Hoping to gain some new business before the end of the year? One of the trickiest parts of growing your business is figuring out how to achieve your goals in a way that’s both realistic and profitable. The most effective way to do this is to create forward-looking income statements, also known as projections. Here’s […]
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 […]
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 […]
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 […]
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? […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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. […]
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 […]
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 […]
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 […]
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.) […]
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 […]
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, […]
“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 […]
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 […]