LaMar Van Dusen: Interview on YoungUpstarts

LaMar Van Dusen: Interview on YoungUpstarts

Small business owners and entrepreneurs often find themselves dealing with two separate yet related issues: One is the trouble of doing their own books (including navigating the complex tax system) when that’s really not a core competency and takes them away from things they actually got into business to do. The other issue is finding and making the case for the financial resources that will help them grow.

It’s tough having to wear every hat, says LaMar Van Dusen, who founded and leads Phoenix Management, an Ontario, Canada based full-service accounting and financial firm that also provides a range of business advisory services. Notably, Phoenix Management provides business owners flat-fee accounting services, which frees business owners of the worries of add-on or hidden costs. Despite the services offered by companies like Phoenix Management, too many small businesses and entrepreneurs either don’t know or are reluctant to tap into outside experts who can help, according to LaMar Van Dusen.

One study by business management software firm Sage North America showed that 40 percent of North American small businesses don’t even use an outside accountant. Those that do use them, don’t tap into their full scope of capabilities: Only 33 percent use them for financial planning and 25 percent for business consulting.

Having trusted advisors to help guide startup companies is important and can take some of the weight off. These advisors can be qualified bookkeeping services or individuals; CPAs with a focus on small businesses and a love for tax code; outside business consultants and even banking professionals; all of whom the business owner or entrepreneur can establish a relationship of trust.

Read LaMar’s full interview HERE.

Meeting Small Business Financing Needs

Meeting Small Business Financing Needs

Financing the growth of a small business may be the biggest challenge that business owners face.

There are numerous types of loans available from numerous sources. You can get a cash advance against credit card income. Or an equipment purchase loan or lease. Commercial mortgages are another option. And you can apply to get financing through your local bank. Government loan programs are another option and online finance companies are happy to do business with you, too.

Read the full article HERE.

LaMar Van Dusen, The Basics of a Business Plan

LaMar Van Dusen, The Basics of a Business Plan

Building a business plan is incredibly important, and though it might seem like a daunting task at first, it’s not as difficult as you might think. There’s no one way to generate a plan, but there are steps you can follow to organize it in the best possible way.

What exactly is a business plan?

Simply put, a business plan is a guide that outlines the goals for your business. It lays out the path you’re hoping to follow to see your business grow to all that you believe it can be. It sets up details to meet those goals, and organizes the steps you want to take with your business for years to come.

It also happens to be a very important document if you are looking to attract investors to a new business you are forming.

Business plans can be very simple, laying out a fairly straightforward objective. Or, they can detail every strategy you’ll follow in order to help your business achieve success. Business plans act as your roadmap to success, but they can also describe the challenges you might face, and how you might deal with potential issues.

Business plans involve your financial necessities and goals as well. If you’re looking to finance your business from investors or other sources, details about that financing should be included. It might have estimates on when you hope the business will be profitable, with several scenarios.

Company summary

Business plans should start with a summary of you and/or your company. Who are you? What are you/your company looking to do? This section should be professional, but intriguing, or you might not get someone to be interested past the first paragraph.

Organizational goal(s)

That first section should include what you’re hoping to do with your venture. What niche are you looking to fill? What do you want to achieve as a concept/company? Tell your reader/investor what you’re setting out to do right from the get-go.


Target audience and business marketing

You should include analysis of your target audience, the marketplace you’ll be operating in, and the industry in which your venture will exist. What demographic are you aiming to appeal to? How stable is the market? Is there a need for your product or expertise in the industry? An overview of your customers and field will show you know who you’re targeting and how.

That part may involve how you plan to market your business, or deal with competitors in the field. Use this as your time to shine. What can you offer in promotions or services that similar ventures can’t? Make your business and your marketing strategy stand out — investors don’t want to hear the same advertising strategies over and over again.

You may choose to go into a more in-depth summary of who is on your team before you get into financials. Who’s in management? What will each member of the team bring to the table? What have they already achieved that will help the business succeed?

Financial statement

Finally, finances. How will you generate revenue with your business? What do your expenses look like? What funding is needed, and where are you looking for it? Detail exactly what you’d do with funding, and how an investor/partner can be a part of that. Get very specific.

Business plans should also include supporting documents, like an appendix of finances. It might include a balance sheet, a list of your customer base, or other important details. And add images! People respond better if you don’t just throw a wall of text at them. They’re not there just for the pretty pictures, but pretty pictures to supplement your fantastic proposal can’t hurt.

LaMar van Dusen – What Is a Financial Plan

LaMar van Dusen – What Is a Financial Plan

Lamar Van dusen : The financial plan is the quantitative and encrypted part of the business plan. Far from being a mere administrative formality, the financial plan is a legal obligation on any company on its incorporation.

In case of bankruptcy of the company in its first three years of life, may be requested by the Judge. If the capital of the company is considered manifestly inadequate to ensure its viability in the first three financial years, the responsibility of the founders can be initiated.

Read the rest of the article here.