Deploying your capital for maximum efficiency

This past weekend, my team and our family members spent the weekend at Niagara Falls. One of the activities we did together was the Niagara Speedway kart racing. I’ve visited Niagara Falls several times with family and friends but have never done kart racing.

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The Niagara Speedway is a new attraction in Niagara Falls (opened in 2018). It is the largest elevated go-kart track facility in North America. It’s tall, it’s fast and it’s packed with the adrenaline-inducing thrill of kart racing.

The karts are powered by large 4 stroke Honda motors, boasting 9 HP with a maximum speed of…


Your belief system will impact the results you accomplish

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“The only thing that’s keeping you from getting what you want is the story you keep telling yourself.” — Tony Robbins

For as long as I can remember, I’ve always felt uncomfortable about sharing what I know, and I have often resisted contributing to a group discussion. While I can’t completely recall specific instances where I was ridiculed for answering questions incorrectly or for making contributions in a class discussion in my primary and secondary school days, I recall it was common practice for kids to ridicule other kids. I was involved in this and I was also a victim…


How you can double-dip with the use of tax-exempt life insurance

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“You don’t buy life insurance because you are going to die, but because those you love are going to live.” — Unknown author

While the perception of the insurance industry is getting better each year, the industry still has a serious public relations problem.

If you are an insurance agent, have you ever been asked what you do for a living and found yourself hesitating before answering because you suspect that mentioning that you are an insurance agent may be a conversation stopper?

Why is that the general public now views insurance professionals as negatively as other alleged bottom feeders…


Using cash reserves from a solid asset base to manage risk

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If you listen to mainstream media, you will agree that debt is a big topic, particularly household consumer debt. And in many cases, you will find experts hammering on not just consumer debt, but also on all types of debt.

While I totally agree that incurring unnecessarily high consumer debt is a bad idea, I don’t agree that all debt is bad. In an article I wrote recently titled, “Debt Is Not the Problem, You Are!”, I discuss this issue in some details so you can check it out.

Using debt or financial leverage will allow you to build financial…


If you want to build a long-term profitable business, you must set up a system to consistently follow up on your clients

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As business owners, we often focus on new business. And this is particularly true for businesses that have developed marketing and sales funnels for attracting new clients. They focus excessively on generating more leads for their business.

While it is essential for every business to attract new customers, care must be taken not to do so at the expense of maintaining existing relationships.

Very often, we fail to invest in existing client relationships. …


Why it is critical to own your stuff

https://www.businessinsider.com/

Today, I reach my 150-day milestone here on Medium. To celebrate this milestone, I want to honor an icon, a true visionary, a trailblazer, and a role model for every Black Business Owner and Black Entrepreneur.

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Tyler Perry made history about a year ago when he opened the largest privately owned motion-picture studio in Atlanta, Georgia, set on 330 acres. By building this $250 million studio, he became a major real estate investor in Atlanta. Last month he made history again by receiving the prestigious Governors Award at the 72nd Emmy Awards.

Image Credit: Youtube

By owning…


Fear is a major hindrance, not only in business but also in all aspects of life

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“I am not afraid of tomorrow, for I have seen yesterday and I love today.” — William Allen White

Fear is a major hindrance, not only in business but also in all aspects of life.

In your professional career.

In sports.

In raising your family.

And in your faith.

Although fear has a negative connotation associated with it, we must recognize that fear is a necessary part of life. In fact, fear is one of the major contributors to progress and development in our world today.

The fear of dark and wild made fire important. The fear of invasion led…


Lack of differentiation is a slow killer of business

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If you run a business, one of the major challenges you have to overcome is how to differentiate yourself in a noisy marketplace.

Most times, the lack of differentiation in the marketplace is a slow killer of business. It leads to you competing based on price and this is always a bad idea for any business.

As a traditional Chartered Professional Accounting (CPA) firm, we offer services that are generally commoditized — tax return preparation; bookkeeping services; financial statement reviews and audits; etc.

With the saturation of CPAs in the marketplace, it is harder to differentiate yourself as there is…


Shelter your business from failure by avoiding these mistakes

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In the real world, Business failure is a harsh reality.

According to a stat by fundera.com, 20% of small businesses fail in their first year, 30% of small businesses fail in their second year, and 50% of small businesses fail after five years in business. Finally, 70% of small business owners fail in their 10th year in business.

While 80 percent will make it past that first-year mark, the rate begins to drop off substantially each year thereafter. Only about two-thirds of all businesses with employees are able to survive their second year. The fifth-year? Just half. Ten years out…


Build a successful business by addressing these two questions

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Most people will agree that without an effective marketing system, your business will stall and eventually die. Often times, we jump into a new business without asking two critical questions:

  1. How much is a customer worth to my business?
  2. How do I plan to get new customers?

These are two critical questions that in my opinion should inform your marketing plan. They should inform how much you should invest in building a blueprint for generating and tracking new customer leads to your business.

When my business partner and I initially started our accounting firm seven years ago, I recall we…

Ken Green

Ken is a Chartered Professional Accountant practicing in Canada. He provides tax, personal, and business financial services. https://linktr.ee/KenGreenca

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