders.

When we can't make sense of our numbers, it’s hard to trust that we’re making the right decisions for our company, our team, and our bottom line.

Financial decisions underlie both the success and failure of a business which is why running a business without understanding the story behind your numbers is like driving a car blindfolded - you have no idea where you’re headed.

It’s time to  demystify the fundamentals of financial statements.

PART 1 // A SNAPSHOT THAT SPEAKS VOLUMES: THE BALANCE SHEET 

As Shauna explains, the balance sheet figures are what accountants call the “Book Value” of the assets and liabilities.

ASSETS – LIABILITIES = NET WORTH (AKA SHAREHOLDERS’ EQUITY)

Your business’s value is a financial construct factoring inputs like short and long term assets weighted against short and long term liabilities. 

Tune in to Part 1 as Shauna provides examples of each of these inputs to help us better understand the current value of our business. You’ll also gain important insight into how to process the numbers so we can determine how leveraged and liquid we are. Two important calculations every Founder should come to familiarize themselves with, as they tend to be some of the first numbers lenders look at. 

PART 2 // THE INCOME STATEMENT: WHERE THE BOTTOM LINE IS THE STORY

Don’t let the title deceive you. While an income statement has a different purpose than that of the Balance Sheet, there is one link connecting them—your bottom line—aka, the net income, or net profit.

As Shauna explains, when your bottom line is positive, you’re effectively adding value to your business because this number will end up in Retained Earnings on the Balance Sheet. But, if your bottom line is bleeding red, you’re decreasing your business’ value.

When it comes to the top line, Shauna points out that accountants use an accrual basis of accounting for the Income Statement. Translated, this means when a sale is made, it’s accounted for in your company’s revenue, whether or not the payment has been received. This, obviously, has the potential to skew the reality of your bottom line results. 

Tune in as Shauna shares with us what to watch for in our Income Statement, how often we should be checking it, and what numbers to cross-reference to ensure we’re getting the full story on our true bottom line position. 

PART 3 // THE MOST INTUITIVE OF THE GROUP: THE CASH FLOW STATEMENT

This is where we transition from accrual to cash basis.

We’ve highlighted this in previous episodes, and we can never stress this enough: Profit ≠ Cash. This is why the Cash Flow Statement is needed to complete an accurate snapshot of the current health and functionality of your business. 

The Cash Flow Statement is believed to be the most intuitive of all the financial statements as it follows every transaction made by the business—money received and money spent. The sum is referred to as the net cash flow. 

Tune in to Part 3, as Shauna and Taunya review best practices and warning flags in each area of Income, Cost of Goods, Pricing and Expenses. You’ll uncover ways to unlock the cash currently held captive in your business, and how to use a Cash Flow Forecast to deliberately and intentionally plan for a healthy bottom line. 

DOWNLOAD YOUR FREE TOOLS AND TEMPLATES @ THE GAB LAB VAULT www.nailthenumbers.com/gablabvault

// The Playbook 

// Highways and Hazards 

// Cashflow Forecast 

ABOUT THE CHAMP //  Copy from Framework 25 years of loans, advice and support for Saskatchewan Founders

ABOUT THE PRO // 

After spending close to 10 years in the Oil & Gas Industry working for both public and private companies, Shauna felt the desire to move into a position where she could help people. This decision led her to the CA School of Business where she worked towards her CA (Chartered Accountant) designation.

Shauna articled with two accounting firms, the latter being Matthews Group LLP where she was appointed Associate in January 2011 and Junior Partner in January 2012. Working with The Matthews Group gave her the opportunity to work with amazing mentors who encouraged her to ask questions and understand the needs of the client.  Shauna’s focus was working with entrepreneurs and their internal accountants helping improve their systems, processes and overall reporting.

As a skilled Chartered Professional Accountant, Shauna’s strong desire to help others achieve ultimate success and to reduce the stress that comes with accounting led to the creation of Frederick OTG. Shauna’s mission is to make a difference in her client’s businesses; to help them grow stronger than ever as an on-the-go CFO that takes the frustration and anxiety out of the accounting unknowns, helping entrepreneurs navigate the financial and accounting challenges that come with running a business. 

Working alongside entrepreneurs, Shauna saw the financial literacy and more importantly financial confidence lacking in many entrepreneurs.  Understanding the key role that financial literacy training plays in helping entrepreneurs build financial confidence and ultimate business success,  she partnered with a former banker, Shannon Pestun where together they created The Finance Cafe.  Through female-friendly pedagogy and support, The Finance Cafe is offering a Financial Literacy Program bringing gender based perspective to financial literacy training. 

Shauna is currently working with CPA Canada on a Value Creation Proof Of Concept Initiative as well as providing input into the overall CPA Competency Map

Shauna’s volunteer time includes volunteering for The Women’s Entrepreneurship of Alberta Foundation,  Junior Achievements of Canada, The Canadian Women’s Foundation and 10 years with the Famous 5 Foundation where she co-lead the creation and delivery of a Girls’ Leadership Program, a 5-week program focused on building leadership skills in girls.

Shauna is passionate about entrepreneurship, diversity and advancing the rights of women and girls.

CONNECT //

Nail the Numbers // www.nailthenumbers.com

The Gab Lab // www.nailthenumbers.com/thegablab 

GAB LAB CHAMP // Community Futures Manitoba  www.cfmanitoba.ca

GAB LAB HOST // Taunya Woods Richardson www.epifany.ca or taunya@epifany.ca 

NTN PRO // Shauna Frederick

PART 1 // Purpose-Driven Enterprises Forging a Future Thru Covid-19

The CEO Business Roundtable in the US concluded, for the first time in history, that the primary purpose
of corporations is a combination of profit and purpose.

It is abundantly clear that the future belongs to purpose-driven organizations. While the long-term trend
was already headed towards enterprises weaving a purpose into their business, COVID has essentially
sped this transition, explains Gordon.

1.855.610.1710 NAILTHENUMBERS.COM

THE GAB LAB // SOCIAL MEDIA MAP

"Businesses with a clear social purpose are as, if not more, profitable than businesses without,” suggests research. As more and more businesses are committing to a social purpose, millennials are catching the drift and expecting all businesses to have a larger purpose.

So... why should you care about this?

Well, funders and consumers alike are supporting businesses that strive to have a positive impact. If you’re missing the Purpose train, you’re going to see your topline wither. Curious about who shined their way through COVID? The innovators.

This, and a lot more, awaits you in Part 1 as Gordon takes us through the options that Founders have in terms of legally structuring their social-based enterprise.

PART 2 // Remodeling the Operating Expenses

COVID fell from the sky and crash-landed on the center of income statements, right where it hurts—the operating expenses.

Even with a shrinking topline, operating expenses continued to shower their wrath on well-intended purpose-driven Founders.

Sure, you may have saved-up on rent. But engaging a remote team comes with additional costs of technological infrastructure.

There’s a silver lining, though. As Gordon highlights, funders have stepped up and provided leeway for additional operating expenses by removing some of the restrictions. This provides an interesting opportunity for businesses to remodel their operating cost structure.

Gordon digs deep into these quandaries in Part 2 for a hot and heavy discussion on how Founders can approach this remodeling opportunity with a purpose-oriented mindset.

PART 3 // The Tug of War between Purpose and Profit

Purpose is starting to occupy a central spot in the business world, so where does that leave our bottom lines?

Profits (eventually retained earnings) are our umbrellas for a rainy day. Do you recall people on TV using financial jargon as they say that a company has a “strong” balance sheet? Guess what is a key source of that strength?

Hint: Look no further than the bottom line.

Well-capitalized businesses are often the ones immune to a Frankenstein like COVID.

1.855.610.1710 NAILTHENUMBERS.COM

THE GAB LAB // SOCIAL MEDIA MAP

This is easier said than done for non-profits, though. CRA is going to come knocking when they see a profit on their master budget.

But don’t sweat it!

“CRA recognizes all organizations have to have some financial sustainability,” explains Gordon.

CRA is bothered by an “intention to profit” when it comes to non-profits. As long as it’s not proactively seeking out profits, CRA’s fine. Unexpected profits are not a problem.

A non-profit’s nemesis is the intention to profit.

Tune in and learn all you need to know about structuring your social-based enterprise from Gordon Holley in Part 3.

DOWNLOAD YOUR FREE TOOLS AND TEMPLATES @ THE GAB LAB VAULT
www.nailthenumbers.com/gablabvault
// The Playbook
// The Cashflow Forecast
// About B Corps
// BIA (B Impact Assessment)

ABOUT THE CHAMP //
25 years of loans, advice and support for Saskatchewan Founders Community Futures Saskatchewan has been in the business of encouraging and supporting their communities, volunteers and small business owners for more than 25 years. They know what it takes to start and grow a business, to raise money for a community project or organize to provide a much-
needed community service. And they'll approach your idea in a way as individual as you are.

ABOUT THE PRO //
Gordon Holley works to build confidence and capacity through leadership and training across Canada’s charity and social purpose sectors. As a CPA of 25 years standing and CEO of Humanity, Gordon loves helping leaders of community and social purpose organisations. Gordon’s passion is leveraging his decades of experience with board members and executive team to build human, organizational and sectoral capacity through workshops and resources. Gordon has served on boards and committees, from small community organisations to national sector bodies.

1.855.610.1710 NAILTHENUMBERS.COM

THE GAB LAB // SOCIAL MEDIA MAP

“Life is too short!—It’s all about meaningful contribution and working with great people”.

CONNECT //
Nail the Numbers // www.nailthenumbers.com
The Gab Lab // www.nailthenumbers.com/thegablab
GAB LAB CHAMP // Community Futures Saskatchewan https://cfsask.ca/
GAB LAB HOST // Taunya Woods Richardson www.epifany.ca or taunya@epifany.ca
NTN PRO // Gordon Holley www.humanityfinanical.ca or gh@humanityfinancial.ca
ABOUT THE GAB LAB //
The Gab Lab is a conversation-changing, profit-shifting series built for Founders. With a thru-line
focusing on profitability, we hammer home financially fierce intel that has the power to blow your mind
and build your bottom line. Visit us www.nailthenumbers.com/thegablab

Retail is at the forefront of the economic devastation left in COVID-19’s wake. While major players like Walmart and Costco dusted off their shoulders with little grief, small businesses continue to bear the brunt behind the locked doors of their stores. 

Despite facing seemingly insurmountable odds, Founders’ possess two unique advantages against Goliath retailers: agility and connection. 

Now’s the time to implement your strategy, with precision and unrelenting determination. With guidance from NTN Pro, Bruce Winder, President of Bruce Winder Retail and author of Retail before, during, and after COVID-19, you’ll find your way through the pandemic and on to ace the retail game.

PART 1 // THE STATE OF RETAIL AS WE KNOW IT
The #CLAWs of retail (Costco, Loblaws, Amazon and Walmart), are seemingly ruling the retail roost as the pandemic marginalizes the businesses of main street. 
With consumer preferences toward what they buy and where they buy from changing at full throttle, Founders need to get a move on setting up their online operations. Meet your customers where they’re at!  
Bruce tells us that when the smoke clears, the big players will likely become bigger, but so will other online retailers. Innovative and capital-light businesses will drive retail into the future. 

PART 2 // HOW TO FORGE A FUTURE IN RETAIL 
When retail Founders go in survival mode, the 80/20 rule provides potent weaponry for bulking up your cash flow.
The 80/20 rule (aka the Pareto principle): 80% of your revenue comes from 20% of your inventory.
Speaking of 80/20, we know Taunya loves talking numbers! Listen in as she walks with Bruce all the way from the top- right down to the bottom-line, giving Founders a rundown on how they can tweak those numbers in their favor.
Part 2 is a power-packed deal with Taunya venturing the possibility of retail spaces converting into showrooms, and Bruce suggesting inviting equity partners to weather through the storm. 

DOWNLOAD YOUR FREE TOOLS AND TEMPLATES @ THE GAB LAB VAULT www.nailthenumbers.com/gablabvault
// The Playbook 
// The Cashflow Forecast 

ABOUT THE CHAMP //  
Community Futures Manitoba Inc. (CFM) is an association representing 16 Community Future organizations (CFs) established throughout rural and northern Manitoba. The Community Futures Manitoba Board of Directors is comprised of one representative from each of these organizations. Community Futures operates across rural and Northern Canada as a grassroots-driven program created to strengthen rural economies by enabling entrepreneurship and assisting in community economic development.
 
ABOUT THE PRO // 

Retail Analyst, Author, Consultant, Speaker & Instructor
Bruce Winder is a Retail Analyst, Author, Consultant, Speaker & Instructor serving a variety of clients in the retail, services, and manufacturing industries. 

His 30 years’ experience in big retail as well as consulting freelancing and teaching make him one of Canada's most sought-after experts in the retail field.  

Bruce is often interviewed on leading TV media outlets such as BNN-Bloomberg, CBC, CTV News, CTV National, CP24, Breakfast Television, CityNews, Global News and has contributed dozens of times to The Globe & Mail, The Financial Post, The Washington Post, BBC, The Toronto Star, Reuters, Bloomberg, Adweek, The Calgary Herald, The Ottawa Citizen and many more.

He has spoken at numerous company and industry events across North America sharing retail trends and industry best practices.
 
Bruce completed his MBA from The Smith School of Business at Queen`s University in 2004.

CONNECT // 
Nail the Numbers // www.nailthenumbers.com
The Gab Lab // www.nailthenumbers.com/thegablab 
GAB LAB CHAMP // Community Futures Manitoba http://www.cfmanitoba.ca/
GAB LAB HOST // Taunya Woods Richardson www.epifany.ca or taunya@epifany.ca 
NTN PRO // Bruce Winder www.brucewinder.com or bwinder@brucewinder.com 

ABOUT THE GAB LAB // 
The Gab Lab is a conversation-changing, profit-shifting series built for Founders. With a thru-line focusing on profitability, we hammer home financially fierce intel that has the power to blow your mind and build your bottom line. Visit us www.nailthenumbers.com/thegablab

Covid's nudged many of us closer to the cliff’s edge. Tragically, The Canadian Federation of Independent Business (CFIB) suggests one in six, or about 181,000, Canadian Founders are now seriously contemplating shutting down—this comes on top of the 58,000 businesses that became inactive in 2020.

But listen up, it's not all doom and gloom. Yes, Founders are in a tight spot but even before the pandemic hit, 71% of us we’re closing our doors due to poor cash management, as researched by  Industry Canada: Failing Concerns: Business Bankruptcies in Canada.

It's human nature to avoid the uncomfortable work. That is, until we're forced to confront it! So, here's your opportunity. Roll up your sleeves, get to work, and choose to look at Covid as your catalyst, not your kryptonite. 

Let’s start by getting smart about our cashflow—how it's earned, received, spent and saved. In this episode of The Gab Lab, NTN Pro, Kirsha Campbell (aka The Cash Flow Maven) is sharing some quintessential cash flow management tips. She takes us through the bottom-line challenges of the roller-coaster cashflow ride and how we can counter the effects without taking on leverage.

Part 1 // CASHFLOW FUNDAMENTALS - LAYING THE GROUNDWORK

Let’s nail the basics. “Cash flow is the lifeblood of your business,” explains Kirsha. 

Cash flows are different from your income statement and balance sheet. A cash flow statement will tell you from where you received the cash, when you received it and where and when you spent it. Perhaps, more importantly, cash flow reports provide you with an accurate account of what funds you truly have access to. Don't assume your bank account balance is telling the whole story. 

Here's a rule of thumb: Any accounting entry that does not show up in your cash or bank account, will NOT affect your cash flow. 

A balance sheet is an entirely different phenomenon. It shows you the position of your business at any given point in time. If you’re unfamiliar with a balance sheet, think of it like this; sum up your assets and take out the liabilities, what you’re left with is your capital or “net worth”. An income statement is a measurement tool that sheds insight into your business’ profitability, revenue growth, and cost structure. 

Kirsha aptly points out that as business owners, it is important we understand that profit is not equal to cash flow. 

Part 2 // SPOTTING THE RED FLAGS

Declining revenues, COGs that are wildly inconsistent, and aged accounts receivable are just some of the warning signals Kirsha draws our attention to in Part 2. 

She also addressing the elephant in the room—the constant need for capital infusion, bank overdrafts and lines of credit. Keep in mind, the emergency Covid relief we may have accessed, specifically CEBA, CRB, RRRF and HASCAP are loans–they’re temporary band-aids, not long-term solutions. 

Keep your eyes wide open and stay vigilant, because businesses never go bankrupt overnight. Kirsha points out, as the Founder you're likely doubling as the business’ CFO – so listen in as she shares with us  what we should be watching for, and how often.  

Part 3 // DECODING THE REMEDIES

Now that we know the issues, let’s roll up our sleeves and fix them. Kirsha explains the importance of staying on top of our cash flows, with periodic assessments. To make light of the task, ensure you have an accounting chart at your disposal. Being unorganized can be lethal. An equally important element is your master budget which helps you can identify the deviations as quarters pass.

Have your accounts receivable ballooned through Covid? Kirsha makes several important recommendations, including factoring the receivables to pump cash back into your business. 

Factoring? Hmm...

It’s not that difficult to wrap your head around. You go to a factor and pass on the right to collect your accounts receivable. In exchange, the factor pays you the worth of those receivables upfront, after deducting a certain percentage as a fee. And voila, you’ve liquidated your receivables.

But there's more you can do. Be sure to catch all Kirsha's suggestions in Part 3. 

Remember! Cashflow FORECASTS are essential to the financial health and future of your business... so pull up our Cashflow Forecast Template and get to work.

DOWNLOAD YOUR FREE TOOLS AND TEMPLATES @ THE GAB LAB VAULT www.nailthenumbers.com/gablabvault

// The Playbook 

// The Cashflow Forecast 

ABOUT THE CHAMP //  

25 years of loans, advice and support for Saskatchewan Founders

Community Futures Saskatchewan has been in the business of encouraging and supporting their communities, volunteers and small business owners for more than 25 years. They know what it takes to start and grow a business, to raise money for a community project or organize to provide a much-needed community service. And they'll approach your idea in a way as individual as you are.

ABOUT THE PRO // 

CONNECT // 

Nail the Numbers // www.nailthenumbers.com

The Gab Lab // www.nailthenumbers.com/thegablab 

GAB LAB CHAMP // Community Futures Saskatchewan http://www.cfsask.ca

GAB LAB HOST // Taunya Woods Richardson www.epifany.ca or taunya@epifany.ca 

NTN PRO // Kirsha Campbell www.thecashlab.ca or stan@infomoney.ca

ABOUT THE GAB LAB // The Gab Lab is a conversation-changing, profit-shifting series built for Founders. With a thru-line focusing on profitability, we hammer home financially fierce intel that has the power to blow your mind and build your bottom line. Visit us www.nailthenumbers.com/thegablab

It’s been a crazy twelve months to say the least. And now, add taxes to the mix—well, let’s just leave it at nerve-racking.

We’re running into a tax season unlike any other. As Founders, we’re typically tapped with twice the pressure, contending with both personal and corporate tax returns. Now, with the added task of reporting Covid benefits, it can feel four times as daunting.

Make this episode a top priority, Founders. It’s time sensitive. It’s mission critical. And, if you apply the tips NTN Pro, Brian Quinlan shares here, you’ll likely save yourself, and your business, tons of aggravation, uncertainty and costly mistakes.

Part 1 // PERSONAL TAXES AND COVID—WHAT YOU NEED TO KNOW

First things first, let’s make sure  our home base is covered. Brian walks us through what we need to know if we’ve benefited from either CERB or CEWS. He also takes us through what we can and can’t write off, if we found ourselves working from home through Covid. In case you didn’t know, different rules apply for sole-proprietors versus employed Founders.

Part 2 // CORPORATE TAXES AND COVID—WHAT YOU NEED TO KNOW

And now to get down to business. Whether you received Covid benefits to support your team, to subsidize your lease, or to cover your operating expenses, Brian helps us navigate the A-Z of Covid relief accessible to business owners in 2020. Heads up, for those of you who may have drawn larger than normal dividends last year, you’ll want to pay close attention.

Part 3 // HOW TO TAKE A PROACTIVE APPROACH TO 2021

Last but not least, Brian suggests an alternative approach to our 2021 tax strategy. Saving money on taxes requires a proactive approach, not a reactive one. Therefore, come this May, as weary as you may be, this is the time to ask the one, most important, question of your accountant…

DOWNLOAD YOUR FREE TOOLS AND TEMPLATES @ THE GAB LAB VAULT www.nailthenumbers.com/thevault

// The Playbook

// Canadian Income Tax Rates [Individual]

// Canadian Corporate Tax Rates

// How to set up a CRA My Account [Individual]

// How to set up a CRA My Business Account [Business]

// CRA and Covid 19: Changes to taxes and Benefits  
 

ABOUT THE CHAMP //  

Community Futures Manitoba Inc. (CFM) is an association representing 16 Community Future organizations (CFs) established throughout rural and northern Manitoba. The Community Futures Manitoba Board of Directors is comprised of one representative from each of these organizations. Community Futures operates across rural and Northern Canada as a grassroots-driven program created to strengthen rural economies by enabling entrepreneurship and assisting in community economic development.

ABOUT THE PRO //

Brian concentrates on the needs of entrepreneurs – from the struggling artist to the medium sized business. His role is that of a part-time VP Finance serving organizations and individuals in a proactive manner. Brian operates in a supportive role to maximize cash by minimizing tax.

Brian has over 20 years of experience in public accounting. He often speaks at financial planning seminars and serves as a contributing editor at Canadian MoneySaver Magazine. He has instructed tax courses for the Institute of Chartered Accountants of Ontario and Ryerson University. Brian is an author of Tax Tips for Canadians for Dummies.

CONNECT //

Nail the Numbers // www.nailthenumbers.com

The Gab Lab // www.nailthenumbers.com/thegablab

GAB LAB CHAMP // Community Futures Manitoba http://www.cfmanitoba.ca/

GAB LAB HOST // Taunya Woods Richardson www.epifany.ca or taunya@epifany.ca

NTN PRO // Brian Quinlan

ABOUT THE GAB LAB // The Gab Lab is a conversation-changing, profit-shifting series built for Founders. With a thru-line focusing on profitability, we curate financially fierce intel that has the power to blow your mind and build your bottom line. Visit us at www.nailthenumbers.com/thegablab

#CEWS #CEBA #CERB #RRRF #CRA #CERS #RB #CRCB #COVID #Taxes #Canada

It’s tax season Founders, and like it or not it’s time to pay up. But how much, is in large part, up to you. 

Today, we’re tackling the topic of tax. With tax-planning being familiar turf for NTN Pro, Stan Swartz, he’s quick to point out many of us lose precious points by not taking a strategic and coordinated approach to dealing with our taxes.

Tune in as Stan coaches us on the importance of knowing our end game, recruiting the right pros, and approaching the goal line with unrelenting ferocity and focus. 

Part 1 // THE GAME PLAN 

With roughly 42.5% of our personal income going towards taxes, it’s time we tackle the issue head-on. As Stan clarifies, “It’s not what you make, it’s what you keep that’s important.” Listen up as he walks us through the importance of building an end-game strategy. When you know where you’re headed personally, you’ll be able to draw out a game plan that’s a win-win-win for you, the business and CRA. 

Part 2 // THE PLAYERS 

Tax planning isn’t a solo sport. It takes a team. A team of first-draft, top-tier picks. In Part 2 of Quarterbacking Our Tax Return, Stan outlines an ideal roster of pros we need to have on-side, and the recruiting tips to lock-in top-talent.

Part 3 // THE TEN YARD LINE 

It’s so close you can see it. Literally, April 30th, 2021 is when our taxes come due. But before you show off your elaborately choreographed touchdown dance, you’ll want to take advantage of the weeks to come and use this window wisely. Stan maps out a bold strategy, one we can follow play-by-play that will get us to and over the goal-line. 

Furthermore, he lays out the post-game discussion we need to have with our pros to ensure a stellar year to follow. 

DOWNLOAD YOUR FREE TOOLS AND TEMPLATES @ THE GAB LAB VAULT www.nailthenumbers.com/gablabvault

// The Playbook 

// The Game Plan Worksheet 

// Personal Tax Prep Checklist 

// Self-Employed Tax Prep Checklist 

// Recruiting Your Tax Team Worksheet 

ABOUT THE CHAMP //  

25 years of loans, advice and support for Saskatchewan Founders

Community Futures Saskatchewan has been in the business of encouraging and supporting their communities, volunteers and small business owners for more than 25 years. They know what it takes to start and grow a business, to raise money for a community project or organize to provide a much-needed community service. And they'll approach your idea in a way as individual as you are.

ABOUT THE PRO // STAN SWARTZ 

Stan Swartz is a Chartered Professional Accountant, Certified Management Accountant, Certified Financial Planner and Certified Management Consultant.

Prior to becoming a founding partner of Sloan Partners Chartered Professional Accountants, Stan worked in government, in entertainment, manufacturing, and automobile industries.

At Sloan Partners he spent over 25 years assisting small and medium size businesses and their owners better understand their situations, advise them on growing and better managing their businesses as well tax and financial planning.

Since semi retiring in 2014, he has focused on personal and business financial planning.

He is currently a presenter and contributor for CPA Canada’s financial literacy program.

CONNECT // 

Nail the Numbers // www.nailthenumbers.com

The Gab Lab // www.nailthenumbers.com/thegablab 

GAB LAB CHAMP // Community Futures Saskatchewan http://www.cfsask.ca

GAB LAB HOST // Taunya Woods Richardson www.epifany.ca or taunya@epifany.ca 

NTN PRO // Stan Swartz  www.infomoney.ca, stan@infomoney.ca

ABOUT THE GAB LAB // The Gab Lab is a conversation-changing, profit-shifting series built for Founders. With a thru-line focusing on profitability, we curate financially fierce intel that has the power to blow your mind and build your bottom line. Visit us at www.nailthenumbers.com/thegablab

Do you get a lump in your throat anytime people talk about debt? You’re not alone. 

In this episode of The Gab Lab, Pamela Meger does a deep dive into debt (we see you cringing 😉); because the first step to managing debt is to confront it. Debt can feel like a never-ending black hole. But today, we learn taking action and ownership of your numbers will help you find the way out!

As Founders, optimism is entrenched in our DNA. It also tends to be embedded in our financial forecasts. We budget for things to go well but forget to account for hidden expenses (i.e. interest charges) or prepare for inevitable down turns and dry spells. That’s why today, we uncover the costs and consequences of debt so you can plan to get yourself out of the hole and into a better financial position. 

Give this episode a listen so you can take your first step toward getting rid of daunting debt!

Part 1 // UNLEASH YOUR DEBT LOAD 

Debt… that one responsibility you wish you could shake off, right? 

The first step in getting it under control is to understand it. In this segment we go over the types of debt businesses accrue and take a dive into the costs of consequences to you and your business. Don’t let debt immobilize you or your operation. In this segment Pamela emboldens us to confront the dread we feel towards debt. 

Part 2 // SIMPLE SOLUTIONS TO DEAL WITH DEBT

As Taunya likes to say, “Fear is rooted in uncertainty. Anxiety is rooted in inaction.” The best way to start managing debt is to move on it. Encouragement to take the first small step is what Pamela offers in segment. She reminds us, the sooner we reach out for help, the more options we have available to us.

We’ve covering multiple solutions for dealing with debt, so that YOU can start to gain control of your finances and your future. We know it can be intimidating, so give this segment a listen to, no one needs to know, and learn of the options available to you to help lift the load off your shoulders! 

Part 3 // ALTERNATE AVENUES TO EXPLORE

If your bottom line is heading in the wrong direction, it’s never too early to get the help needed to steer you right-side up. Because debt is such an overwhelming topic, Pamela urges Founders to reach out and talk to the right person so you can get on track as soon as possible. Different consolidation methods work for different businesses and levels of debt. Listen to this segment and find which one is best for you!

DOWNLOAD YOUR FREE TOOLS AND TEMPLATES @ THE GAB LAB VAULT 

// The Playbook 

// DIY Debt Solutions 

// Debt Scale 

// Debt Calculator 

// Budget Tracker  

ABOUT THE PRO // 

Pamela Meger, CIRP, LIT, is a Senior Vice President with MNP’s Insolvency and Corporate Restructuring group. Working out of the Regina office, Pamela delivers advice and solutions to individuals and organizations experiencing financial difficulties, helping them assess their options and achieve their goals. She travels to work with clients in Estevan, Weyburn, Moose Jaw, Yorkton and Swift Current.

Pamela’s services include consulting, restructuring, developing proposals and managing receiverships and bankruptcies and she is available for both private and court appointments. Her main focus is for individuals and organizations to learn about their options early — before some avenues are no longer available. Pamela helps clients with consumer proposals, consumer bankruptcy, corporate recovery and receiverships.

In 2006, Pamela completed the Canadian Association of Insolvency and Restructuring Professionals course to become an Insolvency Qualification Counsellor. She received the Chartered Insolvency and Restructuring Professional (CIRP) designation in 2013 and the Licensed Insolvency Trustee (LIT) designation the following year.

ABOUT THE CHAMP //  

Community Futures Manitoba Inc. (CFM) is an association representing 16 Community Future organizations (CFs) established throughout rural and northern Manitoba. The Community Futures Manitoba Board of Directors is comprised of one representative from each of these organizations. Community Futures operates across rural and Northern Canada as a grassroots-driven program created to strengthen rural economies by enabling entrepreneurship and assisting in community economic development.

ABOUT THE GAB LAB // The Gab Lab is a conversation-changing, profit-shifting series built for Founders. With a thru-line focusing on profitability, we curate financially fierce intel that has the power to blow your mind and build your bottom line. Visit us at www.nailthenumbers.com/thegablab

CONNECT // 

Nail the Numbers // www.nailthenumbers.com

The Gab Lab // www.nailthenumbers.com/thegablab 

GAB LAB CHAMP // Community Futures Manitoba www.cfmanitoba.ca/

GAB LAB HOST // Taunya Woods Richardson www.epifany.ca or taunya@epifany.ca 

NTN PRO // Pamela Meger  www.mnpdebt.ca or pamela.meger@mnp.ca

The construct of stress-testing originated in the 1990’s, implemented by financial institutions as a way of determining their ability to respond to market events. Given our road to recovery is likely a rocky one, Gab Lab Hast was eager to talk with Neil Jones, Senior Vice President of Financial Recovery Services, BDO, to uncover the process he uses to financially stress-test a business, and the steps he recommends we take to mitigate our risk in the weeks and months to come. 

PART 1 // SCENARIO ANALYSIS
If Covid taught us anything, it’s to expect the unexpected. What if… you lost a key customer, supplier or employee? What if a lender called their loan? What if you had to adjust your price? In this segment, Neil walks us through tools and techniques that help turn uncertainly into preparedness.

PART 2 // CALCULATING KEY RATIOS
Ratios are all the rage, especially amongst lenders and analysist. They’re quick calculations that speak volumes when it comes to determining the overall health of a business. Tune in to uncover which ratios Neil considers vital and the benchmarks we should strive to hit. And hey, if you need a good laugh, you’ll howl when he shares with us the common techniques we Founders use to hide from the ugly truth of our numbers.

PART 3 // REINVENTION AND REACHING OUT
It’s never too early to reach out. If the numbers aren’t adding up, the sooner you ask for help, the more options you have. In this segment, Neil helps us catch our breath, take a pause and review the choices available to us. Change is inevitable. It’s how we deal with it that counts. 

DOWNLOAD THE FREE PLAYBOOK AND WORKSHEETS @ THE GAB LAB VAULT

CONNECT //
Nail the Numbers // www.nailthenumbers.com

The Gab Lab // www.nailthenumbers.com/thegablab 

GAB LAB CHAMP // Community Futures Saskatchewan // www.cfsask.ca

GAB LAB HOST // Taunya Woods Richardson // www.epifany.ca

NTN PRO // Neil Jones // www.bdo.ca

ABOUT THE GAB LAB // The Gab Lab is a conversation-changing, profit-shifting series built for Founders. With a thru-line focusing on profitability, we curate financially fierce intel that has the power to blow your mind and build your bottom line. Visit us at https://www.nailthenumbers.com/thegablab

Founders often get stuck in the trap of thinking new equipment can bring in more revenue.
News Flash! New and shiny isn't always the answer. 

NTN Pro, Dustin Bosch, reviews ways you can optimize your situation without spending money on new equipment; and if/when purchasing new equipment is the right move for you and your business. Learn to look past the emotional attachment to your equipment so you can let go of extra costs and hold on to precious profit.

PART 1 // START WITH THE END IN MIND
One of the best practices of big business is thinking ahead. 
When you understand the hours and projected use for each piece of equipment so you can anticipate the associated costs. 
When you understand the utilization and useful life of your equipment, you know when to cycle it out, which minimizes operating costs and increases your bottom line.

PART 2 // BURN THE BLINDERS
It’s all about efficiency! Dustin shares the hidden costs you should know before buying a piece of equipment. 
Calculating equipment downtime helps you determine if you should rent or buy. 
Keep your eyes open to your equipment’s value because every asset depreciates over time.

PART 3 // STRIKE PAY DIRT!
As a financier, Dustin brings tremendous value to his clients by assessing existing assets, finances, and need so they can get a much better ROI. This is his superpower! Using a thorough process he can help entrepreneurs find the best possible option for their company. 

Remember, there are ways to keep your revenue strong – even during a pandemic.

DOWNLOAD THE FREE PLAYBOOK AND WORKSHEETS @ THE GAB LAB VAULT https://www.nailthenumbers.com/gablab​ 
// The Playbook 
// Equipment Cost Calculator 
// Equipment Inventory Log 

CONNECT //
Nail the Numbers // www.nailthenumbers.com

The Gab Lab // www.nailthenumbers.com/thegablab 

GAB LAB CHAMP // Community Futures Manitoba www.cfmanitoba.ca

GAB LAB HOST // Taunya Woods Richardson www.epifany.ca

NTN PRO // Dustin Bosch www.cefl.ca

ABOUT THE GAB LAB // The Gab Lab is a conversation-changing, profit-shifting series built for Founders. With a thru-line focusing on profitability, we curate financially fierce intel that has the power to blow your mind and build your bottom line. Visit us at https://www.nailthenumbers.com/thegablab

What are the two most common mistakes Founders make when it comes to pricing? 

One, they set their price based on what the competition is charging; and two, they neglect to account for all the hidden costs associated with selling their product or service. 

Unfortunately, these innocent oversights have costly consequences on the bottom line. 

Thanks to our champs at Community Futures Parkland you can tune in to listen to NTN Pro, Taunya Woods Richardson and Guest Host, Andrea Lutz walk you through a powerful four-step process that packs a profitable punch to your pricing and bottom line. 

PART 1 // STRATEGIC SELECTION
Stop. Wait. Think. Before you jump head-first into a pricing strategy, get crystal clear on where your sweet spots are! What are the top performing products/services driving (or have the potential to drive) most of the topline revenue? A profitable product suite is what we're after.

PART 2 // THE WEIGHTED PRICING PROCESS
Stop selling yourself, and your products, short! This four-step process will show you the hidden value in each of your products/services and have you confidently promoting a new, powerful and profitable pricing strategy. One where everyone wins (O.K., maybe not the competition).

PART 3 // REAP THE REWARDS
BAM! Get ready to reap the rewards of a profitable pricing strategy! Gone are the days of relying on your competitors to set the price, and of feeling awkward and uncomfortable when talking price with clients.

DOWNLOAD THE FREE PLAYBOOK AND WORKSHEETS FROM THE GAB LAB VAULT
// The Playbook 

// The Weighted Pricing Process Template  

// Strategic Selection Worksheet 

 
CONNECT //
Nail the Numbers // www.nailthenumbers.com
THE GAB LAB // www.nailthenumbers.com/thegablab
GAB LAB CHAMP // Community Futures Parkland www.cfmanitoba.ca/parkland
NTN PRO // Taunya Woods Richardson www.epifany.ca
GAB LAB HOST // Andrea Lutz www.facebook.com/collectivesoulsociety

ABOUT THE GAB LAB // The Gab Lab is a conversation-changing, profit-shifting series built for Founders. With a thru-line focusing on profitability, we’re hammering home financially fierce intel that has the power to blow your mind and build your bottom line. Visit us at www.nailthenumbers.com/thegablab

HOW DO YOU MAKE A SMALL FORTUNE IN THE RESTAURANT BIZ?
Start with a large one!

It's a running joke (albeit a bad one) in the food industry and one both Ron and Taunya have experienced first-hand. Joking aside, the restaurant biz is known as a "penny-industry", where every single cent needs to be scrutinized to turn a profit. And now, add a Coronavirus to the mix, and the recipe's even tougher to nail! 

Thanks to our champs at COMMUNITY FUTURES SUNRISE, you can catch NTN Pro, Ron Robichaud's winning formula for creating bottom-line profit in your restaurant. 

PART 1 // BEST PRACTICES
Pandemic or not, there is a "Rule of Thumb" Ron suggests and walks us through Part 1 of Rural Resilience for Restauranteurs. Uncover many of the industry's best practices including the Rule of 30!

PART 2 // HOLD THE LINE
Ron had so many golden nuggets, 30 minutes wasn't enough. In this follow up segment. Tune in to hear Ron's advice for restauranteurs, looking to hold the line through Covid.

PART 3 // QUICK FIRE
Things are heating up!! The Quick Fire Round provides the restauranteur with a number of ideas to generate top-line revenue in the business. BUT... don't forget to calculate your ROI on time to ensure the idea will pay off.

DOWNLOAD THE FREE PLAYBOOK AND WORKSHEETS FROM THE GAB LAB VAULT​ 
// The Playbook 

// The Performance Score Card 

// Menu Costing and Pricing Workbook 

// ROI On Time Assessment

 
CONNECT //
Nail the Numbers // www.nailthenumbers.com
GAB LAB // www.nailthenumbers.com/thegablab
GAB LAB CHAMP // Community Futures Sunrise cfsask.ca/SUNRISE
GAB LAB HOST // Taunya Woods Richardson www.epifany.ca/
NTN PRO // Ron Robichaud www.demystifyyourprofits.com

ABOUT THE GAB LAB // The Gab Lab is a conversation-changing, profit-shifting series built for Founders. With a thru-line focusing on profitability, we’re hammering home financially fierce intel that has the power to blow your mind and build your bottom line. Visit us at https://www.nailthenumbers.com/thegablab