{"id":20233,"date":"2024-05-07T16:01:25","date_gmt":"2024-05-07T20:01:25","guid":{"rendered":"https:\/\/www.evol.ca\/?post_type=toolbox&p=20233"},"modified":"2024-05-07T16:05:48","modified_gmt":"2024-05-07T20:05:48","slug":"financing-building-block-of-business-growth","status":"publish","type":"toolbox","link":"https:\/\/www.evol.ca\/en\/toolkit\/financing-building-block-of-business-growth\/","title":{"rendered":"Financing: one of the building blocks of business growth"},"content":{"rendered":"\n
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When you go into business, it\u2019s to succeed. But depending on the sector, from 30% to 40% of businesses fail after a few years. What explains why two organizations \u2013 similar in every respect \u2013 can meet opposing fates, one enjoying spectacular success, the other going downhill and eventually closing?<\/strong><\/p>\n\n\n\n

\u201cFinancing may be the reason,\u201d Daniel Valois says. <\/p>\n\n\n\n

He has seen more than a few businesses in his lifetime. CPA, CF, MBA, and now Vice-President of Strategy and Finance at ProgressionLIVE, formerly with Desjardins and Deloitte, a speaker for the Ordre des CPA, Daniel Valois has amassed titles and defining professional experiences. <\/p>\n\n\n\n

He talks about financing with a strategic vision, but with both feet planted firmly on the ground: he grew up in family businesses, so he is familiar with the day-to-day workings of SMEs. <\/p>\n\n\n\n

\u201cOf course, there are many factors of success and failure, but how you are financed plays a fundamental role that tends to be overlooked.\u201d<\/p>\n\n\n\n

The key when it comes to financing is to have a good strategy. <\/strong>And this strategy plays out largely in three parts: goals, cash flow, and balanced risk.<\/p>\n\n\n\n

What is a financing strategy?<\/h2>\n\n\n\n

A financing strategy is essentially a strategy that proactively identifies financial products that foster the rapid achievement of the business\u2019s goals, while respecting the desired balance in terms of risk and return.<\/p>\n\n\n\n

The key word here is proactive<\/strong>.<\/p>\n\n\n\n

Proactivity in financing involves evaluating financing needs in depth and getting the funding required for the business\u2019s planned, sustained growth.<\/p>\n\n\n\n

It is the opposite of a reactive approach, which involves waiting for the market to dictate how our projects are financed.<\/p>\n\n\n\n

In one case (proactive), I am the one at the helm; in the other (reactive), I am passive in the face of market forces.<\/p>\n\n\n\n

There are many financing options<\/h2>\n\n\n\n

The category of \u201cfinancial products\u201d is not limited just to loans, Daniel notes. There are alternative ways to obtain financing that too often fly under the radar, for instance, a shareholding partner, line of credit insurance, or complementary financial products. <\/p>\n\n\n\n

It is worthwhile to seek out the right option to align perfectly with your strategy.<\/p>\n\n\n\n

Having a strategy is essential<\/h2>\n\n\n\n

Daniel Valois emphasizes the importance of having a strategic plan. You don\u2019t need to produce a 40-page document with no white space \u2014 a one-pager that summarizes the strategic vision behind a product can often suffice.  <\/p>\n\n\n\n

This vision must be all-encompassing, i.e., include all short-, medium-, and long-term needs. <\/p>\n\n\n\n

Businesspeople are human beings first. And being human, when buying a house, for example, the instinct is to shop around for interest rates. <\/p>\n\n\n\n

\u201cIt\u2019s short-sighted,\u201d Daniel Valois explains. \u201cYou need money for a specific event, and your thinking is limited to the interest rate. You need an infinitely more strategic vision of financing.\u201d<\/p>\n\n\n\n

I always ask my clients a series of questions: Have you considered all your other projects? R&D is fundamental these days to stay competitive: do you have the resources for it? Do you have expansion plans? Do you have the cash to surround yourself with the key personnel you need? <\/p>\n\n\n\n

You need to stop for a moment, take a look at the big picture for today and tomorrow, and proactively seek out the type and amount of financing you need to grow your business.\u201d<\/p>\n\n\n\n

Implementing the strategy<\/h2>\n\n\n\n

Once you have set your goals, you need to make financial projections (using the earnings statement, but also, ideally, a balance sheet and a cash budget).<\/p>\n\n\n\n

And make a financial arrangement. \u201cThis is where being proactive really makes sense. This is also where you will find out whether your bank understands and shares your vision and is prepared to support you as a partner. Or whether it just wants to make a loan. If you are in business, you need more than just a lender.\u201d<\/p>\n\n\n\n

Take into account liquidity, risk, and return<\/h2>\n\n\n\n

Daniel Valois presents other aspects of financing in his presentation, including the issue of cash flow (\u201cIt\u2019s your fuel!\u201d) and balancing risk and return. All these questions need to be considered when refinancing your business. <\/p>\n\n\n\n

The webinar is appropriately entitled Investir dans son financement <\/em>(investing in your financing). Investing time for analysis and reflection; investing energy too. \u201cBecause financing can be complex. Don\u2019t hesitate to talk to your accountant about it. They can help you gain clarity, consider options you were previously unaware of, and make insightful decisions.\u201d<\/p>\n\n\n\n

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After watching the webinar \u2013 and you really shouldn\u2019t miss it \u2013 you will understand the strategic dimension of financing and its importance for an organization. You will see the many opportunities that exist to provide a business oxygen, not just for its survival, but also for its development and growth. <\/p>\n\n\n\n

And you will agree with Daniel Valois that financing is definitely a factor in the resilience and sustainability of any entrepreneurial effort.<\/p>\n\n\n\n

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Watch the webinar<\/a><\/div>\n<\/div>\n\n\n\n

This webinar is available in french only<\/em>.<\/p>\n\n\n\n

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Go back to the Toolkit<\/a><\/div>\n<\/div>\n\n\n\n

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