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Why I do what I do.
A major factor in
my life that drove me to become a business consultant and help other business
owners was when our family and my uncle and aunt owned a seasonal resort called
Clear Lake Lodge for 16 years. This family business was a 22 room hotel that
operated in the summer. My parents and aunt and uncle took alternating one week
shifts running the 24/7 business. My brother and I learned how to work hard,
how to fix things and how to focus on customer service.
Every year, my
parents and aunt and uncle went to the accountant to sign the annual financial
statements and tax returns. Every year they expected business advice on how to
run things better as they assumed it was included in the assessment. They never
asked, the accountant never offered. "What a missed opportunity" I thought. So
that's when I decided to become a chartered accountant and provide people with
business advice in addition to the basic financial statements and tax returns.
After two years of running an accounting practice and helping people to manage
their businesses better, I shifted out of public accounting and into full-time
consulting. One of the challenges with the accounting profession is that
companies with December 31st year-ends are competing with personal
tax returns and vying for overworked accountants' attention in March and April.
The peak season makes it difficult to provide top-level business advice to
business owners. So, I gave away my personal tax clients and I gave away the
year-end work. Now, I work exclusively with business companies and
organizations. I focus on all 12 months and how to improve profits and cash
flow every month.
What amazes me
about businesses is the strength and innovation business owners have today.
They are our modern day pioneers. Although small and medium businesses generate
45% of the GDP in Canada
and employ seven of ten people, small businesses are not seen as a dominant
player in the economy. Nor do they receive the respect and recognition they
deserve. Perhaps this is because they are too busy working, perhaps it's
because they are fractionated in many different industries, or perhaps they're
not even aware of their cumulative power and impact.
What I find
fascinating about business is that there is no single right answer. Unlike mathematics
and engineering (which I studied briefly but missed dealing with people) which
have a single answer, business can have many correct answers - some are just
better than others. I help my clients find the best possible answers, given
their goals and objectives, their resources, their tolerance for risk, their
preferences and our combined perspectives and experiences.
One of the most
important things that I help private businesses with is to develop and
implement sound business practices that are widely used and routine in many
large businesses. This improves business efficiency, effectiveness,
profitability and value. This helps to level the playing field between large
businesses and small businesses. Often, small businesses are suppliers to large
companies. My clients serve large and diverse corporations such as IPSCO, Cargill, Saskatchewan
Wheat Pool and other multi-nationals. I am most pleased when I can help my
clients to professionalize their processes and understand their information so
that they can negotiate with these larger companies from a position of strength
and fairness.
To be able to
contribute sound business practices to my clients, it was important for me to
obtain a well-rounded background of experience and education. In addition to working
in the family business while I was growing up, I've held construction summer
jobs and worked in a bank for two years. After completing university, I
articled for my chartered accountant designation with Ernst & Young in Toronto, held the
position of contract controller in the oil and gas industry, worked for Meyers
Norris Penny, and operated my own consulting business. As a result, I like
change and can help many businesses and their owners adapt to new processes and
new ways of doing things.
My education and
professional designations are focused on business. I earned a Bachelor of
Commerce degree from the University
of Saskatchewan where I
was on the Dean's honour list. I also earned a Master of Business
Administration degree from the University
of Regina. I also hold
the prestigious Certified Management Consultant (CMC) and Chartered Accountant
(CA) professional designations. My education and professional designations
required a total of twelve years of schooling and experience. Both designations
require ongoing annual professional education. Due to my strong desire for
continual learning, I exceed the annual training requirements every year.
I have continually
served on various committees with the Institute of Chartered Accountants of
Saskatchewan and am a former treasurer with the Institute of Certified
Management Consultants of Saskatchewan.
One of my most
important contributions is the creation of a Business Owners Scorecard, which
is based on a modified Balanced Scorecard used by large businesses. Where large
businesses have managers in separate functional areas such as human resources,
finance, marketing and operations, business owners typically handle all these
decisions themselves or with a small team of key managers. My proprietary
analytical and planning tool can quickly frame a business, their issues and
their opportunities so the owner and the management team can make effective
decisions about the future. For a free copy of the Business Owners Scorecard
template, click here.
I've always liked
to build things. After high school, I worked on various construction projects
including highways, a school, an office building, a small recreational facility
and residential houses. My construction experience taught me I like to build
things and it turns out I really like helping people build their businesses.
If you would like
help building your business, please contact me at
Phil Symchych
P.O. Box
37122
Regina,
SK S4S 7K4
Canada
Phone: 306-569-9111
Toll-free:1-866-537-9111
Fax: 306-949-0505
Email:
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www.cfoconsulting.ca
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