In a world where criticism often overshadows praise, our client’s recent LinkedIn post shed light on a concerning statistic: 88% of the workforce feels unappreciated. Their unique twist? Instead of blaming society, they turned introspective, saying, “We are quick to criticize and slow to praise. I say we, I mean ME.” and added to the post “In recent years I’ve made the habit of physically bitting my tongue when I want to speak negatively. The tongue has more power then I ever gave it credit for.” 

This revelation points to a broader issue, one that affects the morale, productivity, and overall well-being of employees.

1. The Unappreciated Workforce: In today’s fast-paced and demanding work environment, it’s all too common for the significance of appreciation to be overlooked. The sobering statistic that 88% of the workforce feels unappreciated is a wake-up call. This feeling of being unnoticed or unacknowledged can have profound consequences. It’s not limited to specific industries or roles; it’s a pervasive issue that impacts employees across various sectors. Those who don’t feel valued in the workplace are more susceptible to burnout, disengagement, and decreased productivity. In severe cases, this lack of appreciation can lead to high employee turnover, further destabilizing the work environment.

2. Self-Reflection: Our client’s LinkedIn post doesn’t merely point out a problem; it exemplifies a solution. By recognizing their role in the imbalance between criticism and praise, they set an example of evolving leadership. Self-awareness is a crucial step toward fostering a more appreciative and supportive work environment. The act of turning the spotlight inward and acknowledging one’s part in this dynamic represents a powerful commitment to personal and collective growth.

3. The Tongue’s Influence: What makes our client’s statement particularly intriguing is their mention of physically biting their tongue when tempted to speak negatively. This simple yet profound metaphor underscores the transformative power of our words. The tongue, often underestimated, can either be a source of harm or a tool for healing. The choice of words can perpetuate negativity or promote positivity. By making a conscious effort to refrain from negative comments, our client is likely creating a ripple effect within their sphere of influence. Their colleagues and team members may also be inspired to reconsider their approach to communication and leadership. It’s a testament to the fact that change often begins with us and the choices we make in our everyday interactions.

4. The Ripple Effect: Positive changes in communication and leadership can lead to a ripple effect within the workplace. When employees feel appreciated, their motivation and enthusiasm tend to rise. They become more engaged, productive, and collaborative. This, in turn, contributes to a more harmonious work environment where creativity and innovation can thrive. Our client’s realization and tangible action to change their communication approach can inspire others to follow suit. This type of influence is a powerful force for transforming workplace culture.

5. Why Appreciation Matters: To understand the significance of appreciation in the workplace, it’s essential to delve into why it matters. Beyond boosting morale, appreciation is intrinsically linked to higher job satisfaction, reduced stress levels, and increased employee loyalty. When individuals feel valued and recognized, they’re more likely to go the extra mile in their work, contributing to achieving organizational goals. Recognition, in its various forms, is a fundamental element in creating a positive, productive, and resilient work environment. It’s not merely a nicety; it’s a strategic tool for building a stronger, more successful organization. Appreciation is the cornerstone of fostering a workplace culture that thrives in the face of challenges and uncertainties.

In a world where negativity often prevails, our client’s journey is a potent reminder of our ability to change the narrative. Biting their tongue to withhold negativity transformed their perspective and likely influenced those around them. The post inspires us to embrace appreciation and recognition, creating better workplaces and communities, one kind word at a time.

Competing on price is a race to the bottom–a game you don’t want to play. 

Charging higher prices ensures you:

• Don’t have to compromise on quality
• Give your customers a great experience
• Enjoy your work
• Only hire the best
• Stay in business

Here are three tips to help you charge the prices you want. 

1. Positioning

WalMart positions itself as the lowest price option, but you have to be a massive company to make this work.

Small businesses usually can’t compete on price, you have to find another way. 

Instead, compete on value and customer experience. Providing a great product or service AND an exceptional customer experience allows you to charge a premium.

“A good customer experience means your customers will spend more. In fact, 86% of buyers are willing to pay more for a great customer experience. The more expensive the item, the more they are willing to pay, according to research from PWC.” [source]

I saw this play out recently in a local Facebook group. I went in to search for recommendations on a company to replace the gutters on my home. One post had several comments recommending a gutter company that “charges slightly more” but is totally worth it for the great service.  

2. Get confident with your pricing

Unconfident in our tree pruning skills, we contacted two “professional” companies for quotes.

One person hummed and hawed when asked for a price. When he finally came up with a number, it was as if he pulled it out of thin air. Like he was asking himself, “based on what I know about her now, what can she pay?”

The second person came up with a price right away. This conveyed confidence and made me believe that they could deliver the service… and I didn’t wonder if the neighbour down the street was getting it for half the price.

When you know your numbers, you have a process for determining the price. You feel more confident and come across better in sales calls. 

When you know your numbers, your expenses don’t get out of control. This helps keep your pricing competitive while keeping your margins profitable. 

3. Talk to the right people

Identify the right people for your service at your desired price point. 

Ever wonder why Canadian Tire doesn’t carry Gucci bags?

No?

Us neither. It’s a silly example, but matching up your services and prices to the right people is a simple but often overlooked part of marketing and selling. Creating strong customer personas will help you market and sell to people who are the right fit for you.

Don’t try and convince the wrong people, they will never get it.  If you are talking to the right people, your pricing will be a non-issue.

Focusing in the value you bring, learning to price your products and services appropriately, and marketing your business to the right people will ensure you build a successful and profitable business for the long term.

The end of the year is a busy time. Prepping for the holidays, making time for family, and planning our workload in hopes of a few days off over the holidays. 

As a small business owner, your list is even longer with financial statements, taxes, employee incentives, budgeting, and prepping for 2024. 

To help you with this process, we’ve created an accounting checklist highlighting some key areas to focus on as you wrap up the year. 

Year End Accounting Checklist

Review and Organize Receipts

Failure to stay on top of your receipts will lead to errors in your accounting records, stress you out at tax time, and may lead to overpaying taxes if you miss expenses. 

Tracking your receipts is easiest if you have a system in place to record and file them as you go. If you don’t have a system in place, use this time to set one up. Some tips:

• Organize by type of expense
• Organize your receipts using folders, tags, or even envelopes
• Record receipts at the time purchases are made
• Back up receipts digitally by scanning them or taking pictures

Pro Tip: Use a service like Hubdoc to easily capture and manage expenses and feed them directly into your accounting system. Read more about how to set thus up in our post, Streamline Your Business. 

Run Top 3 Financial Statements: Income Statement, Balance Sheet, & Cash Flow Statement

The “big three” financial statements are the best way to see, at a glance, where your business stands financially.

If your profits are lower than expected, you should make some changes as you head into the new year. If your profits are higher than expected, it might be a good time to make larger purchases for which you can record future depreciation.

Speak with a professional before making big purchases to ensure you have the cash on hand, and to understand depreciation rules. 

Analyze cash flow statements

It’s a good idea to review your cash flow statements quarterly. Here are some things to look at for expenses: 

• Review by category, for example, advertising
• Look for areas where you spent a lot of money
• Was it worth it?
• Did my advertising work? Did I go out to eat too much?.. Or have too many coffees?.. mmm coffee

Pro Tip: It’s easy to lose track of unused subscriptions, especially if you’ve set them up via auto-pay. Small recurring costs can add up quickly. Auditing these regularly will cut costs and keep your organization lean.

Reconcile accounts receivable

Run a report of unpaid invoices and make a plan to collect. Reconciling your AR will boost your cash flow and allow you to start the new year without outstanding invoices (and with cash in the bank).

Double-check payroll and benefits

Identify any issues or corrections to your payroll before the year’s end. Ensure easily forgotten benefits, such as educational reimbursement, health and life insurance, and company car, are accounted for.

Verify vendor & customer information

A lot can change in a year. December is a good time to verify your customers’ and vendors’ information. Check that phone numbers, email addresses, and contact names are accurate and up-to-date.

If time permits, evaluate your vendor relationship and look for opportunities to negotiate better deals in 2023. 

Take some time to do this now so you can be present and relaxed over the holidays, and give your business a running start in January.

Join our Profit Club newsletter to get more helpful tips and info on building a profitable business.

Streamlining is the process used to simplify or eliminate unnecessary tasks to improve the efficiency of operations in business.

Taking the time to streamline your operations will result in:

• Fewer errors and delays
• Reduce costs
• Reduce hours spent on administrative tasks
• Reduce STRESS

Here are some simple but effective ways to streamline your business.

Streamline Your Bookkeeping

Make any place your place of business using CLOUD ACCOUNTING

Cloud accounting software:

• Keeps all your data encrypted and secure in one place
• Accessible and synced across all of you and your team’s devices
• Allows you to check current finances anytime, anywhere
• Allows you to collaborate with your team and advisors
• Eliminates the need to stay on top of data backups

In the event of a flood, fire, or other natural disaster, your data stays safe and you avoid downtime.

Working online enables the easy flow of data allowing you to seamlessly connect to the CRA, your bank, and other third-party apps.

Free Up Hours Every Week with Digital Receipt Capture

We use Hubdoc to easily capture, upload, and store receipts, statements, and other supporting documentation.

1. Electronic receipts are easier to file, retrieve, store, protect, and match with the bank feeds.
2. They are less likely to be lost, faded, damaged or destroyed.
3. Digital receipts help merchants avoid the cost of printing customer receipts and help reduce the environmental impact of paper receipts.
4. Digital receipts speed up the checkout process, saving you time!
5. Most importantly, digital receipts are CRA compliant.

How it works with paper receipts:

Before the receipt flies out the open window, you spill hot coffee on them, or they fade from sitting on the dash in the sun, follow these simple steps:

1. Make a note on the front of the receipt to indicate the purpose of the purchase. 
2. Scan the paper receipt with your smartphone in an app like Dext, and it automatically uploads the information into your accounting software.
3. File the receipt in a portable folder in your vehicle.
4. Empty the folder at the office weekly.

Streamline “CashFlow” with Electronic Invoices

Get paid faster AND look more professional.

– Customers receive online invoices immediately, cutting out the delivery time of non-digital methods. You can track when the customer received and viewed their invoice. It stops second-guessing: did I actually send that invoice?

– Adding a link in an invoice to pay it online is convenient for customers and good for your business’s cash flow.

– Online invoicing can integrate with accounting programs and consolidate record-keeping into one location.

– Save time and money tracking which invoices are paid, prepping new invoices and mailing them to customers.

– Digital invoices help your business avoid the cost of printing and postage along with reducing the environmental impact of paper invoices. It can be another way to get your marketing message to the customer!

**There is a potential for lost emails or being flagged as “junk mail.” Please ensure your customers have added your company email to their email contacts or Whitelist.**
What Are Email Whitelists, & How Do You Get On Them? 

Streamline “CashFlow” with Customer Payout Options

 – Offering various payment methods, cash, check, e-transfer or credit cards, your business can attract various customers and allow your customers to make larger purchases.

– Accepting e-transfers and credit cards saves time and travel expenses to the bank during business hours.

– Having more payment options, now when you are smaller, you can get the bigger contracts because you aren’t worried about cash flow.

 – Online payments can integrate with accounting programs, reducing time spent matching payments to invoices.

 – Digital payment options help businesses avoid the cost of printing and postage along with reducing the environmental impact of paper documents.

Streamline with Separate Business and Personal Bank Accounts & Credit Cards

Although setting up a business bank account can take extra time, there are benefits. Separate accounts will help you file more accurate tax returns and is the foundation for building your business credit, enabling you to apply for credit cards, lines of credit and loans in the business name rather than your own. The clearer your business records are, the simpler it will be to apply for credit if needed.

Separate bank accounts won’t guarantee fewer audits. However, separating your business transactions and providing a clear audit trail will make the process less painful. CRA can just say “no” if they see personal and business mixed, and they will deny everything.

Separating your business and personal transactions can save you both time and money. Eliminate the need to spend hours separating statements and receipts at month-end or tax time. You are isolating your company receivables and payables, allowing accurate cash flow planning and financial report preparation.

As a Sole Proprietor, using your business name and CRA number for all transactions lets your clients, customers, peers and suppliers know you are serious about your business and demonstrates professionalism. Portraying a professional image may favourably impact the terms of your account with your suppliers.

Often there are no other options but to use your personal credit card until the business credit has been established. Be diligent to keep all receipts, attach them to the statement, and explain on the receipt what it’s for… Take a picture, or email it to Hubdoc with a description.

Separate and dedicated accounts and credit cards for your business isn’t just a milestone moment in the growth of your business. It will set you up for success down the road.

Streamline with Trusted Professionals

Trusting a bookkeeper for your growing business makes good business sense. Bookkeepers aren’t there to judge how many Starbucks coffees you buy, they are just there to deal with the numbers, help you understand them, and how you can make the money work for you. Spend your time doing what you do best, and your bookkeeper will do the same! Bookkeepers love what they do, and you should be doing what you love, too. Be a business owner. Do what business owners do. Lead your company to bigger and better profits, and your bookkeeper will record your success.