There were 3 “tool” episodes we wanted to have:

Dynamic Mutual Funds (Dollar Cost Averaging)

Manulife One

Benecaid (listen to part one here)

Benefits aren’t a mandatory thing to offer employees, but many employees look for this benefit. When people apply for jobs they are asking what the salary will be, and what group benefits are offered.

Benecaid now offers e-claims to make things quicker and easier. Benecaid also processes the claims, in-house making the process more efficient.

The Health Spending Account (HSA) is an account. An account that is opened for your benefit needs. The HSA can be offered to groups or individuals. Young, small companies, with under 25 employees, this can be a good place to start for expenses such as massage, eye glasses, laser eye surgery, orthodontics and IVF. The costs for the plan are tax deductible for the company.

Benecaid likes to provide solutions to companies, to meet their individual needs.

A Health Spending Account is sometimes set up to cover “one-time” expenses, such as orthodontics or IVF, and sometimes, it is set up for ongoing expenses, to cover the business’ particular needs. An insurance component can be added to the plan, if that is needed.

The plan can be designed to fit your company.

Industry Terms:

HSA - Health Spending Account - like a bank account to pay for benefits

ASO - Administrative Services Only - allows smaller companies to have a benefits plan similar to a larger company

Experience - past claims that were paid out, used to predict future premiums

Integration - taking both the benefit plans and having them under one plan

Integration allows for the flexibility of benefit coverage. The amount of the HSA is dependent on the needs of the individual - it is not fixed. Different employees can have different HSA amounts. The needs of the employees are considered to set up the plan. For example, $400 eye glasses, the eye glasses can be paid for from the group benefits up to the maximum (for example $200) and the remainder paid from the HSA. The Health Spending Account does not count towards the “experience” of the group. An experience plan means that what is being paid for from the benefits plan is being recorded and determines the costs for the plan the following years. This experience stays with the group, so the history can determine the costs of coverage going forward.

The take away from the episode should be, you are not too small to have a benefits plan.

Benecaid is a company that offers health benefit solutions that were not previously available, or affordable, for small and medium sized businesses.

The company was formed in 2000, by a group of professionals thinking there is a better way to handle health and dental benefits, than the traditional way of paying premiums. Why pay premiums for things that you might not use.

“Renewals” are when, each year the insurance company reviews what was used for the year, this determines what the charges will be for the next year. The smaller companies can get hurt by this process.

We have been using Benecaid for 5 years. We set up the plan to cover the costs of orthodontics. A traditional plan would have had benefits we didn’t need to cover. Expenses are covered through the spending account.

One of the other services offered through Benecaid is the Administrative Services Only plan, the plan is designed so that the business is “funding” the plan and not paying for insurance “premiums”. Essentially, you are funding an account. Separating “routine costs” from “unexpected” can save a lot of money.

If the plan is overfunded the money is returned to the business owner, not the insurance company. In a traditional plan, a benefits plan may not be used for claims for a number of years, and then if they start using the plan, they could be penalized in renewal premiums.

Benecaid is much more adaptable than a large insurance company, and therefore, they can adapt and change with the unique needs of the client.

Benecaid can provide plans for companies with 1 to 3000 employees. They can take the current plan and mirror it. To put it simply, they use the business’ money to pay the claims.

The site came about - almost unexpectedly - Pat joined the Brantford Golf, and was on the golf committee. The club wanted to start a league, and Pat was chosen to start it up. The league started small, with a focus on golf performance, and not enough on the camaraderie. Pat realized that a golf club is a social club first, and a golf club second. This is when things came into perspective. Pat promoted the social aspect of the league. As the league grew a program was needed to track the statistics (gross scores, net scores, handicaps, etc.).

The program developed “organically” from the growth of the league. Which led to Pat receiving phone calls from other golf clubs who had interest in the program. Having a motivation of “it will never work”, Pat proceeded to prove that he could make it work. Taking into account various golf statistics and averages, the programmer (David Wiese) developed the program. There are now just over 300 leagues that use the program.

Once other golf clubs can see it, and see it being used, they see the benefit to having this type of program available. The program creates a social environment. The scores previously were just a spreadsheet being shown on the television. With the help of a graphic artist, the statistics could look more elegant with images of the golf course, and have the statistics change in real time making the overall look more professional and interesting to watch. It is very compelling to see scores that are yours, and the other members you are playing with.

The costs are based on per score entry, which makes the program much more appealing and affordable to the golf clubs. There are many golf clubs in North America that could benefit from this type of program. Since the scores go in over the entire day it allows the member to review at the end of the day their performance. There is advertising on the page. Also there can be sponsors, the league runs it how they see fit. The program could work at any golf course, across Canada, the United States, or around the World. It is all online and there are videos to show how it works, and once it is set up, it is quite simple.

It is good for golf, but it is also good for entertainment.

Pat starts his day answering emails, helping out with golf league questions. He is also out promoting the program, he’d like to see it continue to grow.

Ignite Your Empire, is a new project by Tim. A group discussion/presentation that Tim has recorded in a studio.

There is always something to be learned from meeting with other individuals and entrepreneurs - this gives you a different perspective. Tim likes to ask “what are you excited about today?”. This is similar to the positive focus from Strategic Coach.

A book that Tim “gifts” is The Ultimate Sales Machine. This book is about refining the sales process. One concept is, basically, “the dream 100” focus activities on bringing your biggest 100 customers, all others will fill in the gaps. This is a coaching tool that Tim recommends.

Learning from history, your business has to evolve, you can’t keep the same old practices and expect to keep up with the world and technology. Opportunity doesn’t always come to you, you have to go and get it. Technology changes how we do business, you have to be open to the new technological advances that are available.

A hypothetical situation such as non-deductible debt: A business owner needs extra money to pay down a line of credit (the interest of which cannot be deducted). Does this get taken as salary, bonus, dividend? One factor to consider would be the interest rate on the line of credit. Also, what amount of corporate vs personal tax would be paid. Return on a possible investment. Tim suggests that there isn’t a straight answer to the question, rather, different ways to think about it. Being an employee vs being an entrepreneur, goals can vary. For example salary vs dividends, CPP vs your own pension plan. There are many aspects to consider, clearly always seeking professional advice that is tailored to your plan and goals is best.

It’s not the economy that is necessarily driving everything, it’s what steps those small businesses/niche markets are taking that is driving their results.

David Swenson (Pioneering Portfolio Management: An Unconventional Approach to Institutional Investment) is Yale’s chief investment officer, his practice is having separate incomes coming in. Private equity and public equity companies work differently and are affected by the events around the world differently.

Business style and fashion - what is professional - what makes a professional (clothes, image, knowledge). You need to polarize to magnetize. Build relationships with people, clients, potential clients, that you will get something (knowledge/connection/relationship) from. As an accountant, Tim gets to see/connect with 100s of entrepreneurs and see what makes them successful. Fundamentals for most businesses can be the same, but what is the best practice is the interesting part, to help people find and discover.

Accounting can be a hard subject, for someone who is not in it, but Tim draws a very good visual.

Phil suggests looking at your internet, telephone, cel phone, conferencing, web-conferencing in a comprehensive, or holistic, manner. Use of the cloud is a viable option for small and large size businesses. Also look at the services consistently. From time to time there are billing errors that can occur (some in your favour), it is a complex system and it is easy to make mistakes.

Merchant fees are the fees for credit and debit card processing. A small business cannot always affect rate changes, but there may still be opportunities for savings. 1% or 2% to the bottom line can have an impact.

Having a professional look at the charges and fees helps with negotiating and understanding. What are you doing? Where do you want to go? What fits? There are so many options, that businesses that try to do this themselves are not always aware of what is coming in and what is the benefit. Schooley Mitchell are on top of these developments in telecom and merchant fee services. Because they are specialized they have access to better rates.

28% in savings is typical for clients. This can be a valuable service, that is not disruptive. The service is more of a partnership, to help businesses achieve savings.

A look at the billing errors, usage patterns, number of phone lines, technology that is being used, are all part of the analysis. Pay for what you need, and grow as you need to. Social media and new ways of contacting clients/customers is becoming a big part of business.

What is the effectiveness of having “land line” phone lines, could the phones be switched over to mobile. The cloud can route to whatever device makes sense for your business. The needs of the business, need to be addressed - use the right tool for the job.

Having a direction, a vision, a goal, helps answer what you do, and how you do it, and finding solutions to fit. This can lead to increased functionality and possibly reduced costs. The cloud can offer a solution to many businesses. Understand what dynamics you need to incorporate for your business. “The future is already here, it just hasn’t been distributed.”

The shop has been around for a little less than a year. They had been watching for the property to be available for them to open up. The right time and place helped to make this type of a specialty coffee shop work. The specialty coffee shop market/demand has changed in the area over the past 5 years, due to people moving into the area from Toronto, etc.

The coffee is from a new roaster, who provides a high quality coffee. Christine tried the coffee from Propeller Coffee while doing barista training in Toronto. Propeller coffee helped provide the mentorship to getting Durand Coffee going. The roasting process is different from others, and they have a zero carbon footprint. Chris and Christine pride themselves on being able to serve a high quality cup of coffee.

The network created by having a website, and social media has been extensive. Instagram helps the micro-business by having that connection with the images and the network. “A picture is worth a thousand words.”

The shop is always busy, it offers an experience. The experience is as important as the product. A lot of thought went into the design and furnishings (even the location) of the shop. Supporting a local shop, supports the community. People know that one of the owners will always be there. Real community and friendships have developed out of having the shop.

Finding the shop, is part of the experience, part of the journey. The pleasure of finding the “hidden gem”. The shop doesn’t feel cold, faceless, it feels welcoming, like a home. The comfort is what draws people in to be in the space.

A seasonal menu, including ice cream, opening the patio, adapting to the customers’ needs, are all part of the plans for warmer months. They will always focus on being a coffee shop. They like to be engaged with the community and involved.

There is a massive amount of equipment that is under utilized and this is a way for people to generate revenue with this equipment. With the ease of using a mobile phone, a picture of a piece of equipment can be uploaded within minutes and Dozr helps you find work for it.

If you don’t evolve you will lose. New technologies, new platforms, allow businesses to grow and evolve and continue to make revenue. In agriculture for example, the family farm (100 acres) can become difficult to operate. People buy bigger tractors - this makes the smaller tractors, which work well on a smaller farm, more expensive (because not as many are sold). With Dozr, the owners can make payments on those tractors over the winter months (when they would normally sit idle) - or they could rent from the snow contractors in the summer months. This helps by cutting costs.

Dozr builds a community - for contractors by contractors. Understanding who they are, and helping their bottom line, because they have been there themselves.

The under-utilized equipment was the biggest area for potential. Snow removal equipment was sitting for 7 months of the year. The idea came about after renting a property for a vacation through VRBO. This is what needs to be done with their equipment - and that was the start of the idea.

That free time is essential for recharging. A vacation helps shut down, takes you out of your environment. This allows ideas to grow. Taking enough time gives you the time to unwind. The first week you just start to unwind, the second, and third allow for that time to be refreshed. When you have that time to relax, you can do some of your best thinking. You can start to think outside the box.

It helps large farms and companies, and helps the small businesses. Large companies don’t want to sell their equipment, it’s worth too much. Dozr provides a way to help make payments on that equipment, and at least generate some revenue. On the smaller side, this is mutually beneficial, and allows the smaller businesses, who maybe couldn’t have afforded to take “the leap” and buy their own equipment now they can. This also allows the small business to compete.

Contractors set their own rates on Dozr. This means, sometimes, the rates can be cheaper, more affordable. Dozr is used across Canada, and will be expanding into the US. “Go as far as you can see, and when you get there, you’ll see further.”

They discuss Jon Jones and his use of the guillotine choke on Lyoto Machida. The mindset when in a fight. Jiu Jitsu is a chess match. A cage match is a different mindset. Jiu Jitsu has given Donnie a respect for his fellow fighters. Should fighters lose the gloves? One look at Donnie’s knuckles, tells you the “gloves are good”. Taking away the gloves will change the structure and rules of a match.

In preparation for an upcoming fight, does diet come into play. Donnie shares a story of how eating a big meal can definitely play on your ability and dexterity. Poor choices can make you slower and fatigued. Complacency in training can lead to an overestimation of your abilities. When training you need to push yourself.

Vegan and vegetarian diets are closer to what humans should be eating. This type of diet can help you feel healthier. Raw foods can be great for cleansing the system. James Kayser, touched on how we should eat meat less frequently because our bodies cannot process it. This leads to a discussion on the evolution of the human race.

Fighters are pro athletes who put their bodies through rigorous training and competitions. Not all fighters are paid for what they go through. Not to mention, what the fighter’s families go through. Social media is allowing the fan to feel more connected to the fighter. There is more of a network. The traditional world of getting paid for the fights is changing, fighters can affect sales by their network. The network is worth more than the net worth. Donnie talks about how he has to sell himself as a Ferrari, to get sponsors (Donnie mentions Fight Planet and Tyden Gear).

Sometimes you find yourself in situations that you don’t like, and you learn to get out of them. “Live and learn” Don’t be afraid to take chances. If you don’t take chances you will never know your unique ability, or who you are.

When you do something for someone else, you will work harder at it. Donnie likes to think he’s protecting his family when he’s in a match. Athletes frequently dedicate games and matches to family members.

You have mentors, people you look up to, you may copy them at first, but you find your own voice, make something your own. That is what makes you, you, and your style comes out of that.

People judge you by what they see you can do. The champion and the coward feel the same thing before a fight - they just do different things. People who are scared are more likely to fight for their lives. Donnie and Jurgen share stories about how this is evident in nature. In our minds we come up with a solution, sometimes another perspective helps see a solution to a problem.

From past experience James saw an opportunity arise at the club where teaching is of value to the clients. It is a service that previously wasn’t provided on a full time basis. Previously, James worked in the pro shop and provided instruction on his own time. As the need for instruction grew and the demand was there, his instruction booking times were full.

The golf academy, developed over the winter based on other programs that James has seen previously (i.e. junior programs, full time teaching staff). All the staff have worked together to help create the concept.

The email list is a powerful tool. This has evolved, from a time management tool, to a contact tool. The connection to the members is invaluable. It is a simple and professional weekly contact. The information, for most, is right at your fingertips on your smartphone.

Balance is key to your golf game. James uses a scaling system rate your balance (between 1 and 10) at the finish. If you continually work to strive to improve, it will improve your swing.

James has thought of creating video tips to share out to his email list. A connection that could keep James in touch with his clients.

Another concept the team came up with is, the winter golf academy. A flight scope is an effective teaching tool, measuring speed and path. It is very accurate, and can give the user the feel of their golf swing, like a simulator. This has become another beneficial service that is being offered to members to help them improve and maintain their skill over the winter months.

James shares how he got into the game of golf from a young age, living in Norfolk County. He has always worked at a golf course, building on his passion. James went on to Humber College taking a new program and learned about the profession of golf. In Norfolk County, golf courses are opened earlier in the season, which allowed James to kickstart his golf game.

We thought we would share this bonus episode out mid week. It’s a great story, which has similarities to other inspirational stories we’ve heard in the past.