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“Financial success is not a hard science…how you behave is more important than what you know.”–Morgan Housel A few short decades ago, when I worked as a personal banker for a big bank, I was confused when I compared two good customers to each other. One couple were well-educated professionals with good incomes, yet high … Continue reading The Psychology of Money

“If you’ve slept under a solid roof, got dressed in clothes, eaten food, or driven to work today, thank a small business.”–Phil Symchych It’s Small Business Week in Canada this week and the US held theirs in September. Amid the economic challenges of Covid-19, it’s never been more important to acknowledge—and support—small businesses in our … Continue reading Celebrating Small Business Week

“An effective Advisory Board will make a good CEO better.”–Phil Symchych Figure 80.1: My weekend advisory board. This past weekend, we celebrated Canadian Thanksgiving and the great fall weather with a two-hour hike through Gorge Creek in Riding Mountain National Park on Sunday. In our family group, we had people who were experienced and people … Continue reading Does Your Company Need An Advisory Board?

“Being proactive will gain you much more efficiency than just doing something better.”–Phil Symchych Only a few short months ago, when we were opening up the cottage for the summer, I wrote about efficiency and the power of a new, modern rake, a $20 tool, to make the spring clean-up easier. Today, as we shut … Continue reading How to Improve Efficiency to Increase Profit and Drive Revenue Growth

“Every change of season brings new opportunities.”–Phil Symchych It’s with mixed emotions that we say goodbye to summer and hello to fall. With new seasons, however, come new opportunities. We just need to get the old stuff out of the way so we can see what else is out there. The kayaks definitely look out … Continue reading The Rites of Fall

“You can increase transaction frequency by offering your customer a reason to come back soon. Offer value proactively.”–Phil Symchych Special Announcement: This issue is part of a series on The Four Ways To Grow Your Business. Dan Weedin, one of the members of my Global Business Advisors Forums, recently interviewed me on this exact topic. … Continue reading How to Increase Transaction Frequency to Drive Revenue Growth

“To increase your transaction value, don’t rush to the sale. Have a conversation with your customer about their objectives, their ideas, and how you can make their life better or easier.”–Phil Symchych It was a busy week and I was getting a reasonably healthy chile for lunch from Tim Hortons. “Would you like to turn … Continue reading How to Increase the Average Transaction Value

“Attracting and retaining the right customers with proactive communication and great service will grow your business wealth faster than anything else.”– Phil Symchych One weekend, back in the 1990’s, my Mom couldn’t be onsite to manage our quaint 22-room Clear Lake Lodge family business. She bravely left me, a young 20 something, in charge. It … Continue reading How to Increase the Number of Customers

“Four ways to grow your business: 1. Increase the number of customers (of the type you want) 2. Increase the average transaction value 3. Increase transaction frequency 4. Improve efficiency.” – Phil Symchych Sources: Attributed to various sources including Results Accountants Systems. Accountants, unfortunately, group all of the action in your business into a single … Continue reading Four Ways To Grow Your Business

“Engaging your team requires time and energy, not money.”– Phil Symchych Throughout our working lives, we’ve had positive experiences of working for great bosses and also positive, well, valuable experiences working for terrible bosses. The latter just didn’t feel very positive at the time, did it? What were the differences between your great bosses and … Continue reading How To Engage Your People