The Startup Gambit Podcast Ep.2 - Bob Gauvreau

This week's guest is Robert Gauvreau, is an award-winning FCPA challenging the status quo within the accounting industry. Unsatisfied with the limitations of conventional accounting, Bob turned down a partnership with a global accounting firm for a life of entrepreneurship. His passion for helping entrepreneurs gain financial clarity and generate greater financial results led him to trade customary for creative, establishing a new kind of firm from the ground up.WHAT TO LISTEN FOR:Gauvreau & Associates on the 2020 fastest growing companies list Being clear on the numbers is a driving force for success. “If you want to get somewhere faster, follow in the footsteps of those that have done it before you. Dedicate a great deal of resources to learning and development.” - Bob GBob’s Key Tips for a good financial foundation for your business. Get yourself set up with an online accounting software. https://www.waveapps.com/ or https://quickbooks.intuit.com/ca/online/ Get your business structure established early onConsider sales tax and factor that into your business plan. Capital requirements can contribute to your HST capital.  Key takeaway > You’re not the only one. Accounting errors happen to everyone. The Gauvre Facebook Group is a wealth of information. Tap into that gem of knowledge today.Dealing with uncertainty:  Survival - resources to stay alive in a crisis. How long can we survive in a crisis? Here’s how:Accept deposits for future workbe open to all forms of paymentMake use of business loansAdaption - Adapt your business model if you need to. Reexamine your fixed costs and your cost for delivering your product or service and see if you can adjust things to squeeze out more profits. Find your break even number. The build your operations to make sure that that number is hit when it needs to be hit. Growth isn’t that important if your financial model is broken.Get ready for future growth - Crisis will force a lot of people out. This is when your cash reserve comes in handy, pounce on opportunity.Major Canadian resources you should take advantage of in the pandemic.BC Bank Business LoanWage subsidy - https://www.canada.ca/en/revenue-agency/services/subsidy/emergency-wage-subsidy.htmlCanada Emergency Business Account (CEBA) - https://ceba-cuec.caThe CEBA program provides interest-free loans of up to $60,000 to small businesses and not-for-profits.Repaying the balance of the loan on or before December 31, 2022 will result in loan forgiveness of 33 percent (up to $20,000). Canada Emergency Rent Subsidy (CERS) - https://www.canada.ca/en/revenue-agency/services/subsidy/emergency-rent-subsidy.htmlCanadian businesses, non-profit organizations, or charities who have seen a drop in revenue during the COVID-19 pandemic may be eligible for a subsidy to cover part of their commercial rent or property expenses, starting on September 27, 2020, until October 23, 2021. Bob’s key takeaway:“If you are a business owner, whatever stage you're at whether you're just starting out or whether you're already financially successful and you're wanting to go to the next level, the best way to get to the next level is to find the people and work with the people who've done it or have done it with other people.”Key people that Bob has worked with Tony Robbins - https://www.tonyrobbins.comKieth J Cunningham - https://keystothevault.comJay Abraham - https://www.abraham.com