It’s natural for small business owners to think that they won’t be victims of cyber attacks. Most of the news surrounding hacking and data breaches involves large corporations, but that is because that’s where a high number of victims are affected. Hackers may find they have an easier time going after small businesses and start-ups that aren’t prepared for a security breach. So while they might get less information from… Read more
Many small business owners assume that cyber attacks only happen to big companies, banks or governments. But the truth is, limited knowledge of digital security and lack of defences make small businesses particularly vulnerable to attack. Research shows that 71% of all cyber attacks happen to businesses with less than 100 employees – and yet many CEOs have yet to invest in a formal defense plan. With cyber attack insurance… Read more
The federal government recently announced changes initially proposed in Budget 2024 which have a huge impact on how capital gains are taxed in Canada. If an individual (or certain type of trust) has gains less than $250K realized after June 25, 2024, there is no change, however gains realized in corporations and gains of over $250K will be subject to a higher inclusion rate. This means that you pay tax… Read more
Many small business people wonder whether it’s better for them to buy or lease capital equipment for their businesses. Your options regarding leasing or buying depend upon the nature of your particular business, but there are nevertheless a few guidelines you can follow to help you decide what you should do. If you have the money available, and the item is really necessary to your business, then it will… Read more
Many entrepreneurs believe that hard work and dogged determination are all it takes to build and sustain a successful business. But when you consider the pressures of running a company, it seems wise to add effective stress-management to the list. Left unchecked, stress can erode your passion and undermine performance – not to mention, take a serious toll on your health. Research compiled by Office Vibe reveals that over 70%… Read more
Financial models are invaluable tools designed to help you understand and project the financial health of your business. By simulating different scenarios and examining potential outcomes based on various inputs like sales growth, margins, and cash flow, these models provide a comprehensive picture that aids in informed decision-making. Practical steps for leveraging financial models: 1. Planning and forecasting Start by creating a base financial model incorporating your current financial data.… Read more
Ever felt like the term “current ratio” sounds like something straight out of a high school mathematics class that you’d rather forget? You’re not alone. But here’s the thing – understanding the current ratio can be a game-changer for managing your business’s financial health. Here’s a simple breakdown. What is the Current Ratio? In the simplest terms, the current ratio measures your business’s ability to pay off its short-term obligations… Read more
Most businesses understand that customer satisfaction is crucial to their success. Happy customers are more likely to remain loyal, refer others, and leave positive reviews. This trend has only been amplified by social media and online review sites, where negative feedback can spread quickly and damage a company’s reputation. In an increasingly competitive marketplace, having an effective customer service system is no longer enough: you need to be able to… Read more
If you’re a contractor, it can be challenging to manage a hectic schedule and complex projects, all while ensuring your paperwork, documents, and contracts are in order. It’s important to keep a paper trail of your work and practice due diligence. Keeping all your working documents in order shows that you treat your business, customers, and subcontractors responsibly. This is not only a mark of professionalism but can also help… Read more
In the world of small businesses, positive cash flow is king. It’s the driving force that keeps your business engine running smoothly, covering all your liabilities. But what happens when outflow exceeds inflow? Cash flow problems ensue, threatening the survival and growth of your business. These cash flow problems can originate from a variety of sources including macroeconomic issues like recessions, natural disasters, and wars, as well as microeconomic issues… Read more
The power of a well-crafted email signature is often underestimated by professionals and businesses alike. Your email signature is essentially your calling card: it’s where you can share information about yourself and your company, like your website and social media profile links. It can also include the company logo and highlight current promotions or links to products you want to boost sales of. Here are 4 tips for creating your… Read more
As a small business owner, one of your biggest concerns may be the threat of retail theft. It’s understandable that the thought of someone stealing from you could be both frustrating and disheartening, especially when you’ve poured so much effort into building your business. Shoplifting can have a significant impact on your bottom line, making it essential to take steps to deter potential thieves and protect your merchandise. In this… Read more
If you’re like many business owners, you may find yourself struggling to understand what your finances mean or how you can use your financial information to make decisions for your business. Often we get into business because we love a product or service we want to provide. It’s not as common that we love managing the financial aspects of our business. As a business owner, you have your best chances… Read more
When you run your small business, you have a lot on your plate. That makes it tempting to let some tasks slide, especially tasks that are related to finances, which can be challenging and is often outside your preferred skill set or experience. There are some tips you can follow that keep your finances healthy and enable you to thrive. Here are some financial best practices for managing your business,… Read more
If you’re considering selling your business, the process should begin long before you put the ‘For Sale’ sign up. Selling a business is not just a major financial decision but a life-changing one that requires meticulous planning and a strategic approach. In order to get the maximum return on your investment, you need to understand what potential buyers are looking for and make your business as attractive as possible. Step… Read more
Customer service is the heartbeat of any successful business. It’s the unsung hero that transforms a potential disaster into an opportunity, and a mere transaction into a lifelong relationship. In the narrative of customer loyalty and retention, service is the protagonist. Your approach to customer service has the power to attract and retain customers. Why stellar customer service is key The importance of customer service for loyalty and retention cannot… Read more
Marketing can feel like a daunting task for small business owners. If you’re new to the game, or maybe you’ve been in business for a while and just haven’t quite cracked the code, navigating the world of marketing can be overwhelming. But it doesn’t have to be. Your business deserves to be seen, heard, and thriving – and with the right guidance, you can make marketing work for you. Let’s… Read more
Let’s talk about your phone habits. It may not be a pleasant topic to discuss, but it does matter. How you use your phone can have a huge impact on your life and on your business. Sounds dramatic? Not at all. These mini pocket-sized computers are with us all the time and the constant flow of notifications can interrupt our workflow incessantly. Your mobile habits significantly impact your concentration span.… Read more
As a business owner, you’re the architect of your business’s vision and culture. But in the hustle to develop products, chase sales, and keep the lights on, some of the foundation often gets lost in the mix. Core values—those guiding principles that shape your company’s identity—are more than just words on a wall or a statement in a handbook. These aren’t just buzzwords to sprinkle throughout your website – your… Read more
When was the last time you felt that you had a week’s worth of energy to pour into just four days of work? As COVID-19 has reshaped our work-life balance and continues to redefine what is essential in our professional world, the concept of a shorter workweek is gaining traction. With proposed legislation in various states and countries, and the ongoing conversation among professionals, it’s evident that the discussion around… Read more