Your team will no doubt benefit from the POW3R process, but you don't need to hear this from us. Instead, listen to what our clients have to say! Here are three things POW3R can do for your organization or company, with comments from industry and sector leaders on how their experience helped move them forward.
1. Engage, motivate and instill a sense of ownership within your team
"The process used by Wendy Drake was instrumental in creating a sense of ownership by the team; she engaged our staff in such a way that they feel the strategic plan belongs to them." - Dr. Ivan Joseph, Director of Ryerson Athletics and Recreation, Ryerson University
"Our operations management, senior management and Board of Directors were all involved in the planning process, and our strategic plan is relevant to the different levels of the organization." - Shawn McCarville, President, Slemon Park Corporation
"The Atlantic Chamber of Commerce Board is comprised of representatives from across Atlantic Canada and provincial perceptions can be different, but MRSB understood our dynamics and appropriately engaged all directors and staff members." - Valerie Roy, Chief Executive Officer, Atlantic Chamber of Commerce Inc.
2. Give you a clear focus on your business, its challenges and opportunities
"MRSB offered us an impartial perspective and a skilled facilitation process to enable us to clearly focus on our goals and priorities." - Shawn McCarvill, President, Slemon Park Corporation
"...allowed us to revisit and reaffirm our vision, mission statement, core values and strategic goals." - Dr. Brian McMillan, President, Holland College
"You have an excellent ability to read people, to secure the 'facts' while pulling all the weeds out, to establish yourself as the leader of time and process, yet be extremely caring and considerate of people's needs. You have an absolute gift of getting so much captured...using an organized mind and process of your own." - Mary Dempster, COO, Ambassatours Gray Line
3. Provide a ready-to-action strategic plan and roadmap
"With MRSB's assistance, we now have a clear and concise strategic plan and a realistic implementation plan that will help us achieve our goals." - Shawn McCarville, President, Slemon Park Corporation
"The final document provided an outstanding framework for moving forward." - Dr. Brian McMillan, President, Holland College
"The final strategic plan looks good, contains rich content and defines clear, realistic goals." - Valerie Roy, Chief Executive Officer, Atlantic Chamber of Commerce Inc.
"What we were able to accomplish with your guidance has saved both me and the company months and months of work...you have helped to set me up to succeed." - Mary Dempster, COO, Ambassatours Gray Line
"I found the entire process to be insightful and impactful, leaving our team with a set of goals that will challenge our team in a productive way. I'm confident that by following this plan, our organization will enhance its presence in the larger sports community and help us to realize greater success." - Bryan Crawford, Interim Executive Director, Ontario University Athletics (OUA)
So there you have it, straight from our clients' perspectives, how POW3R has engaged entire teams, taken a close look at where they are now, set realistic goals and implemented strong plans of action. Email me today to find out how POW3R can do the same for your business or organization.
MRSB partner Everett Roche, CPA, CA with some actions you can take now to set your business up for success in 2016
With 2015 over halfway through, it's a good time to reflect on how far you've come already and on what you see the rest of the year holding for your business. We know, you're busy, but as owner you should never be too busy to slow the train down - just for a bit - and consider how you can focus on the most crucial parts of your business to make things even better next year.
Think about your strategic goals
You might have taken the time for strategic planning when you first started your business, or even a couple years back. If you want to make sure you consistently live up to the ideals and goals that made you starry-eyed when you started out, and that these have evolved to reflect your current growth, strategic planning should be part of your annual process. Wendy Drake, who provides POW3R strategic planning to a wealth of businesses and organizations, explains that "today's strategic plan should be more than just a document that outlines a set of goals, then sits on a shelf. Your plan should take into account the real-life strengths and challenges faced by your business, involve all stakeholders and take a collaborative approach in seeing your goals through to action."
Clean up any loose ends
This might include liabilities that are affecting the long-term value of your business, or simply unresolved issues that are taking up too much of your time and mental space. Do you have multiple sources of debt that can be consolidated? A lingering lawsuit that could be resolved faster? Maybe you've been meaning to secure a patent on a new technology that might bring you some future profit. Whatever the shadow in the corner is, look it in the face now and get it dealt with, for good.
Develop future leaders within your team
You understand better than most the hills you must climb to become an effective leader. Why not share that knowledge with those on your team who show real promise and a willingness to take on greater responsibility? This can be especially important in cases where one or two people act as the hub of all business for the company; there will come a time when this hurts your potential value, as allowing one person to 'be' the business sets up an untenable sitution for potential buyers. As advised by Lloyd Compton, partner with MRSB Valuation & Litigation Support, "Go on vacation and see if the business can survive or thrive in your absence." If the answer is no, start cultivating that rising star within your office so that, when it counts, he or she can truly shine.
Put a succession plan in place
Closely related to developing the future leaders within your organization is the importance of a succession plan. Much more formal, this allows you peace of mind in knowing that your business will survive through your own departure. As noted by Wayne Carew, principal with MRSB Mergers & Acquisitions, "even if you plan to leave your business to family, mapping out a thorough succession plan can provide security and make the eventual transition more a reality than a possibility." You will also reap benefits in the form of tax exemptions and a better purchase price if you plan in advance and fully understand the value of your business.
Celebrate your successes
While it may seem like a no-brainer, it's surprising how often we fail to actually acknowledge the weekly, monthly and annual achievements of individual staff and of teams as a whole. These acknowledgements don't need to eat into your precious after-work hours; grab some coffee and cookies on your way to the office and let the team know it's a thank you for their hard work this past week. Or take 30 minutes once a month to host a 'party' in your boardroom, featuring cake and a slap on the back. Most team members will look forward to it, and you'll probably even get some volunteers to do the grunt work (i.e. picking up treats) on your behalf.
Four months may not sound like much time, but it gives you a tight window within which to collaborate with those around you and set some attainable goals. Who knows, by this time next year you may have ticked all of the above items off your list!
MRSB accounting technician Bev MacLaren reminds readers of the importance of keeping those reciepts and records for when you'll need them - and you will need them
Have you heard of the Six Year Rule? The Canada Revenue Agency (CRA) requires you to keep copies of all business records and your personal income tax records for six years from the end of the last tax year they relate to. If you file your taxes late, it is six years from the date of filing. And the Six Year Rule is only a minimum; there are of course times when documents will need to be kept longer. You should refer to the CRA rules for specific circumstances.
Anyone who wants to destroy tax documents before the six year retention period must first complete form T137, Request for Destruction of Books and Records with CRA (yes, they have a form for that) and check with your province as each has its own form. What happens if you destroy records without gaining permission and get caught? According to CRA, you can be prosecuted for doing so.
Apart from tax forms, what should you keep in the way of receipts and documents, and for how long? You should hold on to personal records such as utility bills, property tax statements, bank statements, credit card statements and so forth for a year. Items like insurance policies, loan papers and contracts should be kept for the term of the document. You should never destroy birth certificates or wills. I recently learned myself that, if you purchase an item with a lifetime warranty, it is best to keep the receipt!
Keep your records organized and in a cool, dry place. A plastic tote is a good investment to keep out dampness and critters. If your documents have been destroyed in a disaster you should call the CRA; they have a telephone number just for this situation, which shows you just how important it is to keep documents safe.
For more details see the CRA website: http://www.cra-arc.gc.ca/tx/bsnss/tpcs/kprc/rtntnl-eng.html