Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Economists to have a close eye on April inflation report as BoC rate decision nears Forecasters expect this week’s inflation report to show Canada’s inflation rate fell last month, but financial markets are still unsure whether a June interest rate cut is in the cards for the Bank of… Read more
Ever felt like the term “current ratio” sounds like something straight out of a high school mathematics class that you’d rather forget? You’re not alone. But here’s the thing – understanding the current ratio can be a game-changer for managing your business’s financial health. Here’s a simple breakdown. What is the Current Ratio? In the simplest terms, the current ratio measures your business’s ability to pay off its short-term obligations… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Tiff Macklem defends Bank of Canada’s two per cent inflation target Bank of Canada Governor Tiff Macklem defended the central bank’s two per cent inflation target as the key benchmark for setting interest rates on Wednesday under questioning from Canadian senators on the standing committee on banking, commerce and the economy in Ottawa. Provincial… Read more
Most businesses understand that customer satisfaction is crucial to their success. Happy customers are more likely to remain loyal, refer others, and leave positive reviews. This trend has only been amplified by social media and online review sites, where negative feedback can spread quickly and damage a company’s reputation. In an increasingly competitive marketplace, having an effective customer service system is no longer enough: you need to be able to… Read more
If you’re a contractor, it can be challenging to manage a hectic schedule and complex projects, all while ensuring your paperwork, documents, and contracts are in order. It’s important to keep a paper trail of your work and practice due diligence. Keeping all your working documents in order shows that you treat your business, customers, and subcontractors responsibly. This is not only a mark of professionalism but can also help… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Canadian Chamber of Commerce Policy experts’ insights on 2024 Federal Budget Policy experts from the Canadian Chamber of Commerce have reviewed the Budget in detail, and their perspective on its implications for Canadian business. Uncertainty in Canada’s tax landscape could weigh on investment James Orlando, the director of economics at TD… Read more
In the world of small businesses, positive cash flow is king. It’s the driving force that keeps your business engine running smoothly, covering all your liabilities. But what happens when outflow exceeds inflow? Cash flow problems ensue, threatening the survival and growth of your business. These cash flow problems can originate from a variety of sources including macroeconomic issues like recessions, natural disasters, and wars, as well as microeconomic issues… Read more
Deputy Prime Minister and Minister of Finance Chrystia Freeland released the federal budget on April 16, 2024, against a backdrop of Canadians facing the significant challenge of elevated costs of living. In light of the continued economic uncertainty, measures in the budget are targeted with the stated goal of building more affordable homes, making life cost less and growing the economy. Although there are no proposed changes to the personal… Read more
The power of a well-crafted email signature is often underestimated by professionals and businesses alike. Your email signature is essentially your calling card: it’s where you can share information about yourself and your company, like your website and social media profile links. It can also include the company logo and highlight current promotions or links to products you want to boost sales of. Here are 4 tips for creating your… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Businesses, consumers more optimistic about economy amid expected rate cuts The Bank of Canada says business and consumer sentiment improved during the first quarter of the year, despite higher interest rates still putting a drag on the economy. The central bank released its business outlook and consumer expectations surveys… Read more
As a small business owner, one of your biggest concerns may be the threat of retail theft. It’s understandable that the thought of someone stealing from you could be both frustrating and disheartening, especially when you’ve poured so much effort into building your business. Shoplifting can have a significant impact on your bottom line, making it essential to take steps to deter potential thieves and protect your merchandise. In this… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. CRA no longer requiring tax return for bare trusts this year Canadians with bare trust arrangements, such as a co-signed mortgage or joint bank account, won’t be required to comply with new tax-reporting requirements for 2023. The Canada Revenue Agency (CRA) said in an announcement Thursday that bare trusts no longer have to… Read more
If you’re like many business owners, you may find yourself struggling to understand what your finances mean or how you can use your financial information to make decisions for your business. Often we get into business because we love a product or service we want to provide. It’s not as common that we love managing the financial aspects of our business. As a business owner, you have your best chances… Read more
When you run your small business, you have a lot on your plate. That makes it tempting to let some tasks slide, especially tasks that are related to finances, which can be challenging and is often outside your preferred skill set or experience. There are some tips you can follow that keep your finances healthy and enable you to thrive. Here are some financial best practices for managing your business,… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. 40% of Canadian industries ‘highly vulnerable’ to supply shocks Forty per cent of Canadian industries are “highly vulnerable” to external demand and supply shocks, Statistics Canada says. The federal statistic agency said on Friday those industries, which account for 25 per cent of Canada’s economic output, are exposed to risks… Read more
If you’re considering selling your business, the process should begin long before you put the ‘For Sale’ sign up. Selling a business is not just a major financial decision but a life-changing one that requires meticulous planning and a strategic approach. In order to get the maximum return on your investment, you need to understand what potential buyers are looking for and make your business as attractive as possible. Step… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. A change to Canadian banking is coming… A long-promised revolution in banking is headed to Canada, but you might not notice when it arrives. Change is in the works that will give Canadian consumers and businesses significantly more control over their financial data, including who they share it with, in what’s… Read more
Customer service is the heartbeat of any successful business. It’s the unsung hero that transforms a potential disaster into an opportunity, and a mere transaction into a lifelong relationship. In the narrative of customer loyalty and retention, service is the protagonist. Your approach to customer service has the power to attract and retain customers. Why stellar customer service is key The importance of customer service for loyalty and retention cannot… Read more
Marketing can feel like a daunting task for small business owners. If you’re new to the game, or maybe you’ve been in business for a while and just haven’t quite cracked the code, navigating the world of marketing can be overwhelming. But it doesn’t have to be. Your business deserves to be seen, heard, and thriving – and with the right guidance, you can make marketing work for you. Let’s… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Inflation in Canada slows Canada’s inflation rate slowed in January to a 2.9% increase, compared to December’s 3.5% hike, according to Statistics Canada. This slowdown keeps the Bank of Canada on track for a potential interest rate cut in June. Lower costs for fresh vegetables and air travel contributed… Read more