“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 […]
All of the holiday cheer associated around this time of year is a great excuse to log some business development hours. After all, market research continuously proves that businesses need to make contact with (or ‘touch’) a potential customer many times before making even one sale. How many times depends on several factors, including the […]
Knowing what drives your business’s bottom line is key to its financial health and wellbeing. By setting up QuickBooks correctly, the inputted raw data generates these much-needed reports, which are essential to understanding your business levers. But once you’ve analyzed the data and have a clear understanding of the products or services that lead the […]
Bookkeeping and accounting software is a powerful small business tool — yet its immense value beyond data entry is frequently overlooked. Many business owners don’t realize that by taking the time to set up their software to meet specific needs, it will then produce reports that speak directly to the health and wellbeing of their […]
Let’s be honest here, we’d much rather talk about hiring an employee than firing one. Talking about firing employees is an uncomfortable subject and one that most people try to skirt around rather than face head on. But, as a business owner, you may one day find yourself in a position of needing to fire […]
What’s the first thing a potential customer does before investing in a product or service? Research it! So give your customers the tools they need to choose your product or service by writing and publishing in-depth case studies. Case studies are real-life glimpses into your business and your relationship with your customers. They go well […]
The Internet has forever changed the way the world does business. And to be honest, a few of us here at Smart Foundations definitely show our age by mentioning that we remember a time when businesses started, grew and succeeded all without the aid of the Internet. Believe it or not, a long time ago […]
Let’s face it; running your own small business is hard work. As a small business owner, you’re likely being pulled in multiple directions daily and, as such, you pride yourself on being a highly-skilled multi-tasker. The success of your business depends on you not wasting time or money. But let’s also face it, as a […]
Payroll is one of the most important processes of your entire business. Simply put, if your small business has employees, you have to pay them — and you have to pay them regularly and correctly. Sounds like a no-brainer, but it can be more complex than it first seems. There is no room for error […]
You walk into a room full of strangers at a networking mixer, start with one of these great networking event pick-up lines and mentally pat yourself on the back for being the first one to strike up a conversation. Now what? Because lets face it, you rarely ever have someone at ‘hello’ and a conversation […]
Any business that provides a product or a service — so yes, every business — must always be thinking of new strategies and tactics to attract new customers. Businesses can’t grow unless new customers come knocking. But there’s one problem with this single-minded thinking to business development. Too much time spent on generating new business […]
A quick Google search will turn up dozens of articles on bookkeeping fraud and the red flags warnings to watch for in order to protect your business. But while bookkeeping fraud is a grave offence that can seriously affect your bottom line, in reality, it isn’t overly prevalent. Sure, there are stories of the dishonest […]
For many small business owners, marketing efforts don’t have a sense of direction or purpose. Marketing, in fact, is almost an after-thought; an “oh yeah, we need to post social media updates” or “that’s good enough, people will find us if they want. If your business is well established and is the only kid on […]
Canada’s Anti-Spam Legislation (CASL) has been around for a few years now — since 2014 to be exact — and it has been confusing business owners large and small ever since. Last week, the federal government tossed another confusing wrench into the pile by suspending the final provision that was due to take effect this […]
The financial statements produced by your bookkeeper and/or accountant deserve much more than a cursorily glance before being tossed in a filling cabinet. The numbers on these statements tell the story of your business and are much more than simply a snapshot in time. These statements are powerful financial diagnostic tools. With them, you can […]
Having a good bookkeeper is essential for every small business. After all, business owners rarely go into business because they love dealing with the financial aspects and boring record-keeping duties of their business. But advertisements for bookkeeping services are everywhere, so how do you find a person that is the right fit for your business? […]
We can write about how to run a successful business all we want, but those tips are useless when a business has to deal with a crisis. Deal with it the right way and the business is likely to save face and retain customers; take the wrong approach and customers are more likely to run […]
We’re all told not to judge a book by its cover, but when it comes to websites, doing so is almost second nature. A website that is slick, polished and easy to navigate is likely to keep visitors around; one that is vague, confusing and unattractive is likely to get the snub by those same […]
Yes, you read that headline right; today’s topic is all about the best ways to ‘pickup’ at a networking event. Because networking events can sometimes feel like singles night at the bar — there’s a room full of strangers and as a business owner, your goal is to strike up a conversation with as many […]
As a small business owner, there are probably two words you fear the most — tax audit. Just thinking about a dreaded audit can be crippling, let alone actually going through the process of one. When that letter comes, it can be nerve-wracking because, as a small business owner, it makes you feel guilty or […]