Blog

Who doesn’t like to save money? In a small business the start up costs as well as costs to maintain your business can be quite exponential. Along with a good budget plan there are a few other things we can do to reduce our overhead costs.

• Marketing: There are many ways to market your business without large costs. You don’t necessarily need to have commercials, large billboards and radio ads. Instead take a look at social media advertising. You can market your business through different outlets like facebook, instagram, LinkedIn and Twitter to name a few.

• Website: Having a website for your business is important. Not only does it provide the information about your whole business but it also shows the legitimacy of your company. There are sites such as wordpress where you can create your own website at no cost but with an option to pay to have better quality.

• Space: Does your business need to run out of a store front? If not there is the option of renting an office space part time or even hourly. This can cut down drastically on your costs as you are not paying a full time lease.

• Speaking Engagements: If you are someone who doesn’t mind speaking in front of a crowd, then speaking publicly is another great option. Using the knowledge you have about your business, volunteering to speak at different events will get your name and business out there.

Canada Post has been on strike for a few weeks now which has caused delays in our mailing. Packages and mail are moving at a much slower rate which in turn can cause delays on getting our products out to our customers. This also can slow down communications we have between customers and business partners. As a small business are you feeling an effect in how you are able to communicate and run your business effectively?

We know jumping through hurdles comes with being an entrepreneur. In order to succeed we have to run with the punches and adapt quickly to what is going on around us. With the rotating strikes have you found yourself in such a position? Maybe it’s time to look at different shipping options to not only be prepared for events such as this but to ensure we are keeping on time.

The last thing we want is for our customers to be dissatisfied because of a lengthy wait on their products. Looking into other companies that ship could hinder the effects. Giving customers the options to choose between a possible delay in a product and a timely arrival of a product can go a long way in how they and others view your business. Another change that many have not adhered to is moving towards electronic communications including payroll. So much of your business filing and paperwork can be completed online. This removes a reliance on your mail arriving on time.

On another note the rotating strike can cause a positive to your small business. With entering into the holiday season, those who are online shoppers are second guessing ordering. This is due to the fear things won’t arrive on time. With that fear, many will turn to local shopping to ensure they have what they need in time.

It’s mid November and the holidays are fast approaching. Do you have any specific business differences during this time of year? What about a change in business hours or product/service pricing? During the holidays the market is flooding with these kinds of changes and it can be something your business can partake in as well.

It can be hard to look at what your offering and bringing it to a discounted price. We immediately think discount equals less revenue. But that is not always the case. There can be an extreme benefit to your business if you offer promotional products/services over the holidays due to such a high demand in purchases. Having a limited time promotion can bring in new customers, and expand the business name which can give your business the opportunity for further successes.  

What about changes in your hours of operation? It is very important to give notice to such changes. Firstly to your employees; they need to be aware of any differences in their work schedule. This gives them and yourself the opportunity to plan ahead as well as get work done ahead of time to prevent a delay during the holidays. Also ensure your customers are informed to any changes. There is nothing worse than a customer setting off to a business and finding they are closed with no warning. Things like signage at your place of business, posting in the media, and voicemail changes are all things we can do to let our customers know.

How many of us have struggled with employees or clients/customers? Maybe things didn’t mesh well or weren’t done the way we would have liked. No matter the length you have been in business you are going to run into problems large and small regarding people. Confrontation can be a huge hurdle for some, and others may be too quick to jump into it. Wherever you fit when it comes to dealing with problems in your business there are important pieces to think about before deciding your plan of action.  

Time and time again it has been proven that picking and choosing your battles is so important. We can’t constantly jump on someone for every little thing we consider a mistake. For example if we delegate a task and that person goes about the process different than you, are they wrong? Is it worth the fight to have them change their way? If the end result is correct and there is no negative effect then weigh your options.

Conflict and constant battles with others can take a toll on you and your employees/customers. There will be many times where we won’t see eye to eye with others. In such instances it is good practice to learn to let certain things go. Having a balance between knowing what you want and what can slide is so important. We don’t want to become that sour business owner. We want to grow and have more positive experiences then negative. In order to do that we sometimes have to let things go and learn to be okay with them while also honouring our values and beliefs.

Here we are now entering into November. The snow has hit and so has the realization that winter is here. That being said, it also means the end of a fiscal year. Unless you have received confirmation from the CRA for a fiscal year change, your year end is right around the corner.

Instead of feeling the scramble throughout the holidays to get everything in order, now is a good time to begin wrapping things up. Whether you are hiring outside or having the work done internally there are a few things to get started on.

• Books need to be in order. This means having all of your income and expenses filed and logged.
• Inventory on items sold and what you still have. This can give you an idea of what your best sellers are and what isn’t.
• Finance overview. It is important to see where your money is coming from, where it is going and what you have left. Having a summary for the fiscal year as well as a breakdown monthly has a lot of benefit. You can see when you are most profitable and least. Once you are in business for a few years, you may begin to see a pattern. There may be peak times and slow times which you can then plan for.  
• Take a look at your assets. This not only adds to the value of your company, but you will also need the information for insurance purposes. The more assets your company has, the higher insurance policy you should hold to cover costs incase of an emergency.
• Revisit the goals you created at the beginning of the year and see where you are at now. What have you accomplished and what do you need to work on? This will help in creating new goals for the upcoming year.

For more information or assistance in preparing for the end of your fiscal year please feel free to contact us.

780-421-1356

www.bitledger.ca