Shawn O'Hara: Welcome, everybody. My guest today is Jeffrey Denissen, owner of Profit Guard Consulting here in Victoria, BC. He offers expert on-demand CFO and business advisory services to small and medium-sized businesses. With over 20 years of senior management experience, he helps business owners streamline financial processes, improve reporting, and drive growth and profitability.

Jeffrey is also a director on the board of the West Shore Chamber of Commerce, Think Local First, and the Work Link Employment Society. He does this to support and strengthen the local business community. His mission is to empower business owners with clear strategies and actionable insights for sustainable success. Welcome, Jeffrey. Thanks for joining me today.

Jeffrey Denissen: Thank you, Shawn. Thank you for having me.

Shawn O'Hara: Tell me about Profit Guard. What do you do?

Jeffrey Denissen: I set up Profit Guard as my second enterprise, after my accounting firm. I quickly found out I don’t like accounting, but I do like advising and CFO work—forward-looking advice. That’s why I set up Profit Guard, to help entrepreneurs fill the gap between the accountant and their finances going forward.

How do I make the right decision when I’m working in my company? I noticed that local businesses were not applying the principles that big corporations use. I thought I could fill that gap, so I set up my CFO service to help companies drive forward with those same principles.

Shawn O'Hara: That’s neat.

Jeffrey Denissen: I think so too. My clients really need that. It drives things forward, not by making big changes, but by tweaking things. They see completely different results. By applying the principles big corporations use—like utilizing all the data, looking forward, and predicting forecasts for every driver of the company—people are able to thrive and hit their goals.

They find a way, through my system, to achieve their targets. It’s like the saying, "How do you eat an elephant? Step by step." That’s what I teach—set big goals and get there with small steps. Break down your financials, chop them up into small pieces, and work on each piece every time you look at it. That’s basically what I’m doing.

Shawn O'Hara: That covers a lot of the first questions. Let’s get into your core values and what motivates you. You’re so involved in the community—what’s your motivation?

Jeffrey Denissen: My clients are my motivation. When I start working with them, most are in a crisis. They have negative equity, years of losses, and hiring me is often a last attempt to move forward. They can’t get a loan or investors because of negative cash flow.

By working with them, I see their attitude change. I have one example where clients were working 60 hours a week but still losing money. After making a few changes in how they estimate, record expenses, and quote projects, they turned it around in six months—from a huge loss to a big profit.

Their attitude and trust changed completely. Now they have hope and a plan to tackle struggles, and that’s the most rewarding part of my work. It’s really fun.

Shawn O'Hara: That’s a great motivator. You have a bunch of letters after your name—CPA, CA, CIA. Can you explain what those mean for people who aren’t familiar?

Jeffrey Denissen: When I came to Canada, I was a Dutch Chartered Professional Accountant. I had to retake the entire exam here. The title I received was Chartered Professional Accountant, and also Chartered Accountant, because Canada used to have three types of accountants. The Chartered Accountant is what I had in the Netherlands, meaning I’m educated in financials, internal controls, and tax.

The second title, CIA, stands for Certified Internal Auditor. That’s used in big corporations and focuses on procedures, internal controls, segregation of duties, and process efficiency. Most people don’t ask for this title, but big corporations do, since there’s a worldwide institute governing internal auditors. It’s a US-based institute and offers excellent training on internal controls and efficiency.

Shawn O'Hara: Internal auditor sounds as scary as the CIA most people know.

Jeffrey Denissen: Sometimes it does. When I came into departments with new managers, they didn’t know what the internal auditor was doing, which created a hostile environment. But the internal auditor helps management improve things, uncover hidden risks, and move things forward. If used properly, it makes life better for managers. At first, people don’t like working with them, but in the end, everyone is safer and the company is better.

Shawn O'Hara: So you’re bringing big business skills to small businesses.

Jeffrey Denissen: Exactly. Big corporations have budgets for internal auditors, but small companies often don’t. There’s usually just one business owner doing everything. But applying those principles, even in a small business, brings quick fixes and helps as the company grows. For example, in landscaping companies, a foreman may do the same tasks as the owner, which creates risk. Segregating duties helps prevent issues and keeps everyone focused on their tasks.

Shawn O'Hara: Is that something you help with?

Jeffrey Denissen: Yes. I advise on sharing information in the company, but too much transparency can cause confusion about responsibilities. The owner is responsible for the whole company, the foreman for just part. Keeping roles clear prevents confusion and conflict. If you want to grow your company, have the end goal in mind and split up responsibilities so you can focus on growth instead of conflict management.

Shawn O'Hara: That sounds like real leadership, not abdicating responsibility.

Shawn O'Hara: Sometimes owners think they’re delegating, but really they’re abdicating. The person they delegate to does things their own way, and the owner gets frustrated. Then they start micromanaging, which defeats the purpose. Clarity is everything.

Shawn O'Hara: Some business owners give up trying to manage a big team and go back to just a few people.

Jeffrey Denissen: Yes, and they end up back on the tools. Management is a different task and mindset than building your company yourself. If you want to grow, you need to outsource and have clear goals for your team. It’s difficult, so I work with others on HR and recruitment. Things aren’t the same as when I started, so you have to be flexible and clear about expectations to make it a great journey for everyone.

Shawn O'Hara: That’s where the E-Myth comes in. Many people start a business because they’re good at a task, but as it grows, they end up back in the same situation.

Jeffrey Denissen: Exactly. The E-Myth explains how technicians often own a job, not a business. If you want to be alone, that’s fine, but if you want to grow, you need an entrepreneurial mindset, think in terms of opportunities, and outsource tasks. Otherwise, you won’t have time for marketing, development, or mentoring. It’s a choice, an investment, and a risk.

Shawn O'Hara: Running a business is always a risk. Even a job can change or disappear.

Jeffrey Denissen: That’s true. I’ve been there myself. I thought I had my ideal job, but two weeks in, I didn’t like it, so I started my own company to make it work.

Shawn O'Hara: Are your certifications mandated or voluntary? Can someone do what you do without the training?

Jeffrey Denissen: There’s no regulated group for CFOs, unless you work in certain industries where certification is required, like investment firms. In small businesses, many consultants do similar work, but having a CPA means you understand the whole process, especially cash flow. I’ve seen consultants focus only on revenue, not cash flow, which is dangerous. The survival rate for companies is low, and cash flow is the main reason businesses fail. If they had proper forecasting, many failures could be prevented.

No certification is required, but if you’re hiring a CFO, I strongly recommend someone with a CPA or relevant certification for your industry.

Shawn O'Hara: Do you use your certification to differentiate yourself in marketing?

Jeffrey Denissen: Yes. Having a CPA means confidentiality and liability standards, which gives clients security. My background lets me quickly understand a company’s financials and ask the right questions to solve problems. If you don’t have that background, it’s hard to spot issues in large amounts of data. Accountants have techniques for comparing data and spotting trends. My CIA certification helps me connect the numbers to business processes and see where things are broken.

Shawn O'Hara: So your first step with new clients is educating them about why you’re different.

Jeffrey Denissen: Yes. The first conversation is always about their issue and my solution. They’re usually great at operations, but linking those to financial decisions is where I help. I bridge the gap between their strategy and vision and the financial impact of their decisions. It’s a teamwork conversation, and it’s very rewarding.

Shawn O'Hara: What state should a company be in when they realize they need your help?

Jeffrey Denissen: I work with all phases, from startup to scaling, optimizing, and selling. Each phase has its own challenges. I don’t work with startups lacking funds, but if they have capital and a clear plan, I can help them scale. Established businesses often know they can optimize but don’t know how. I help owners see if their expenses bring a return on investment and monitor the right KPIs for the best results.

Shawn O'Hara: What are the fears and stresses that make business owners realize they need you?

Jeffrey Denissen: Uncertainty is a big one. Owners often call me early in the morning, worried about hiring, revenue, or other challenges. I help them see the impact of their decisions through forecasting, which gives them confidence to act. It answers all their "what if" questions and brings peace of mind.

Shawn O'Hara: You’re like a stress reliever!

Jeffrey Denissen: I like that! There’s a marketing message in there.

Shawn O'Hara: Earlier, you mentioned how few companies last 18 years. Many people say they sold their business, but often it wasn’t for the price they wanted or because they lost control.

Jeffrey Denissen: Yes, I’ve seen that. When I review numbers for someone buying a business, the cash flow is often low, and the owner is selling for all the wrong reasons—burnout or financial trouble. Sometimes I suggest waiting a year to improve the numbers, but often they’re too tired. Only 20% of businesses for sale actually sell; most just close, and the owners take a loss. Investing in accounting and consulting could have helped them sell successfully.

Shawn O'Hara: Some sellers have to stay on as employees after the sale, but those who can walk away have set up the company so it isn’t tied to them.

Jeffrey Denissen: Yes. The Canadian government is encouraging employee buyouts, but those employees need to become entrepreneurs, not just buy themselves another job. If they invest in the right things—marketing, HR, CFO services—they can grow the business, not just keep it running. That keeps businesses local and sustainable.

Shawn O'Hara: It helps the community when staff buy the business, since it stays local.

Jeffrey Denissen: And it’s sustainable in the sense that it will last. Big investors often look for short-term gains, but employee ownership is more future-proof and creates opportunities for future generations. It shouldn’t be about short-term profit, but about long-term sustainability.

Shawn O'Hara: Many listeners feel overwhelmed by red tape and compliance. Do you have real-world examples of using compliance as a competitive advantage?

Jeffrey Denissen: Compliance can be a headache, but if you look at the objective behind it, you can use it to your advantage. For example, implementing proper wage requirements not only avoids trouble but also supports your staff. Some businesses go beyond the minimum wage to provide a living wage, which helps retain staff for the long term. That’s a financial discussion—aligning compliance with company goals—and it can save money by reducing turnover and building a loyal team.

Shawn O'Hara: Living wage gives employees stability, which is good for businesses where staff go into clients’ homes. It helps with trust and retention.

Jeffrey Denissen: Exactly. Employees have an interest in making things work and supporting your company. Keeping staff happy is less expensive than rehiring every two years.

Shawn O'Hara: Clients who value that will appreciate it too.

Jeffrey Denissen: Yes, it’s a win-win.

Shawn O'Hara: Where can people find out about your upcoming events or webinars?

Jeffrey Denissen: I have a website, www.profitcardconsulting.com, with an events page for webinars and seminars. It’s a bit empty in the summer, but I announce all upcoming events for September and beyond. I also post events on LinkedIn.

Shawn O'Hara: Great. Thank you, I’ll put that in the show notes.

Jeffrey Denissen: Thank you, Shawn. I appreciate it. If people have questions, they can email me at jeffrey@profitcardconsulting.com. I’m happy to engage.

Shawn O'Hara: Thank you so much for joining me today.

Jeffrey Denissen: Thank you for having me. It was a real pleasure. I’m looking forward to the podcast publication and will be sure to listen.

Shawn O'Hara: Alright, thank you. And that’s a wrap.

Profit Guard Consulting Ltd.: www.ProfitguardConsulting.com

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