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Author: BizReflections

Grace Nasralla is the founder and senior business blogger at BizReflections. She is a Co-Owner at HUDDLESPACE which provides small business owners with offices for rent. This year (2024), Grace launched a loose leaf tea brand and named it Brew & Scone.
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Possessing the Radar For Opportunity

opportunity-knocks

What did I learn today as an entrepreneur?

I learned that not everyone sees there is always a verb before the word opportunity.

Think about that for a minute.

We need to LOOK for opportunities.
We need to CREATE opportunities.
We need to GIVE or be GIVEN opportunities.
We need to TAKE opportunities.
We need to CAPITALIZE on opportunities.
We need to PASS on opportunities.
We need to USE opportunities.
We need to RECOGNIZE opportunities.

I am sure I am missing a few on my list here but I think you get where I am going with this.  Opportunity and or opportunities always take work and or action on our part. 

The famous Ann Landers wrote, “Opportunities are usually disguised as hard work, so most people don’t recognize them.”  Her point has two aspects that ring so true for me.  #1 – They are work; and #2 – They are disguised.

Opportunities do not just arrive and materialize into all we hope they will be.  They do not self-install or work for us and our businesses, though they do seem to have a mind of their own. For some, opportunities will sit and wait forever – it seems; and for others, opportunities will be there when we are ready to receive them; and yet for still others, opportunities arrive and leave so quickly it is in hindsight that they recognize they were even there.

Another point on opportunities is often “you” don’t see what “I” see.  This viewpoint goes two ways.  You don’t see what I see for you, and I don’t see what you see for me.  What do I mean by that?  I believe there are a lot of factors to this point but to me, this says so loudly we should be pointing them out for one another and be open to seeing from one another’s perspective. 

Another verb I should have added to the list above is ‘chasing’.  I have been guilty of ‘chasing’ an opportunity only to find it is not within my reach and by reach, I mean capability, but yet, I have spun my wheels trying to take something I was not capable of holding onto and working effectively. 

Not every opportunity is for us.  Hardcore fact!  This is my second favorite part of my thought process on opportunities.  My first favorite part was the knowledge there is always action associated with opportunities.  My second favorite part is we truly need to know where we are going, what we want to accomplish, and what our core goals and values are to determine what opportunities are meant for us!  Not every opportunity is for us.

Be willing to do the action/verb for your forward movement and be a team player.  Keep an eye out for fellow business owners.  I, we, they need your perspective at times and community is so valuable for just that – perspectives around opportunities.

Submitted By:

Cheryl Clark of Clark Strategies | team@clarkstrategies.ca | www.clarkstrategies.ca

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“Validation” a Game Changer?

business-growth

What did I learn today as an entrepreneur?

I learned a long time ago that we are in the ‘People Validation’ business.  Recent events had me reflect on just how this knowledge is not common, nor are the benefits of operating from this perspective well known.

It does not matter what product or service you monetize on, you are in the ‘People Validation’ business.  I intentionally use the word monetize and not the word sells, and in another blog I will explain why!

I think at times we get it backward as business owners.  We think it’s “Us” that needs to be seen and heard.  Now don’t get me wrong I love a good marketing campaign!  I love businesses putting out content.  Again, note my choice of word ‘content’ – not sales pitches. 

I see content as being educational pieces, creating awareness, providing opportunities that lead to sales, sharing accolades and accomplishments, and branding one’s self as an expert – I love seeing it all.  We shine when we show up like that!  If this is how you are showing up – KUDOS!   If it is not how you are showing up, please keep reading. 

Stick with me here.

You can show up for yourself and your business and do so in a way that others will feel seen, heard, and validated.  You know those posts that share how you served another, the posts that share a pain point and how you may be able to help others, the posts that share you doing something online or in your real community – you are showing up, but others are also feeling the ‘love’, the validation.  It’s not just about you.

Recently I sent out a series of emails to a group of business owners in my circle.  Seems simple enough, doesn’t it?  44 emails in total.  44 emails sharing news and positives for the receiver and in some cases information that was requested.  All these sent emails equaled 4 replies in my inbox, validating the content I sent, and sharing how it was received.  Now, don’t get me wrong I do not need the validation, it is what it is … however, it made me pause and think about Validation.

How many emails do you receive in a day?  Newsletters?  Informational content? Opportunities for connection?  Alerts?  A few, I am sure.

Who are the folks sending emails to you?  Fellow business owners, clients, friends, or, strangers not yet friends? 

How about seeing those who are sending emails as referral partners, potential collaborators, cheerleaders, supports, encouragers, teachers, mentors, or someone who will be instrumental in your business growth – think they warrant a few seconds of your time to share a ‘Thank you’, ‘I appreciate your email’, ‘Email received and read’, ‘Appreciate your time in sending this’, or maybe, ‘Loved your point in this email’.

The ripple effect is:
#1 – they feel heard and seen – THEY FEEL VALIDATED!  The warm fuzzy!  The positive vibes! And when people feel good, they keep coming back for that feeling.

You are in the people validation business.   See that as your main role and the rest will fall into place!

Submitted By:

Cheryl Clark of Clark Strategies | team@clarkstrategies.ca | www.clarkstrategies.ca

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Taken By Surprise

take-us-by-surprise

Life may take us by surprise
Happy it may be or sad,
Attitude’s what helps us rise
When life circumstance is bad.

In sickness, there’s always hope
That tomorrow may bring health,
In poverty’s far tightened rope
Dreams of future with much wealth.

If children hurt and leave you
After labor for their good,
Send upward prayers in lieu
Of broken hearts and fired wood.

Friends may deeply let us down
With words that stab the guts,
Pick the pieces do not frown
Heal the wounds and mend the cuts.

Losing loved ones; death so brings
Grief and sadness take control,
Future hope of heaven sings
Life gets better; let time roll.

Life will take us by surprise
Are we ready to respond?
Let hope for tomorrow rise;
Daily living with much fond.

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Dogmatic Leaders: Will The World Survive The Fight?

survive-the-fight

When leaders and political masterminds of the world give orders to start a war, do they empathize with people? Do they think of individuals as fragile beings that may get broken, destroyed, or killed? Or do they count them in numbers as part of statistics that will determine whether they will win a war or not? How long has the world been ruled by such dogmatic leaders?

It is too sickening to think about people in power today. Where are the days when world leaders lead by example? Leaders then were willing to sacrifice for the public. They served their followers willingly without expecting anything in return. After all, that was the reason they were in public service! Maybe that’s why the world was a more peaceful place for everyone to enjoy and develop, grow and advance.

Dogmatic leaders of today have created extreme ideologies and have made these ideologies rule their nations. They are willing to fight and die for their doctrines; as long as their extreme school of thought gets to rule the world. They made the world a sphere of extreme dogmas that kill and destroy in order to grow, and demolish other extreme beliefs. All that is being done at the expense of ordinary people whose dream is just to live in peace and lead daily normal lives.

It is so sad to watch people destroy people. It’s so pitiful to witness times when earth’s inhabitants have become so power-thirsty. So filled with hatred for each other and for the earth they live on. It’s so painful to watch the world destroy itself.

Would there be an end to this political greed before it ends the world? Is it too late for change? Can current leaders still make the paradigm shift, or has it become too late to restore humanity in people?

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Humanity: Craving For Authenticity

Humanity-craving-authenticity

What happened to the days when people used to talk, laugh, and just be themselves? Is it just me or did the nature of relationships change? Is it the stress of this industrial, and rapidly developing technical world? Or is it a side effect of the pandemic era? Why is the world in turmoil, craving for authenticity?

This trend is even evident in kids. We find them messaging each other while they are in the same house or even in the same room at times. We find them so immersed in their world of tapping screens and totally disconnected from their surroundings. Should we succumb to this new reality of life?

I miss seeing smiles while walking the streets in our neighbourhood. I long to listen to people greeting each other as they crossroads during a jog or a stroll. I want to hear the loud voices of kids playing outside again. Is it the mask that is making us crave authenticity in people or did these difficult days really change us as humans?

Hopefully, I will not get misunderstood. I am not against technology. In fact, I work in that domain! And, I am not against staying safe by wearing a mask and refraining from shaking hands, at a time where illness is real. What I am questioning is the cause behind the damage that was done to our human authenticity. And at the same time, I am wondering if there is still a glimpse of hope for restoration.

HUMANITY

I looked up the meaning of Humanity on Google, and that is what I got from Vocabulary Dictionary. “The word humanity is from the Latin humanitas for “human nature, kindness.” Humanity includes all humans, but it can also refer to the kind feelings humans often have for each other.”

An algorithm was programed to define humanity as kindness, at a time when this new world has lost its humanity. How come everywhere we turn we see aggression, devastation, mistreatment, and injustice? How come every time we tune in to watch the news we are faced with a reality that is overtaken by unkindness and inhumanity.

I wonder where to find kindness in inflicting wars and destruction on others. And where to detect kindness in leaving elderly people secluded and isolated during a time where fear and confusion rule? Where is kindness when refugees are scattered across the globe seeking a home and when children spend years with little nutrition and lacking social re-enforcement? All that is topped with misplacement of humans and exploitation of governments and nations. We are living a time where our humanity has been altered to fit the requirements of an era that has robbed humanity of its true meaning. These days, we find that people are not just seeking to find authenticity in others. In fact, they are searching to find out how to restore the humanity they have lost themselves.

BETTER WORLD

World leaders are promising that better days are looming. However, is it too late to restore the brokenness in humanity? These past two years have left people emotionally, psychologically and, in some areas, physically shattered and scattered. Humanity is craving for the authenticity that brings balance to its being. It is longing to love and be loved again. Humanity is aching to exchange kindness and practice genuine acts of a healthy relationship.

Some areas of the world may be able to restore their new lifestyle and regain their new stability standards much easier than others. However, in areas of conflict, people are experiencing mistreatment and injustice day in and day out. They have forgotten what peace means. People have been forced to live one trauma after the other in such rapidity that they do not comprehend the situations they are in anymore. And with that, individuals have lost their judgment on how to deal with their ordeals and distress. I am talking about people that live on the frontline, in countries like Iraq, Lebanon, Syria, Afghanistan, etc. I am talking about human beings that were created and made to live kindness, love, and peace.

Will these people ever get to restore their distinct identity? Will they ever be able to mend their brokenness and heal their inner being? Or will they always live a life that is craving for its natural authenticity?

This blog post has also been published on VOCAL

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Starting A Business: The Under-Appreciated Element

Restaurant

Listen as you read …

Many in this world dream of starting a business. However, establishing a business requires an entrepreneur’s character and resilience. An entrepreneur is driven by a dream and does whatever it takes to make his vision come true. At times, it may require long days and nights of work. There may be instances where one will face failures but learns from them. Other times it will require the ability to handle different types of personalities. And definitely, it expects a character that can handle success with grace.

A Guide to Starting a Business in Canada

While talking to people, I find it common to meet individuals that love to start their own business but do not really know where to start from. Some people begin with writing a business plan, but I personally favour a different approach. And I always recommend for my clients to start by finding their business dream.

Have You Found Your Business Dream?

We can start a business based on numbers lacking the passion that drives the business, but that will only be a project with a short lifespan. Or we may start a business with big dreams and a great passion to accomplish the work, but lacking structure, budget, and projections for profits and gains. And that is also a project with a short lifespan. Finding the business dream can be a good start as one will go into the business with enthusiasm and passion to accomplish the work. However, the structure has to be identified and defined as part of the process. 

Yes… A business dream is a major element in starting a successful business and cannot be underappreciated as it is the driving force of business development.

Find your business dream

An Inspiring Vision

Once we find what our business dream is, then it’s time to think it through carefully and turn the dream into a vision.  A vision is more defined and allows us to see what the final destination is like as we dive into our business journey.

See how the bigger picture is clear?

We have the dream, and we have the vision. Yes, it is time to move on and identify the product or service that will be offered to clients. In Addition, a decision has to be made in regards to the type and name of the business.

Structure and Finances

At this stage, it is a good time to write a business plan. It doesn’t have to be too complex and long, but it has to be measurable with a clear action plan and timeframes. A 1-year, 3-year, and 5-year plan is recommended as guidelines to help the business reach its important milestones.  And as part of the planning process, we need to carefully think about the financial status of the business. Now is the time to reflect on whether we will be needing a bank loan or not. What type of Bank accounts will we need to operate the business? Will there be a need to rent an office or rent equipment? All these decisions may have financial ramifications in the future, and that is why it may require some planning before we move into the execution phase.

Get The Business Registered

Running a business requires an official status that we cannot neglect. If the business is planning to operate across Canada then it has to get registered with the Federal government. On the other hand, if the plan is to operate inside one specific Canadian province, then there is no need to register it at the Federal level, but we definitely will need to get it registered with the provincial government.

End the Startup phase

We still need to complete the financial structure and open the bank accounts or get the loans that we need to run the business. I also recommend short-term planning as the final step to starting a business. Set short-term measurable goals one or two weeks at a time and make sure to work hard to achieve them.

Notice how we started with the bigger picture and once we understood and mastered that part, we then moved on to a short-term action plan.  That’s when the Startup process is complete and it’s time to move on to the execution phase.

A guide to starting a business in Canada

Thank you for taking the time to read this blog post! You may follow BizReflections blog for future business related posts and updates. (FOLLOW button in sidebar). I would also like to invite you to subscribe to BizReflections YouTube channel. Our channel has a collection of business videos that equip small business owners for growth.

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Personal Vs Business Expenses: A Key Decision

business image

A very important decision that small business owners regularly have to make is whether an expense should be considered a business expense or personal expense. This is a very important topic and can have a large impact on businesses when they come under scrutiny during a CRA review or audit. Many businesses do not have set guidelines or policies on making these decisions and owners often have to use their personal judgement when evaluating whether an expense is business or personal in nature. The CRA has very specific guidelines on criteria that businesses should consider when making these decisions.


The most important criteria would be whether the expense was incurred to earn income for the business. This is a very straightforward way of considering whether or not the expense is related to business activities. The logic is that the expenditure was necessary and vital to business activities. Using this metric will ensure that business owners will minimize their exposure by accidentally expensing items of a personal nature.

During a review or audit the CRA will review the general ledger and, should expenses appear that are out of the norm for the business’ core activity, ask why the expense was claimed. Failure to provide a good and clean answer will often result in the CRA agent digging deeper into the books and records of the company and will likely result in an unfavourable outcome for the business.

The importance of separating business and personal expenses appropriately cannot be overstated. If business owners use the criteria mentioned above, they will minimize their risk of having expenses disallowed during a CRA review or audit. If the CRA investigates and finds a large volume of personal expenses, not only will they be disallowed but the entity may be subject to non-deductible penalties and interest, and those responsible may have other legal consequences including further audits of the shareholders’ personal affairs.

Remember, if the expense was incurred by the business to earn revenue for the business, it is allowable. If it is at all questionable, professional advice should be sought or it should be considered personal in nature.

Submitted By:

Jonathan Carter, CPA, CMA | KATA Accounting Solutions Professional Corporation | (800)491-4803 | contact@kataaccounting.com | www.kataaccounting.com


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Meeting Customer Needs in a Pandemic Era

Meeting_customer_needs
Meeting customer needs: the objective of every business.

Listen as you read …

Are you one of the enterprises that had to remodel its business processes in order to stay operating during the COVID-19 era? Or are you still running your business in survival mode? Meeting customer needs in a pandemic era have been the focus of every business.

The Difference

Innovation in remodeling the business is what differentiates businesses that are meeting their monthly revenue from businesses that are struggling to survive. The Pandemic has changed lifestyles and closed businesses and the need to restructure and remodel the business will allow more room to meet customer needs. The pandemic has really hit the business community hard, especially in trades like food, events, and hospitality industries.

A Business Guide

Here are Four tips to guide the business as it innovatively remodels its offerings:

  1. Time to Reflect: Take time to reflect, evaluate and write down the current offerings of the business. It is very important to have a clear view of what’s current in order to identify the sudden change that took over since the pandemic started.
  2. Identify Changes: With an open mind, identify the changes that were imposed on the business. Keep a log in order to enhance clarity of the situation . Sometimes business owners find it difficult to embrace change. However, in the world of business, change has proven to be evident. In normal days business owners have to keep watch for trends and quickly adapt to the changes that come with them.  While the pandemic brought major changes to the business world, business owners still have to adapt and be open to alter their practices.
  3. Brain storm: Reflect on the list of changes that the business had experienced one at a time. Write down innovative remodelling ideas for the business.  It can be amendments to practices and operations, or it may be bringing in some new products or services. While brainstorming mark down creative and innovative ideas as they come to mind. And always keep customers as the target audience and core mark to the new model.
  4. Create a Plan: Now that all the facts are at hand, it is time to organize the collected data and edit the list of remodelling ideas. With that we are equipped to establish a readiness and come up with a plan. The objective behind that process is to implement change. Modifications that are geared to regain consumer confidence and recommence consistent growth for the business.

Summary

That exercise will restructure the business model to retain and acquire customers in a pandemic era. Once that practice is complete, and the business starts running with the new model, then it is time to craft a marketing plan that works in sync with the new changes.

Thank you for taking the time to read this blog post! You may follow BizReflections blog for future business related posts and updates. (FOLLOW button in sidebar). I would also like to invite you to subscribe to BizReflections YouTube channel. On our channel there is a collection of business videos that equip small business owners for growth.

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The Most Powerful Marketing Tool You’ll Ever Need!

marketing-tools-image-from-pexels

Adriene Mishler is the producer and host of Yoga with Adriene. She dominates the online yoga space with over 8.53 million YouTube subscribers.

She is called the ‘People’s Yogi’.

But,

It wasn’t always like this.

Back in 2012 when Adriene got introduced to the online space and started uploading weekly yoga video content to her YouTube channel, little did she know that by 2020 she would have built a very successful business and an online global community of over 8 million people.

What was her secret?

The MOST powerful tool you can have in your marketing toolbox.

Consistency.

By sharing free high-quality yoga content on her channel every single week for over eight years she eventually became the online Go-To yoga instructor she is today.

Adriene is quick to point out that she was NOT an instant sensation.

For three solid years, she consistently uploaded weekly yoga videos – that’s 156 videos- with no love in return.

What she got instead were crickets.

Silence.

No subscribers.

Zero engagement.

When she eventually reached 100 subscribers, it was a moment of great jubilation.

Undaunted, Adriene stayed committed and consistently upload high-quality yoga videos every single week without missing a beat until she got to the tipping point, three years later.

That’s well over 600 videos in eight (8) years. Impressive!

Seth Godin Too

This level of discipline and consistency also reminds me of my personal marketing hero – Seth Godin, one of the world’s leading marketers, and Mr. Purple Cow himself.

If you subscribe to Seth’s newsletter, you’ll get an email EVERY SINGLE DAY, bar none. I mean 365 days of the year.

I guess that’s why he is worth millions.

So, it bears repeating.

CONSISTENCY is the MOST powerful marketing tool you’ll ever possess.

And, it’s FREE.

By harnessing the power of consistency, you outcompete, outsmart and outsell your competitors even if they are more talented and have more resources.

Consistency doesn’t mean you are always winning; what it means is that you are always taking action and moving one step closer to your goals.

Here is the flip side, inconsistency makes you stale, out of touch, and out of mind.

Just imagine if Adriene had thrown up her hands in despair during those three barren years when nothing seemed to have been happening.

What if she got frustrated and exited YouTube altogether? She would have missed the huge wins she now enjoys.

How about Joe Girard?

Considered a marketing genius and title holder of the World’s Greatest Salesman (conferred by the prestigious Guinness Book of World Records), Joe Girard sold a whopping 13,001 vehicles over the span of 15 years,

Joe was a car salesman at a Chevrolet dealership in the United States between 1963 and 1978.

In 1973 alone he sold 1,425 vehicles; an average of 127 per month or 32 per week.

In his best month, he sold 174 vehicles, and on his best day 18.

Let those numbers sink in for a bit.

Did Joe sell to the rich and famous?

Nope.

Did he sell wholesale or in bulk?

Nope.

He sold the old-fashioned way. One vehicle at a time.

Amazing! Right?

Are you wondering how could ordinary Joe accomplish such an extraordinary feat?

The secret to his mega-success?

Maybe he had a large team.

Maybe he had a HUGE network.

Maybe he wooed prospects with expensive gifts.

None of that was true.

For sure, he worked hard and was likable – so were his peers.

But what did he do that was so superior that propelled him to a league of his own?  

He harnessed his marketing superpower. The power of consistency.

For 10 years, month after month.

Year after year.

Joe stayed top of mind without missing a beat.

Joe’s extraordinary system

Here is what Joe did extraordinarily well:  

  1. Every month he would send a personalized greeting card to his entire customer list
  2. At the beginning of the new year (in January) he would send a card saying: “I like you”
  3. Every February for Valentine’s Day he would send a card saying: “I like you.

Just imagine the time and labour it took to send out 13,000 cards to his customers each month.

Eventually, Joe had to hire an assistant.

Every card was handwritten, addressed, and sent through the postal system.

Joe was so successful that eventually, customers had to book an appointment in advance to see him.

His sales pipeline overflowed while other sales associates paced back and forth, praying and hoping for foot traffic.

What if:

Adriene had given up in frustration after three barren years when nothing was happening?

What if she had exited YouTube altogether?

She would have missed the huge wins she now experiences.

Would Seth have become a multi-millionaire and be recognized as one of the world’s top marketing influencers?

Would Joe have been awarded the prestigious title of World’s Greatest Salesman if they decided to throw in the towel when the going got rough and tough?

What if this group of standouts got up one day and ‘didn’t’ feel like it’ or got so ‘busy’ they slacked off or caved to someone who ticked them off?

You see, this is what truly separates the mediocre from the extraordinary.

Staying focused and remaining consistent with your marketing.

How about you? Share your thoughts.

Submitted By:

AKB-small-business-marketing


Dorothy Vernon-Brown helps business owners and entrepreneurs grab attention, convert leads faster and scale more quickly by using a proven end-to-end digital automation solution. She is the owner of AKB² Small Business Marketing

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Dimensions of Modern Accounting

pensive female worker choosing folder with documents in modern office

Accounting as a discipline has evolved over a period of centuries. In the initial phase, it was thought to be restricted to mere bookkeeping or record-keeping of business transactions. However, gradually the importance of numbers contained in the accounting records of businesses became prominent and experts started generating a variety of reports to assist businesses to make informed decisions. In modern times accounting has thoroughly integrated with information technology to transform itself into a real-time information-based system that serves the needs of a variety of stakeholder groups interested in making an objective assessment of the financial health of a business. However, it is pathetic to know that majority of small businesses still regard accounting as mere bookkeeping and thus they remain oblivion to many of the benefits that modern accounting can render to enable them to make informed decisions.

Since the owner is the primary beneficiary of a business, therefore, it is imperative that he or she must take accounting as an essential support system to monitor the performance of the business from a variety of perspectives. Some of the key dimensions of modern accounting that are ironically ignored by owners of small businesses include the following.

Price setting of your products and services

The majority of small businesses set the prices of their products and services by following a rule of thumb approach or based on gut feeling. However, this is a naïve approach to price setting. Unless a business knows about its costs and their classification into fixed or variable components, a sustainable pricing policy cannot be adopted. Since price is a critical factor in generating sales, therefore, it must be viewed from a strategic or long-term perspective, which is not possible without analyzing the business’s cost structure. A variety of accounting methodologies, such as activity-based costing, marginal costing, absorption costing, and breakeven analysis may be used to determine a realistic pricing policy that ensures long-term growth in sales and profitability.

Proper understanding of profitability and liquidity of a business

For the majority of small businesses, profitability is the key determinant of the success of their business. However, it must be understood that profitability alone is not a guarantee that a business may survive in the long term unless its liquidity or solvency position remains intact. Profitability is the outcome of matching business expenses and receipts, while liquidity focuses on cash generation and the spending capacity of a business. Since cash is the king, therefore, a business with a strong liquidity base is more likely to survive in the long term than a business that merely generates more profits by relying on overtrading.

Knowing about Key Performance Indicators (KPIs) of a business

For many small businesses, the only KPI is the overall profitability of a business. However, if a business is asked how that profitability has arrived, they remain clueless about the factors that are responsible for the profitability or losses of a business. These factors may include classifying business expenses as avoidable and unavoidable, fixed and variable, marginal and incremental; and classifying sales of products and services as profitable and loss-making, stagnant and exponential, retrograde and progressive, etc. By developing and monitoring KPIs that focus on critical factors impacting a business, a successful business strategy may be developed that ensures long-term profitability and growth in the net worth of a business.

Tax impact of capital and revenue expenses:

A proper understating of the tax impact of capital and revenue expenses is vital to arrive at an accurate profitability figure. Many small businesses wrongly classify certain capital expenses as revenue expenses and vice versa. Consequently, the profitability figure may show erratic patterns and the tax liability of a business may be miscalculated.

Real time accounting systems:

Many small businesses keep their record in a conventional manner. However, nowadays many bookkeeping software are available in the market that may be used to develop a real-time-based accounting system that can be connected with spreadsheets for financial analysis.

Submitted by:

Baqar Bhatti LLB, CPA, CMA, CGMA | CEO & Owner of Panacea at Zenith | 289-952-3494 | accountants@pazca.com | www.pazca.com

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December: A Critical Month for the Small Business

pexels monicore

Entrepreneurship was very important at our home as my parents were entrepreneurs. And despite the rush and hustle that always came with the month of December, it was the month we enjoyed the most. My Dad owned a retail store on a busy street in the city of Beirut. And one of the most memorable times I have for December is when my siblings and I used to alternate to go and help my Dad at the store. That was always the busiest time of the year.  Yes, to some businesses it may be a busy month, but to others, it is the slowest time of the year. Whatever season December may mean for any business, it is considered a critical month to many owners and entrepreneurs. Many may not see it as a critical month yet, however, this blog may be an eye-opener to many!

Listen as you read …

Steps To Consider

If December is a high season for the business, get the help it needs to meet customer requirements. However, if it is a slow season and has a decline in sales, it does not mean that time spent on planning and doing admin work gets undervalued. Here is a list of tasks that can be done in December to prepare the business for a successful year ahead.

Evaluate:

Evaluate the calendar year not only in terms of sales but also in terms of operations and customer relations. Review business practices and learn from mistakes done. Take another look at the marketing strategy and determine what has worked best in creating visibility for the brand. Evaluate what was done to increase following. Review sales reports and try to follow patterns for growth. Research the achievements of competitors and learn from them.

Reach out:

Use slow times to reach out to customers and check on them. Send season’s greetings that reflect sincere wishes and promises for future work relationships. Send out a newsletter with wishes for a successful new year. Assure customers that your business will always be there for them when they need it. Reaching out to current customers is very important to increasing customer retention. Use the season as an opportunity to establish contact with customers, leads, and everyone on the mailing list.

Plan:

Yes, December is the time to plan for the new year. Write your vision and set business objectives. Break them into goals and set timelines. Research business and marketing trends. Sketch out a marketing plan so the business stays ahead in brand visibility.

Get Organized:

Prepare for January/February income tax filing. Catch up on administrative work. Follow up with the accountant in order to complete income tax filing in a timely manner.

If December is not the busiest season for your business industry, it doesn’t mean it’s a slow month. It’s up to the business owner to use it wisely and make it a time to prepare for a successful year ahead.

Thank you for taking the time to read this blog post! You may follow BizReflections blog for future business related posts and updates. (FOLLOW button in sidebar). I would also like to invite you to subscribe to BizReflections YouTube channel. Our channel is a collection of business videos that equip small business owners for growth.

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10 Essential Tasks for Year End

accounting

The year is quickly coming to a close, and many businesses are well underway with their Q4 prep. This is a crucial time to get organized, so you don’t miss an important item on your to-do list. To help you close the year off strong and start the new year off on a good foot, make sure to add these items to your list to tackle before year end.

1. Meet with your accountant or bookkeeper

Meeting with your accountant or bookkeeper prepares you well for the coming tax season and allows you to be proactive with your finances in the new year. Avoid the stress and headache of scrambling for receipts when tax time comes around. Use the meeting to ask questions, get organized, and create a system that will ease the overwhelm of bookkeeping.

2. Record all transactions

Make sure that all transactions up to the year-end date have been recorded, including unpaid bills and invoices. This is a good time to gather all of your receipts and get organized. The length of time this takes will depend on how organized you’ve been during the year.

If you’re finding that this step becomes overwhelming, speak to your accountant or bookkeeper about creating a system that will help you stay organized and maintain your books throughout the year. Take advantage of modern software and apps to easily store your supporting documents.

3. Do a bank reconciliation

It’s important to make sure that the transactions you’ve recorded match what’s on your bank and credit card statements. Quickbooks Online makes bank reconciliations much easier. Speak with your bookkeeper about this process.

4. Review your financial statements

This includes your income statement and balance sheet. You want to look for items that stand out to you or don’t make sense, including balances that seem too high or too low, large differences in balances from the previous year, and mistakes that you can correct before handing them to your accountant.

5. Check accounts receivable

Look through your list of invoices and investigate any that are outstanding. You’ll want to regularly go through your accounts receivable throughout the year to make sure that you are being paid.

6. Check accounts payable

Go through each item in your aged payables report and pay any late bills. Recording all of your appropriate expenses helps reduce your tax bill.

7. Check your inventory

Record what you have in stock and identify what sold and what didn’t this year. If your business only offers services, determine which services sold and what didn’t. This is a great way to establish a strategy for the coming year and focus on items in demand and discontinue the ones that don’t produce an adequate ROI.

8.  Prepare your tax documents

You can either prepare your income tax yourself or send over the documents to your accountant. A cloud-based accounting software like Quickbooks Online allows your accountant to access your business records online, making for a more streamlined and efficient process.

9. Plan for the new year

Once you’ve completed all of the necessary financial tasks and laid the groundwork for the coming year, you’re ready to strategize and build a solid plan for the new year. Whether it’s a goal to hit a certain number in sales, hiring for a new position, or strategizing a way that you can have more downtime, it’s essential to have a target to aim for. Be sure that your goals line up with your long-term objectives and that they are moving the needle for your business.

10. Take time to reflect

Often, business owners become immersed in the business’s day-to-day operations that the bigger picture takes a back seat. Going through the year-end checklist not only gives you a view of where your business is at, but it also gives you the opportunity to reflect – a critical piece of the puzzle when running a business.

Did you achieve the goals that you set out at the beginning of the year? Is your business providing you with the time, income, and joy that you had hoped for? Are you enjoying being a business owner? Taking the time to look back at all of what’s happened through the year helps you slow down and make the right decisions so you can hit the ground running in the new year. 

Submitted By:

Sal Rezai – Cloud Accounting Specialist, Advanced QuickBooks ProAdvisor & QuickBooks Training Advisor and Founder at: www.accountingbysal.ca | info@accountingbysal.ca 

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How Dark Is The Dark Web?

dark web

The dark web probably isn’t something you’re thinking about while checking your inbox in the morning. Most of us will only ever access a fraction of the surface-level web content our browsers show us. That doesn’t mean we shouldn’t be aware of the dark web and its role in data theft.

In this article, we are going to demystify the dark web.  We’ll be exploring what the dark web is and what you can do to keep your data safe from bad actors within this hidden part of the web.

What is the dark web?

Imagine mapping out a city. On the surface, you would have a widely available street map that could get you to most public places. However, the city also consists of private buildings, service tunnels, sewers, and routes that aren’t readily accessible. The deeper layers of the web are essentially like these restricted areas.

The dark web is a large but hidden part of the web. It is accessible by using a special browser and other tools. It and the deep web make up most of the web’s content, even though they are not nearly as accessible as what we see every day.

Are the dark web and deep web separate entities?

The deep web is simply the part of the web that isn’t accessible through regular browsers. The deep web consists mostly of private networks. The dark web exists within the deep web and has a broader user base.

Why do people use the dark web?

The dark web offers its users anonymity. Anybody looking to communicate without surveillance can use the dark web. This user base can span from people exploring socially taboo subjects to those dealing in illegal activities.

Why should I be concerned?

Dark web users aren’t all up to the illegal or unethical activity. However, the dark web is a significant facilitator of identity theft. Credit card numbers, user credentials, and a plethora of other sensitive information are traded on the dark web every day. This poses a serious security concern for everyday web users and organizations alike.

How can they get my information?

We live in a digital age. Chances are, you’ve provided some personal information to an e-commerce site, social networking site, or a credit reporting agency at some point.

Your workplace is no different. Chances are that employees will provide some of their sensitive information to third parties your organization deals with. Your organization also has a significant amount of its own sensitive data it needs to protect.

Third-party companies can become tempting targets for security breaches. These breaches can result in large amounts of sensitive data being stolen.

Even if you deactivate your accounts or leave a job, the data you leave behind can be compromised. Proactively securing your personal information is the best way to protect against these threats.

Where does the dark web come in?

While hackers can be recruited on the dark web, your biggest concern is on the other end of the process. As we’ve discussed, the dark web is an ideal platform for illicit transactions. If your data is going to be sold, it will likely be done on the dark web.

Is there anything I can do?

Aside from following cybersecurity best practices, there are services like Dark Web ID and Norton LifeLock. These services scan the dark web for your personal information and notify you if you’ve been compromised. From here, you can take steps to protect yourself, depending on what was stolen.

Submitted By:

Jonathan Bullock of BlockIT, an Ontario, Canada-based company that offers Managed IT Services and Cyber Security Consulting | www.brock-it.ca | 613.499.9960 or 1.833.BROCK.IT | sales@brock-it.ca.

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A Leader’s Journey

What does management actually mean? Does it automatically make you a good leader? I mean just because you are gifted at what you do, doesn’t mean you will be able to step into your boss’s shoes, does it?

“Congratulations, you are hired!” …words we all long to hear when we take a chance and apply for a job, that we are confident we are skilled at. 

We work so hard to become great at a skill or an ability that makes us invaluable to others.  

For many of us, our growth goals are synonymous with getting some form of promotion and a dream would be just becoming part of the coveted management team, which often means higher bonuses, company shares, maybe an office and ultimately a better connection with fellow C-Suite. 

But what does management actually mean? Does it automatically make you a good leader? I mean just because you are gifted at what you do, doesn’t mean you will be able to step into your boss’s shoes, does it? 

The part most fail to realize, in their leadership dream, is that becoming part of management doesn’t translate to you being a great leader, but it’s something you work at and learn over time in steering the course of an organization and its people.  

Managing a team, whether big or small requires the ability to be able to step back and let others take the lead in their tasks, see the big picture, and, most importantly, become the coach and mentor on a regular basis for those who now look to you.   

More often than not, many newly appointed leaders often end up more insecure and frustrated because of the spotlight on them from both above and their direct reports below. It’s so important to recognize that it takes time to develop your own leadership style and it will not be the same as someone else.  

As you transition into a leadership role, you have to shift your focus from doing the job to coaching others to do the job, from looking up to others to being looked up to. The reason you are now leading a team is because of your expertise and how you chose to transfer your knowledge is what can define your leadership style

In my experience, there are a few important factors that any leader must always remember.

✔️ Trust in your team’s ability to do their job, until they prove you otherwise. 

I have come across many leaders who either can’t let go or just feel they can do a better job. What they don’t realize is that this undermines their staff and destroys confidence, which is a basic need for any individual. Stepping back to allow another to shine and recognizing their achievement has a lot more mileage than just taking over.

✔️ Seek opportunities to coach your team as often as possible. 

Both positive and negative experiences are great opportunities to reinforce the business strategy and goals. Frequent team meetings or just checking in with individuals is a proactive approach to make sure the ship is on course.

✔️ Make sure you adhere to and continuously evaluate your processes, as they are your checks and balances. 

The appropriate controls in place give your team the autonomy to operate within their boundaries. Your team should always be clear on when to escalate or communicate potential situations, good or bad. As a leader, your role involves recognizing industry trends, evaluating strategy and seeking new opportunities to ensure your organization continues to grow, rather than micromanaging day to day activities. The right checks and balances is a combination of clear processes and procedures, coupled with regular evaluation and communication.

✔️ Recognize effort and forgive blunders. 

Now the latter is very situation-specific, as some costly mistakes have no recourse but regardless of the result, use the situation as an opportunity to coach your team to prevent re-occurrence.


I have worked in many environments where extreme or negative reactions have become a part of the culture and a poor reflection on the organization as a whole. Good or bad situations happen all the time, the key to handling it is our reaction. As a leader, a negative reaction and resulting actions can prove more costly than the blunder itself. Not only are your direct reports watching you but so are your peers and other leaders. To me, a good leader is a combination of expertise, ability and being a good coach. A leader should always be open to seeking coaching and mentoring themselves and recognize when they need to brush up on their own skills.  

Submitted By:

Ritu Kohli-Sethi, Managing Director at Greater Toronto Executive Centre. Ritu has over two decades of experience in operations, marketing, and business development. Married and a proud mama of two, Ritu enjoys writing about her professional and personal life experiences. For more articles by Ritu you may visit her blog.

“Forget race, forget gender, forget religion, and become a human my friend. Become a human above everything else, and all great things shall follow.” Abhijit Naskar

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As An Introvert You May Not Be As Different As You Think!

shy introvert

I knew I was not the most social individual on the planet, and I absolutely despised social interaction at my past job. As a Director this lead to a very negative impression. I now realize I was not wrong, I just simply did not feel comfortable being forced to participate in these situations. Perhaps you are wondering if you are an introvert, so I have broken down the 4 different characteristics of an introvert for you.

THE SOCIAL INTROVERT

The social introvert can handle intimate gatherings with close friends, but will shy away from the big rockin’ party and the workplace lunch, with the entire company. You prefer a small group of people and to prioritize alone time. You are not necessarily shy, but you value your time alone and are more productive this way. You also need time to re-energize and get grounded after a social interaction.

THE RESTRAINED INTROVERT

The restrained introvert Prefers to keep quiet and keeps their cards to themselves. A great listener, with a tremendous amount of value to add to any situation. If they feel comfortable enough to open up to you. This person will often come across as very guarded, but once you get to know them they are an open book. They are also the voice of reason and common sense in many situations.

THE ANXIOUS INTROVERT

Although the anxious introvert may possess a quiet strength and power, they are sincerely anxious and uncomfortable in social settings and will appear awkward or stuck-up. They will avoid social activities at all costs, even though they add a super sensitive and genuine tone to any overall social setting. The anxious introvert would much rather be behind the scenes at the work lunch handling a task, then engaging in uncomfortable small-talk.

THE THINKING INTROVERT

This individual is constantly thinking, dreaming, analyzing, and hypothesizing in their mind. They may appear to be silently off in their own world. They are the quiet, incredibly, intelligent people, who are thinking so much about the topic at hand that they appear to have no idea what is being discussed. When they do speak, you are absolutely floored by their knowledge and understanding and the depth of thought that has gone into what they have to say. Introverts are some of the most sensitive and genuine, loving and caring individuals you will ever meet.

Can you identify with any of these four types of introverts? Or perhaps you have one working with you?

Submitted by:

Mel Ireton, a coach & Consultant that helps Introverted Entrepreneurs market and launch their online programs | www.iretoncoaching.com | meliretoncoaching@gmail.com.

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