Welcome to the Talk Local Podcast: a weekly chat with business owners in Victoria, Vancouver, and throughout British Columbia to learn what they’re doing to create stronger connections with local customers.
This week’s episode is sponsored by Time2getonline.com and hosted by Alan Ford.
In this week’s episode of the Talk Local Podcast, we have a virtual sit-down with Barb Finnerty, owner of Exceptional Wealth Management Canada, to discuss her top tips for how small business owners can improve their financial health.
Financial Advice With Barb Finnerty, CFPⓇ
“I would say, no matter the age or size of your business, it’s important to take time and work on your business instead of just inside of it during the day-to-day,” Barb says. “Regular reviews of how you’re doing, from the perspective of both your clients or customers and your personal perspective, make it so your financial health is easier to analyze. Here at Exceptional Wealth Management Canada, we recommend that business owners analyze their business from the viewpoint of their business’s dangers, opportunities, and their strengths.”
Barb also advises that being aware of your business’s financial wellbeing has become even more imperative since the beginning of the COVID-19 pandemic: with both minor and major changes happening to businesses all the time in terms of how they are operating, what they are offering, and how they are offering it, it’s highly recommended to seek out financial guidance as soon as their business opens vs. waiting to hit financial hurdles.
Monetary Support (and Hurdles) Throughout COVID-19
In regards to COVID-19, Barb weighs in on the types of financial support the local government provided small businesses throughout the majority of the pandemic: “We feel that the government did their best to be supportive with programs like the CBA loan, wage subsidies at different levels, and the recovery grant for small-to-medium sized businesses.
“My team worked with over 75 small business owners in Greater Victoria and Vancouver Island to complete stages one and two of the recovery grant program. We found that, overall, the government did the best they could with something they had likely never had to deal with before.”
Barb shared that there were multiple cases of confusion during this time due to the multiple levels of government all offering financial help. Unexpected crises like these are another reason why Barb recommends getting financial help as early as possible as a business owner, in order to best prepare for life’s curveballs.
How Profit-Sharing Can Cut Through a Competitive Job Market
When one is looking to be competitive in the job market, profit-sharing is an underused offer that can help small businesses reel in and retain top talent… especially in Victoria’s ever-squeezed job market. “To compete with bigger businesses, we recommend considering profit-sharing within the first two years,” she says. “Not all potential employees want to work for a big, nameless company; some seek out smaller businesses for that sense of connection. By offering profit-sharing, you can send the message that you care about employees’ financial foundations, which goes a long way.”
Are you seeking more financial guidance or support as a small business owner? Contact Barb and her team at Exceptional Wealth Management Canada in Victoria today.
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