Have you noticed unexpected seasonal variances in your company’s cash flow? If your business is seasonally-based (a lawn care or snow removal company, for example), it’s normal for your cash flow to vary depending on the time of year. Unfortunately, many companies who shouldn’t be affected by the seasons still experience peaks and valleys in […]
Are you planning to take your business to the next level? Before you start growing your company, you need to ensure that your organizational structure is prepped for this major shift. Don’t just jump in head first – make sure you follow our key prep tips to keep your growth sustainable and successful. 3 […]
An effective way of growing your business is through building strategic alliances. It’s a smart solution to expand your reach without a lot extra overhead, but as your small business grows larger, there comes a time when you may need more than strategic alliances. You may need employees. And hiring employees means managing payroll. While […]
Do you know the biggest financial mistake made by business owners? No, it’s not avoiding the CRA or failing to file taxes on time (although that’s a good way to raise a red flag with the CRA). It’s the very simple act of only looking at the bank balance. Too often, business owners measure their […]
When it comes to your business’s financial statements, it’s important to understand that there are three different types — Notice to Reader, Review and Audit. Each one provides an overview of the financial status of your company but with different levels of financial assurance from your accountant. If you’re doing anything with your business […]
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 […]
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 […]
Running a small business is no small feat. You need more than just a great idea; you need the drive, dedication and strategic know-how to grow that business. Because without growth, your business won’t survive. A recent Industry Canada report found that 30 per cent of small businesses don’t survive longer than two years and […]
Paying an employee (or employees) is a bigger effort than simply determining the amount you’re going to pay and making those payments. It means adding a whole other level of paperwork and responsibility. After all, if your business is paying an employee, CRA wants a piece of each paycheque. Sole entrepreneurs don’t ‘need’ to pay […]
It’s not uncommon for new (or even established) businesses to go through financial pains. The ups and downs of cash flow are a normal part of doing business and there are a number of ways to handle these hills and valleys. For example, if your company’s past financial reports show that April is a financially […]
Happy Leap Day! Though many may look at February 29th as being stuck with just another day in the middle of winter – there are some perks that come along with it. For starters, last year that February transit pass was only good for 28 days; this year that February pass is good for one […]
When we donate our own money, it tends to be motivated by highly personal decisions and we give our money to organizations whose missions we believe in or causes we have an emotional connection to. But when donating your company’s money to good causes, it’s best to make a less personal and more rational decision. […]
Small businesses typically grow organically – their valued products and services being behind their growth. However, in many cases, taking a business to the next level requires adding experience and expertise to the team. But, not necessarily on a permanent full-time basis. Enter the interim, or contract, executive. Contract employees are often thought of as […]
Your business is likely your largest asset. But do you know what it’s actually worth? Whether you’re planning on selling in the near future or not, it’s important to have an understanding of your business’s valuation. Not just because it’s nice to know, but because it’s always good to be prepared with all the facts. […]
How Much Will You Sell? Projecting Revenue for Your Start-Up When you’re starting a new business, it can be really exciting to think about all the money you’re about to make. Nothing quite like your product exists today, and your friends and family assure you it will be a hit. You’ll make millions, surely. But […]
5 Habits That Keep You Working In the Business Instead of On the Business (And what you can do about it…) Many business owners have heard that you need to “work on, not in, your business.” In reality, this may be easier said than done. So how do you know if you’re spending too […]
Beating the Business Blues Running a business can be elating and depressing – sometimes at the same time. Maybe you received negative feedback from a client, or maybe sales just aren’t what you expected and you’re not sure how to fix the problem. Perhaps an employee just quit. Or maybe you just don’t feel […]
5 Tips to Help Motivate Your Team Your employees are dragging their feet… summer is here, the sun is out and they’re feeling uninspired to work. What happened to your energetic, super star team? They seem extremely unmotivated. As an owner of a small business, it is up to you to consistently motivate your team […]
The Paperless Philosophy: How it Works and Why Your Business Needs It When you run a business, one thing may seem inevitable – piles of paper. Yet with recent increases in computer power, web apps and consumer products, the dream of an entirely paperless office is closer now than it has ever been. The […]
3 Tips for Building Your Brand as Your Business Grows It’s one thing to have your logo designed and to print your first set of business cards. But actively building your brand? That’s something entirely different. “Building a brand” may sound a bit mysterious, but the basic idea is actually pretty straightforward. When you […]
Five Bookkeeping Tips for Small Business Unless you are an accountant or a fan of working with numbers, bookkeeping is probably not your favourite task. But adopting some good habits early can help you avoid costly errors when it comes to record keeping. You probably keep a lot of the financial details of your […]
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