Bryan Baeumler always had a passion for working with tools, building stuff and fixing things up. Like most entrepreneurs he started small — he was a solo contractor with a shiny van and a healthy work ethic. Thanks to a strong support structure, a lot of hard work and an openness to new opportunities, Bryan and Sarah Baeumler have grown that small business into a North American powerhouse.
With lots of experience under their tool belts, the Baeumlers have shared valuable advice for those looking to start, run, and grow an efficient business. Here’s a roundup of their favourite tips for business success.
Start by Laying a Strong Foundation
Despite how it looks on TV, success doesn’t happen overnight. Bryan and Sarah have experienced highs and lows, and put in a lot of time and effort to build their business. They share how to learn from your (inevitable) mistakes, prepare for downturns, adapt to change, nail your cash flow and more.
A Business Runs on More than Passion
While you may have got into business to nurture a passion, there’s more to running a successful venture than doing what you love most. Discover the Baeumler’s best tips for balancing the work you’re passionate about with those day-to-day tasks you need to take care of to run the business — from creating a routine to outsourcing to getting specialized training.
Take a look at Bryan and Sarah’s advice on how to prioritize passion versus business, multi-task efficiently, and find the right balance when starting out.
Be a Great Boss
Your employees have a huge impact on your business’ success. Setting them up to be their best is therefore essential for your business to thrive. Learn what resources, tools and software is available to organize employee benefits, set fair compensation and ensure their basic needs are met. The Baeumlers also share great tips on how you can make your employees feel invested, motivated and engaged in the success of your company.
Watch how Bryan and Sarah share tips on accessing resources and asking the right questions when it comes to the rules and regulations of hiring employees.
Conquer Your Cash Flow
If your business deals with a long sales cycle, managing cash flow through wide payment intervals can be a challenge. No strangers to cash crunches, the Baeumlers share five ways to manage your cash flow and keep business running smoothly — from taking deposits, introducing incentives for faster payments, negotiating with suppliers, and finding financing solutions that can bridge the gap.
Check out Bryan and Sarah’s tips for accessing the cash you need, when you need it.
Know How to Finance Your Growth
If you’re looking to grow your business, you may find that preparing your company for that next stage is expensive — between the need for new equipment, bigger space, additional employees and more. Here the Baeumlers team up with RBC to share ways you can fund growth, and discuss the pros and cons of bringing on outside investors versus securing financing to cover your next move.
Take a look at Bryan and Sarah’s suggestions for financing the growth of your business, and how to choose the solution that’s right for you.
This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.
