How to avoid a tax audit

How to avoid a tax audit

For a business owner, we know that there are few things more panic-inducing than the thought of receiving a tax audit. You’re probably scared that dealing with the audit will be timely and costly, but if you follow our tips for surviving a tax audit, the process can be relatively pain-free. But how can you […]

Should you use WordPress for your business site?

Should you use WordPress for your business site?

Choosing which platform to build your business website on can be overwhelming because there are many options available. You can choose from open-source platforms like WordPress or Joomla (meaning that their software is freely available online), or you can pay to use a proprietary software. One of the most popular choices which we use for […]

Why you should create different versions of your business plan

Why you should create different versions of your business plan

  Creating a clear and well-researched business plan is the starting point in launching any successful business. But did you know that you might need different variations of your business plan, depending on your audience? Most business owners don’t think about their target audience when writing their plan, but it’s actually the first thing you […]

What is a holding company and do I need one?

What is a holding company and do I need one?

As a small business owner, you should always be looking at how to take your growing business to the next level. Maybe you’ve already taken the steps to incorporate your company and now you’re wondering about whether you need to do something like create a holding company. Is this the right next step for you? […]

A how-to guide to incorporating your business in Canada

A how-to guide to incorporating your business in Canada

If you’re running a small business and have watched your success steadily grow over the years, it might be time to consider incorporating the business.  As with any business decision, there are both pros and cons to incorporating. One of the biggest benefits is that your business becomes a separate legal entity, meaning that any […]

3 reasons to join your BNI leadership team

3 reasons to join your BNI leadership team

There are many ways to network. As a business owner, there are (amongst other things) trade shows, conferences and mix and mingle events to attend. And you can also connect with contacts online through professional sites like LinkedIn. Another option is to join a professional association or referral networking group, like BNI, to build and […]

Research is what makes an effective business plan

Research is what makes an effective business plan

Every successful business must start with a business plan. That’s because a business plan is the blueprint that gives your company direction and focus. It basically acts as a roadmap for growth. However, business plans cannot be created out of thin air. They are based on research and facts, both of which drive the goals […]

Use QuickBooks reports to understand your business’s financial health

Use QuickBooks reports to understand your business’s financial health

Accounting and bookkeeping software is an immensely powerful tool that acts well beyond merely a database to collect your business’s accounting information. Learning how to organize that data correctly is what guides you in understanding your business’s financial story. The thing is, there isn’t a single best way to organize the data. The software (and […]

What’s the difference between a UVP and USP?

What’s the difference between a UVP and USP?

Picture this: you walk into a networking event and someone immediately asks, “what do you do?” At which point you breathe a sigh of relief because you didn’t have to be the one to strike up a conversation first. (Although when you need to strike first, try one of these great networking event pick up […]

How much is your business giving away for free?

How much is your business giving away for free?

Growing your business’s bottom line is essential to its financial health and wellbeing. But successfully doing so doesn’t always mean pounding the payment to find new clients so that you can do more business with more people. While networking is an effective way to grow your business (and a necessary component of every business development […]

Top 4 GST/HST errors small business owners make

Top 4 GST/HST errors small business owners make

For most small business owners, it’s safe to say that collecting GST/HST on behalf of the government is nothing short of a nuisance. And yet, it is a must. Unless your business falls into the category of businesses that makes less than $30,000 in annual revenue and also doesn’t choose to voluntarily register to collect […]

Fast track the trust cycle

Fast track the trust cycle

Networking is a must-include in every small business owner’s marketing plan. Doing so is the most effective way to expand your business and find new clients. But networking must be so much more than simply joining a local networking group (such as your local Chamber of Commerce or BNI chapter) or attending large networking events. […]

Make services easier to sell

Make services easier to sell

Businesses that sell services sell something intangible. The buyer can’t see it, can’t touch it and can’t take it out of the box to try it out. Instead, during the sales process, the buyer purchases a promise from the service provider and must simply trust that that promise will be delivered as expected. So how […]

What to do if you disagree with your CRA Notice of Assessment

What to do if you disagree with your CRA Notice of Assessment

Once your accountant completes and files your income taxes (because really, there’s no need for taxes to be a do-it-yourself kind of job), CRA will send you a notice of assessment. It will either confirm that your return was assessed as filed or will identify adjustments made by the CRA. If your business is one […]

Multi-level business development: One sales pitch, two different approaches

Multi-level business development: One sales pitch, two different approaches

As a small business, selling to another small business is a fairly straightforward process. You approach the owner or designated person within the business, make your pitch, explain why they need your product or service and (hopefully) make a sale. But selling to mid-sized businesses requires a completely different tactic. That’s because the employee who […]

Month-over-month reports don’t tell your business’s story

Month-over-month reports don’t tell your business’s story

A successful business owner needs to know what drives the business’s bottom line and must use the raw data input into QuickBooks (or other accounting software) to generate the essential reports needed to understand its business levers. But which reports give you the most valuable data? (Hint: It’s not the one you think it is.) […]

Top 5 small business bookkeeping and accounting mistakes

Top 5 small business bookkeeping and accounting mistakes

We all make mistakes; it’s a part of life and it’s certainly a part of being a business owner. If this opening line sounds familiar, it means you read our last blog on the top 5 B2B marketing mistakes to avoid (and if it doesn’t sound familiar, then go and read that article — it’s […]

Top 5 B2B marketing mistakes to avoid

Top 5 B2B marketing mistakes to avoid

We all make mistakes; it’s a part of life and it’s certainly a part of being a business owner. Sometimes we can see our mistakes coming from a mile away and other times we only see them when they kick us from behind because the decision seemed like a good idea at the time. But, […]

Your New Year’s resolution: Update your business plan

Your New Year’s resolution: Update your business plan

“How often should I update my business plan?” is a question we often hear. Unless of course, it’s “how do I write a business plan?” or “is it a problem that I don’t have a business plan?” If your question is either of those two, stop right now and read this article.  At the absolute […]

What’s the difference between cash and accrual accounting?

What’s the difference between cash and accrual accounting?

The difference between using cash-based accounting and accrual accounting is an important one for understanding and measuring the overall financial health of your business. And yet, that difference is frequently misunderstood. That’s because cash accounting is typically easier to understand (and many use their bottom line bank balance as a measure of how they are […]