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Stop being your business's worst enemy now!

Updated: Oct 21


Business owners frequently express to me, "I am my business's biggest obstacle". We hope that after reading this blog you find the right strategies so you can stop hindering your business progress once and for all.


Setback 1: You didn't set funds aside to pay the government and you don't have an emergency fund..

Solution: Open a savings account. Often, Canadian banks will allow you to open a Savings account at no extra charge. Once you have added this new bank account to your business account line-up, set up a preauthorized transfer amount (monthly, bimonthly basis) You pick. Don't worry about how big or small this amount is. The most important part of this exercise is that you will not touch these funds. If you are offered a Line of Credit for your business always accept it. If you don't have one, make sure that you meet your bank's business rep. Make an appointment and discuss what options they may have for you!


Setback 2: You stress regularly about meeting payment for your monthly expenses.

Solution: Know EACH of your monthly overhead amount, become acquainted with the withdrawal dates. If you have your busines profit and loss report generated by your accounting software, focus for the expense section and identify recurring expenses. While you are at it, question if these are valuable, convenient, or required.


Setback 3: You feel pressured to make a "financial or work concession to your client due to an unforeseen situation. The contractor you brought in is unwilling to come back to site to correct an issue unless someone pays her in advance. The end client refuses to pay for this rework.

Solution: Before you make any decisions, consult your well-drafted contract. Whenever possible, do not break your own contract! May this be a reminder to take your time and not agree to anything under pressure. Take your time and make sure that you are doing right by your business and your client before making a decision. This, by no means, seems that the client is always right. Instead, projects and interior designer services are luxury services and should be compensated in equal measure to their value.


Setback 4: Your business brings in healthy revenues (projects) but you are concerned about your business cash flow.

Solution: .Decide how you are going to measure your business success in what's left in the year. Start with a new quarterly measure. For example: gather the income vs expenses related to a specific project.- Not sure how you can be profitable- read more here


Setback 5: You have an amazing team but you worry about retention.

Solution 6: Reward and retain your team member in ways that matter to them. To read our top six tips click here.


Setback 6: Your business bookkeeping is not prepared on a regular basis

Solution 7: Ensure you get a professional bookkeeper to get your books up-to-date. Not sure what the difference is between a bookkeeper and an accountant?

Listen to Etel Igreda CPA in a podcast episode of Resilient By Design with Rebecca Hay about this topic - click here


I hope you implement at least one of these solutions this year! And you stop being your business worst enemy. If you want to implement more than one solution or you need help we'd be happy to help. Contact us







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