When a business first starts out, it’s natural for the owner to be a jack-of-all-trades. You may not have the capital to hire specialists or access to the technology that can help you. As your business grows–or as you look to take a smaller role in your company–you may find the business has become over-reliant on you, which makes it difficult for you to take a step back. Here are… Read more
Financial security, whether that’s for a business or an individual, requires planning. You need to know where you want to be, where you are now, and how to cross the gap between the two places. Having goals and a plan makes it more likely that you’ll achieve financial security–whatever that means to you. Here are some steps to setting your financial goals. 1. Be specific with what you want It’s… Read more
The start of a business is an exciting time. You’ve got a great idea for a business and are enthusiastic to get started. It’s important to plan ahead to give your business the best chances for success. Planning ahead means anticipating challenges and developing ways to successfully address them, so they don’t upend your start-up. Here are three reasons why start-ups fail and ways you can avoid them Lack of… Read more
Starting a business means you’ll be in competition with other companies that already exist. It’s actually a good thing if you have competition to go up against. Competition pushes you to be innovative. It also means there’s an established market for your goods or services. The key to benefitting from competition is knowing how to effectively take on competitors so your company earns a profit. Here are some ways to… Read more
You started your business with plans of earning a living and being successful, but an unfortunate fact of business life is that companies suffer financial hardships. Whether those hardships are pandemic-related or linked to other urgent situations, the effect is still the same. Your finances are negatively affected and it’s up to you to lead the recovery. Here are 5 steps you can take to help your business recover after… Read more
Solid cash flow management is vital to ensuring your business survives, but not everyone understands what cash flow is or how to manage it. That’s likely what makes it a leading cause of stress for small business owners. In fact, a Capital One study found that 42% of small business owners say cash flow management is a major concern for them. Cash flow refers to the movement of money into… Read more
If you’re looking to grow your business, you might consider expanding your service offerings. Adding additional services is a good way to increase your profitability, diversify your income and expand your market. But there are important things to consider before adding to your income streams. Here are 4 important things to keep in mind when you consider adding to your services. 1. Does the expansion complement your business? The best… Read more
There’s a lot of data supporting the idea that it’s less costly, easier and more efficient to encourage repeat customers than bring in new ones. Among the stats Hubspot lists are that a 5% increase in customer retention is responsible for more than 25% increase in profit; repeat customers are 9 times more likely to convert than first-time visitors; and a 2% increase in customer retention has a similar impact… Read more
Bookkeepers can be highly beneficial for businesses of any size. They offer expertise and insight into areas that you may not have experience in. They can also take some tasks off your to-do list, freeing up your time and energy to focus on other matters. Here are 4 benefits to hiring bookkeepers to help you manage your business. Expertise A bookkeeper is an expert at managing, sorting and recording your… Read more
Receipts are vital to successfully running a business. You need receipts to track your purchases and expenses. Your clients need receipts for their tax purposes and to manage their finances. Paper receipts have been around a long time, so many people are used to them and may even be resistant to moving away from them. Thanks to technology, paper receipts are becoming more a thing of the past. There are… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Canadian Airports Saw Increase in Foreign Travelers Canada saw a surge in the number of international travelers entering the country as it reopened its borders to fully vaccinated individuals. For the month of October, there have been 263,400 non-resident arrivals at Canadian airports, according to Statistics Canada. This represents… Read more
Your business needs cash. Cash is what keeps your company in operation and enables it to grow, so you should know how much cash your business needs to survive. Although many people think the answer is linked solely to operating expenses, this isn’t the case. There is no single factor that determines how much cash every business needs to have on hand. Somewhere between 3-6 months of operating expenses is… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Ottawa Public Health Outlines Plan to Vaccinate Kids As Pfizer awaits approval of its vaccine for kids from Health Canada, Ottawa Public Health says it will be able to vaccinate all children five- to 11-years-old within four weeks of being given the green light. An estimated 70,000 children will… Read more
Balancing customer experience against your budget is a difficult task. You need the right amount of staff working to keep customers happy, but not so many people that workers are standing around looking for things to do. If your customers have long wait times, that’s good news for you initially—it means your business is popular. The bad news is customers won’t wait around forever for you to fix your time… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. US Will Accept Canadians With Mixed Vaccine Doses The US Centers for Disease Control confirmed that it will consider people with mixed doses fully vaccinated, as long as the vaccines are authorized by either the FDA or the World Health Organization. This means Canadians who received any combination of… Read more
You’ve probably heard the maxim that it’s better to work smarter than harder. Working smarter means allocating your time, energy and money so vital tasks get done more efficiently, freeing up your personal time. Too many business owners think they must keep working harder—taking on more responsibilities and working longer hours—to be successful. It makes sense, because you’re responsible for your business, but that route leads to work overload and… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Trudeau Vows New Government Will Move Faster on Priorities Prime Minister Justin Trudeau said his minority Liberal government has been given a mandate “to move even stronger, even faster on the big things that Canadians really want.” He listed measures to fight climate change, further boost the country’s vaccination… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Report: Family Businesses Better Positioned to Drive Economic Recovery In a KPMG Enterprise and STEP Project Global Consortium report, family businesses in Canada and worldwide are using their unique strengths to rebound from the pandemic. In fact, they are well positioned to spur the country’s post-pandemic recovery. The global… Read more
Starting your own business requires enough capital to ensure you can pay your bills until your company turns a profit. Depending on the type and size of your business, you may need thousands of dollars monthly to cover overhead. If you’re wondering where to find business start-up funding, there are a variety of options available to you. Each of these options has its advantages and disadvantages, and it’s important to… Read more
Running a successful business requires you to make smart decisions about everything from who you hire to how you spend your money. There are many legitimate expenses to cover, but it’s easy to overspend in areas that aren’t helping you or your business. Spending wisely is key to owning a sustainable business. Here are four practical money saving tips for business owners. 1. Have a list of all your subscriptions,… Read more