Kyle Domes Introduction

Home Forums 1. Participant Introductions (Oct 3 to Oct 9) Kyle Domes Introduction

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  • #2977
    Kyle Domes
    Participant

    Good day, all. My name is Kyle Domes.

    I live in Belleville, Ontario, with my family. My last posting was at CFB Kingston.

    I spent the first half of my career as an ATIS Tech, and the remaining half as a Source Handler.
    I began my initial training in Vancouver. My first posting was to Ottawa, working at NDHQ as a Pte. My second (and final) posting was to Kingston.

    I launched Tidybase in the summer of 2020, and it has been a side project until recently. I retired on Sep 2, 2022, after just over 12 years of service, and now look to grow the company into a thriving local service business.

    Tidybase started as a residential cleaning company with the goal of becoming a complete home cleaning service provider. We are launching a pet waste removal service this month and moving into AirBnB cleaning and management in the spring. I would like to add window and gutter cleaning services over the next couple of years as the business grows and can acquire the equipment required for the more specialized cleaning services.

    I love to golf and curl

    How can I translate data from monthly business reports into actionable changes for my business?
    What are some of the best ways to prepare for financing applications?

    #2982
    Mark Nasmith
    Participant

    That idea sounds like good timing considering the ‘aging’ population. Your questions tell me that you are well ahead of me. I look forward to your input.

    #2990
    Leslie Blair
    Participant

    Nice to meet you, Kyle!

    #3004
    Judy Evans
    Keymaster

    Kyle,

    In business, as in life, there are 2 key financial strategies if your profit levels are not on target – spend less and make more.

    Completing a cash flow forecast to use as a management tool is powerful. In other words create a monthly cash flow projection, and then track the actual expenses and revenues, in comparison to what you projected. By doing this dilegently, every month, you will be able to stay on top of the financial aspects of your business and make adjustments quickly.

    Most new entrepreneurs don’t monitor their financial situation and therefore don’t even know when they are in trouble and can’t tweak each month because they cannot change what happened in the past, we can only adjust the future. This is what management is all about. Correcting the course forward!

    Judy

    #3012
    Kyle Domes
    Participant

    Thanks for the advice, Judy! I will definitely try to observe and evaluate my financial statements much more frequently. I have been guilty of building a detailed cash flow forecast and then not looking at it again for months, so it’ll be good to compare it against the real numbers more often.

    I’m in the process of re-tooling something else that caught me by surprise, underestimating the costs and taxes associated with hiring employees instead of independent contractors. The additional payroll taxes, WSIB, etc. all add up. I was accurate with my business tax forecasts, but the payroll taxes and associated costs really stressed my margins. I’ve made some changes to my prices and discounts, and I’m now getting closer to the percentage I was hoping for.

    #3016
    Lonnie Croal
    Participant

    Welcome Kyle…I’m looking forward to learning more from you and your experiences.

    Lonnie from Calgary

Viewing 6 posts - 1 through 6 (of 6 total)
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