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Tag: small business

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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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PERCEPTION: MAKE IT OR BREAK IT!

perception

Do start-ups, or maybe entrepreneurs in general, focus on their business, or do they get easily overwhelmed and distracted by competition? Is competition always a threat or can it be an extension to business objectives at times? Whether we make it or break it in this competitive world will depend on the perception that guides our business journey

Businesses have always struggled with the idea of being close to completion and in many cases, they have fiercely tried to find ways to fight competitors. Like any other business concept, things do fall back on how a business owner perceives competition.

Here are 3 ways to perceive competition in hope that readers will opt for the realistic choice:

An Enemy

Continue with the attitudes of the past and stay distant from competitors. If approached, reject and sadistically object their presence and continue to viciously bad mouth and fight them.

A Stranger

Embrace the passive approach. Take the attitude of “I recognize your presence, but stay away”.  As long the competitor does not interfere with my business I am safe and I can make gains.

A Lead

Reach out to competitors and meet them face to face. Ease down the perception that you may be a threat to them.  Share some best practices of the industry and exchange information that may benefit both parties.  Approach competitors with an open mind, be willing to give first so you may build trust. Work on establishing a relationship that will ease down existing boundaries and reshape them into boundaries that are built on respect and that will create a win-win situation for both businesses.

Yes, competitors can be leads and may be very good leads at times.  Strategize as you build relationships and stay focused on the objectives that you have set for your business.

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4 BUSINESS TIPS TO START OFF 2019

new year

The start of every year may be a proper time to work on setting new business goals and resolutions; after all, it’s the start of a new beginning that has major significance to the whole world.  Here are 4 business tips that will help you start off 2019.

  1. Review your vision for the business:  Starting off the year with eagerness and drive for the vision will help kick off the business year and set it in the right direction.  Evaluate where the business is at and set new milestones for 2019
  2. Categorize your mailing list:
    • Segment your audience and know who your clients are.  Stay in touch with them and seek their opinion and feedback.
    • Know how many leads were acquired during the previous year and make plans to increase this number by setting goals.
    • Pin point acquaintances and ensure to stay in touch with them during the course of the year.
  3. Review the products and/or services list, evaluate the performance of each item and based on that “keep, “discard” or “introduce NEW”.
  4.  Establish a realistic marketing strategy that is based on achieving goals and reaching milestones for the year.
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WHY SHOULD I STOP MULTI TASKING?

multi tasking

Inspirational Quotes

“Productivity is never an accident, it is always the result of a commitment to excellence, intelligent planning, and focused effort”   Paul J. Meyer

Increasing Productivity

We only have a limited number of “productive” hours in a day. Making the most of these productive hours is key to success in any arena -and also a key to work/life balance, which we all strive for! Increasing your productivity is about getting deliberate about how you use your time! Here are a few tips that will help you increase your productivity: Assign how much time you are going to spend on each task and then track it and be sure to limit it. Even if you do not accomplish the task in that time – stop and move to the next. This will keep you on track and also make you use your time more efficiently. Take regular breaks! We seem to buy into the mentality that if we push on through we will just get it done and then it will be done – truth is that we are more likely to burn out, feel demotivated and stay stuck!! So make sure to schedule your breaks and take them and come back to the task at hand refreshed!! STOP multi-tasking!! While some think this is a strength and a productive way to work, it is actually counter-productive! It diversifies your attention from a task and so it ends up causing a loss of time and reduced productivity overall.

submitted by:

Tahira Bharmal, Success Coach at Authentic Factor. For more information please visit www.authenticfactor.com or email tahira@authenticfactor.com

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Setting The Grounds For Sales

ground for sale

Inspirational Quote

Selling is essentially a transfer of feelings.

Marketing vs. Sales

Marketing! Argh! … Sigh … As a small business owner with little time and resources, I often find it exhausting and overwhelming to think about marketing. With so many social media platforms, which one is right for me? How do I choose my networking groups? Should I partner with someone to provide complementary services? Should I pay for advertising in print or online? How do I go about finding opportunities to present? Should I invest in pens, keychains, flyers, decals, and cards? Oh my goodness! It’s important to know your target market and to be strategic. Rather than spread ourselves too thin, it’s better to focus on the tools that are right for you – where you can present your best self. Marketing takes clarity and effort. Likely, we won’t make the most advantageous choices in the beginning. But that’s okay. As clear as we may be in our future goals, there will be trial and error along the way. Even as we stumble on the path, we’ll get back up with perseverance and fortitude. That passion for our business keeps driving us on. With belief in the quality of what we’re offering, the reliability of our service, and honesty and kindness in our interactions, we forge relationships over time. We market to create “awareness” and to pique “interest.” We market to make human connections and build trust. With time and patience, our marketing tools become stronger until, at last, we’re selling regularly, having “transferred our feelings” to an ever-growing loyal clientele.

Submitted by:

Phyllis Cohen, The Canadian Pronunciation Coach, works with clients to Speak English with Clarity. For more information, visit www.canadianpronunciationcoach.com, or contact me directly at phyllis@canadianpronunciationcoach.com.

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PRIORITIZING INCREASES EFFICIENCY

prioritizing tasks

Every day brings with it new tasks, situations, and a to-do list that may get overwhelming. Thinking of the day ahead and the things that need to get done can be stressful and frustration may take over. One proven solution to stay in control is to apply prioritizing techniques.

Prioritizing what must get done in a day is a skill that anyone can acquire with a little bit of organization and discipline. However, learning to stay focused and focused on goals requires determination and persistence.

Each day, one gets to do planned activities and unplanned activities.  It is easy to prioritize planned activities. Applying a few prioritizing techniques will increase efficiency on a normal day.  As for the unplanned activities that unexpectedly come up, the best way to handle them is by making decisions that are focused on business goals.

Techniques that may help in the prioritizing process:

  1. Create a To-Do list the night before. Just work on a list without even thinking of what should get done first or last.
  2. First thing in the morning, get the To-Do list and read it carefully. Based on business goals for the day take out the tasks that may not seem important for that day.
  3. Number the remaining items on the To-Do list based on importance to the set goals for the day.
  4. Deal with unplanned activities that may unexpectedly arise, by making decisions that are based on daily goals.

During the prioritizing process, learning to say “No” may seem a difficult practice at first. However, it is a practice that needs to get done in order to stay focused on the prime tasks assigned for each day.

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TARGET MARKET VS TARGET AUDIENCE

target market

Entrepreneurs and small business owners may have the brightest business idea, but if they fail to identify their target market and their target audience they have set up their business venture for disaster.  A distinct target market is the number one element of a successful marketing strategy.

WHAT IS TARGET MARKET?

It is analyzing a business sales market with the ability to identify who will be most interested in the product and/or service it is offering… and why?  It is a segmented market whose interests are focused on the product and/or service a business is selling.

3 REQUIREMENTS FOR DEFINING YOUR TARGET MARKET

Research

Look at the demographics and geographic positioning of the market you are selling to.  Explore their social status:  their age, family size, education level, jobs they are holding, what area they live in, can they afford your product or services?

Segment Your Market

Based on your research divide your market and filter your data based on market interest and income status.  You may find that a segment of your target market can afford to buy your offerings at full price; while you may also find another segment of your market that is interested in your offerings but can only afford to buy them at a discounted price.

Know Your Customer Base

Connect with your customers regularly and occasionally survey their needs for what you are selling.  As your business grows, your client needs and social status may change.  Build a system that will keep your client base information up-to-date.  Your current clients already have an interest in your product/service and after all word of mouth will help you acquire new clients or even potential clients that are interested to follow your business.

WHAT IS TARGET AUDIENCE?

Based on its target market a business can then identify the group of people that may be interested to get their promotions and advertising material, or they may even be at the ready stage to buy a product!  That group of people can vary in terms of age, occupation, geographic location, family status, or income, but the only factor that makes that group the target audience is that they are identified as having developed an interest in your product/service.

3 REQUIREMENTS FOR DEFINING YOUR TARGET AUDIENCE

Knowledge of target market

The more you know about your target market the easier it is to identify your target audience.  If, for example, your target market is Women in high positions in the workplace; then in order to identify the audience it will help to know their management ranking.  Are they part of Senior management or are they in Junior management?  Are they involved in a decision-making process or do they just transfer recommendations through the company hierarchy, etc…

Surroundings matter

When the target market gets outlined it is also important to consider its surroundings.  If women in high positions, that make decisions in the workplace, are the target market, then the target audience will be these women along with anyone in their social and professional circles:  their subordinates, coworkers, direct reports, husband, partners, kids, and family members, fitness club friends, etc….

Purpose is Key

Define the purpose for providing your business offerings.  Is the purpose behind your product/service to enhance beauty? Or is it to facilitate logistics? Is it to develop your customer team? Or is it a food item that your clients or family members may be interested in?

Knowing the target market and knowing the purpose behind providing that specific product and/or service will definitely help the business define its target audience and stay focused on the needs to whom they are selling.  A distinct target audience is definitely the number one element of a successful sales strategy.

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PROMOTIONAL SOLUTIONS TO GROW A BUSINESS

news magazines

Most small businesses create their marketing strategies without considering the many online marketing tools available for them to use as they promote and create visibility for their business.  Here are three promotional tools that will help grow a small business.

Speaking at events

Becoming a speaker at events may require some effort to attend the different events that take place in a business area.  Joining business networking groups and becoming active members there may open up opportunities for increased visibility for a small business. In some groups, speaking at events may be offered as a benefit to members only.

Podcasting

Position your business as a leader in its business industry, and create podcasts that educate, inform or maybe create awareness about a product or service. Podcasting is a growing trend that will increase visibility for your business, and they make good content to post and circulate on social media platforms.

Advertise in a community newspaper

Community magazines are usually widely distributed and read by the public.  Find the community magazine that is most viewed by your business target audience and run an ad there for a few months in a row.  Ads are most effective when seen by the viewer repetitively.

Some beneficial promotional resources that are worth exploring are:

  • Bizbites (bizbites.ca) – a pool for business podcasts
  • Canadian SME – the #1 small business magazine in Canada.

More tools are available out there, explore opportunities and search for what works best to position your business as a leader in its own industry.

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CREATIVITY: IS IT CRUCIAL OR JUST A DIVIDEND

creative leader

Is creativity crucial to small business success? Is it enough to hire creative workforce to design, plan, strategize and implement? What about businesses that adopt the traditional business approach? Do innovative business strategies define the success of a business?

Yes, in order for a small business to stand out in this competitive world of business it requires creativity and innovation. Whether a small business can hire inventive staff or not, creativity has to start in Leadership. When a business owner is not creative, the business becomes very habitual and resistant to change. In a world where change is happening every day, a business that lacks creativity will eventually expire.

Here are 3 goals to drive the creative business owner:

Be a leader in your industry

Competition is on the rise and business owners have to work hard to make their business stand out from other competitors. They find themselves working with an innovative mind rather than moving forward the traditional way. Any small business seeking to become leaders in their own industry finds it fundamental to be creative in their business approach.

Think outside the box

As a business owner myself, I found that anytime I confine myself to one business approach and restrict myself to that school of thought, my success curve will eventually decline. Business owners: stay up-to-date with the latest business trends and feed on the creativity that is presented by the different business experts.

Make creativity your business mark

Competitors are watching the progress of others in their industry; make creativity your mark. When that happens they will find themselves copying your ideas and business strategies and you automatically become the leader in that business trade.

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Business Community: What are the Benefits?

business networking

Build a network of connections

Small businesses cannot survive on their own. In every business, most sales are done through word of mouth or referrals from people who have established trust in the business or the owner of the business. Building a network of connections results in getting leads that may turn into customers or that may send customers to a business. Being a part of a business community will help expand the reach and, with that, increase leads.

Learn Best Practices

Business community websites are filled with information that can be of importance to small businesses. Starting from how to start a business to the latest business trends, business communities are a great resource to gain knowledge about how to’s and where to’s for growing a business. Whether it be through forums, group discussions, or just postings on a profile timeline, there is always something to learn and gain knowledge from.

Stay Motivated

Being a part of a network will definitely help motivate a business owner. Entrepreneurs tend to lack motivation at times as they are responsible for all business tasks. At times they get overwhelmed with tasks and lose motivation, and at other times they may feel they have run out of ideas and lose motivation to continue. A good way to stay motivated is to find a professional business community and stay active there. Stay connected with business owners on the network, attend community networking events, stay visible by placing ads or taking up speaking engagements during events, and always offer to help. That will not only keep a business owner motivated, but it will also increase business visibility within the community.

Generate Leads

Business leads come from knowing people. Meeting people requires a community. Loos for business communities that have a virtual platform and that also run events. That way, one will get to meet people and then stay connected over the internet to send leads and referrals. One thing business owners have to remember, in a community, one has to give in order to take. Give leads, and others will send you leads. Give referrals to other business members, and others will send you referrals.

Enjoy Benefits

Business community websites usually offer benefits to their members. Benefits may vary from free services to discounts and offers to access to business resources and more. Make use of these benefits! Many businesses register at business community websites and forget about their accounts. It’s good to visit business community websites often to explore new benefits added to members.

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Is Your Business Equipped For Growth?

innovative business

In business life, the inception of a new idea can potentially turn into a vision.  However, a vision does not bring growth to a business except if the business owner gets busy equipping their business for growth. A vision may direct a business, lead the path, and be the foundation for objectives and goals, but it will require some equipping along the way to bring growth. Here are a few steps that will equip a small business for growth:

  • Register a business to give it an identity and status
  • Organize the business idea by writing a business plan.  Even if it was a short 2 pages plan, the purpose is to help detail the idea, eliminate chaos that may result in delays, and bring it into existence.
  • Write the vision and mission statements to define a purpose for the business.
  • Detail the product/service. Give it a name, a price, and a description.
  • Package products/services to facilitate the sales process and provide a value-added bundle for the client.
  • Prepare a presentation highlighting your products and services to display when meeting with clients.
  • Prioritize marketing the business and treat it as an integral part of the budget. One of the main purposes of marketing is to increase your brand’s visibility and cause people to talk about it.
  • Marketing attracts leads and fans to your brand (and/or product/service), and these leads will spread the word about your business.
  • Stay up-to-date with the latest trends.
  • Make an effort to stay abreast of technology.
  • Be ready to answer questions about your business.
  • Meet with clients in a professional environment.  Find an office rental provider that will equip the business for growth by providing quality services and benefits.

Concepts that contribute to business growth

  1. Give first, and that will open doors for others to give back.  Do not be afraid to provide free services. Identify a service that may turn into a hit and offer it for free at the start.  Take Facebook, Twitter, and LinkedIn as examples; the platforms have been offered free since their inception, and once they became popular, the owners started finding ways to monetize them.
  2. A business does not grow without an investment.  Whether it be a time investment or a money investment, it has to be substantial.  A business grows gradually, but the time will come when a business has to run from a physical space that will allow it to grow.  Looking for an office to rent becomes a must, and by weighing the pros and cons, the small business owner gets to choose the office solution that works best for their business.  Beware, as the benefits that come with an office will definitely determine how much the business gets equipped for growth.
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