President and Chief Marketing Officer, Stratking Marketing

President, Chartered Professional Accountant and Business Advisor,Stratking Accounting and Tax Professional Corporation

As per the Bank of Canada, “inflation is a persistent rise in the average level of prices over time”.

When prices go up of course things cost more to consumers and businesses, eroding our purchasing power and reducing our standard of living or firm profitability, all things being the same.

In situations of high inflation, we can feel like a sitting duck or better yet being tossed by the waves, and I am sure most people do not like losing control. So, I would like to help you take back control. It is in your hands. The Feds have been able to bring inflation down a bit, but let’s not be caught off guard the next time!

I provide personal financial planning, wealth management and tax advice to affluent individuals and Financial Controller and CFO services to corporations. They are both concerned about inflation and rely heavily on my advice to create and maintain wealth or grow firm profitability.

Stratking equals Strategy, so here are a few “top of the mind” financial and business strategies to cope with and cope with and better yet beat inflation:

1. Debt restructuring – pay off high interest debt with low interest debt or pay off high interest debt with cash. For instance, using your homeowners line of credit to pay off higher interest credit card debt may be an effective strategy. I must emphasize that maintaining a healthy personal or business debt service ratio is key.
2. Negotiate fixed priced contracts for a longer duration with your service providers.
3. Choose fixed rate mortgages over variable rate mortgages and home equity line of credit.
4. Perform a cost analysis, looking for ways at reducing expenses and create an expense reduction plan and annual budget and forecast. Not sure how to do this contact me. I happen to be a British Chartered Management Accountant (ACMA), American Chartered Global Management Accountant (CGMA) and Canadian Certified Management Accountant (CMA).
5. Look for cheaper alternatives and supply chains.
6. Defer major expenditures. Maybe defer upgrading the kitchen appliances to stainless steel, maybe defer major capital expenditure until target inflation is attained by the Federal government?
7. Attain a higher real rate of return on your personal and corporate investments. It does not make sense to earn 2% on a GIC or savings account when the Canadian inflation rate according to Trading Economics was 2.8% in June 2023. If that was the case your read rate of return would be negative (.8%). Speak to your investment advisor to restructure your investment portfolio to attain a higher real rate of return!

These were a few ideas to help you get off the ground.

I am here to help you with further advice or implementation support.

Stratking Accounting and Tax Professional Corporation and Stratking Marketing supports our clients with planning, analysis, execution and ongoing support. So, you never feel alone!

ABOUT DANE KING

Dane King is the President, Chartered Professional Accountant and Business Advisor with Stratking Accounting and Tax Professional Corporation,  and President and Chief Marketing Officer (CMO) of Stratking Marketing, since 2011.

Dane is a Chartered Professional Accountant (CPA), Certified Management Accountant (CMA), Chartered Global Management Accountant (CGMA), Financial Management Advisor (FMA) and Marketing Consultant.

He is a former Lecturer in Accounting and Professor Retirement Planning, Marketing and Taxation.

For over 30 years Dane has been helping corporations measure their success, increase profitability and grow revenue and helping individuals reduce taxes and grow their wealth.

He can be reached at 1-888-865-3870ext. 101 for accounting, tax and business advice and 416-270-6608 for marketing support.

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Normal office hours will resume Tuesday 3rd August 2021.

To serve our busy professional clients we have extended office hours Monday to Friday 9AM to 8PM and Saturdays 9AM to 5PM.

Any emails received or phone messages left during the long weekend will be replied on Tuesday 3rd August 2021.

To book an appointment to see myself for the coming weeks, this can be done securely and quickly from the Home Page of our website at: https://stratkingaccountingandtax.com

Have a great weekend!

Sincerely,

Dane King,CPA,CMA,FMA
President and Chief Marketing Officer
Stratking Marketing

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