From all of us at Nail the Numbers, Happy 'Small' Business Week!
BDC Small Business Week is an annual celebration of entrepreneurship that the Business Development Bank of Canada (BDC) has organized for 43 years. Every year, close to 10,000 entrepreneurs gather to learn, network, and celebrate Canada’s dreamers and doers.
Although we're not big on the term 'small', we are raving fans of YOU, Canada's Founders, BDC, and the work they do to champion financial intel and insight coast to coast.
We're excited about the #BDCsbw theme this year, Dare to do things differently: Power up your growth! This we can get behind!
For starters, let's count the ways Finanically Fierce Founders dare to take a different approach to their numbers:
#FinanciallyFierceFounders start with the end in mind.
Instead of budgeting based on where they're at, they reverse engineer thier numbers. They know what needs to be built and then work backward to make it happen.
#FinanciallyFierceFounders price for profit.
They take a three-tiered, super-savvy approach to thier pricing strategy. They research the competition. They clearly communicate the value derived. And they're uber dialed on the direct costs.
#FinanicallyFierceFounders pay themselves.
That's right. They pay themselves a fair market salary - monthly. Some even top up the coffers with performance-based bonuses. Whaaat!!!???
#FianciallyFierceFounders net an 11.5% bottom line profit.
Yup. They generate a bare minimum 10% ROI, which gets applied to retained earnings, and then pay 1.5% to CRA.
#FinanciallyFierceFounders implement the plan, measure the results and modify when necessary.
What they do NOT do, is wait for four months, after year-end, to review their account-prepared financial statements, only to discover they lost money. Nope, our Founders boss up, dial in, and ask direct questions of their bookkeeper and accountant on a monthly basis.
#FinanciallyFierceFounders are the new, and greatly needed, Stewards of Profit.
They boldly dare to shift the narrative and bravely choose to squash the stigma. Financially Fierce Founders don't see P.R.O.F.I.T. as a dirty word. They know P.R.O.F.I.T = I.M.P.A.C.T. They intentionally build thier bottom line so that they can give back more.
WE DARE YOU!
Are YOU ready to do things differently?
It's time to power up your growth and forge your fierce! Our country is counting on you.
Since launching the Financially Fierce Formula in 2021, it's been our honour to help strengthen the minds and bottom lines of 430 Canadian Founders. We salute you, Founders, and our Champs who support you.
#BDC #CommunityFutures #WESK #AWE #BusinessLink #Futurpreneur #Enactus #AffinityCreditUnion #IdeasInc #Shad #SaskatchewanTradesandSkills #FirstNationsUniversity #GabrielDumont #ClaranceCampeau #UniversityofSaskatachewan #QueensUniversity #YorkUniversity #MacEwanCollege