3 Year-End Accounting Tips for Your Business

DENE PAQUIN | December 19, 2013

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With the holiday season upon us, many business owners start to think about all of the necessary year-end bookkeeping and accounting tasks again. And while this is possibly one of the busiest seasons for your business.

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Checklist for a Healthy In-House Marketing Team

Article | July 20, 2021

As the pandemic hit nearly every industry hard in 2020 and early 2021, many businesses did whatever they could to reduce expenses. Considering the sting of government shut-downs, operational restrictions, and lagging sales numbers, it’s no wonder that companies cut their marketing budgets! In one study, 72 percent of marketers said their budgets were either reduced or cut entirely. With companies spending less on marketing, more responsibilities naturally have fallen on in-house teams. Now that the economy is starting to rebound and life (and work) are returning to some degree of “normal,” entrepreneurs may be wondering if they should continue to handle their marketing efforts.

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29% of Small Businesses Will Start a Website This Year

Article | February 26, 2020

Kudos if you have a website for small your business because many small business owners still don’t have websites for their businesses. According to the latest survey from Visual Objects, about one-third of small businesses (29%) plan to begin using websites for the first time in 2020. Needless to say, a good website can work like a well-oiled machine to generate leads. However, not all small businesses have websites. In fact, around 36% of small businesses are working without websites, states the Small Business Association (SBA).

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QUICK TIPS FOR COMING UP WITH BETTER BUSINESS IDEAS

Article | August 27, 2021

Coming up with great business ideas is one of the most important things you will need to do as an entrepreneur. You can have all the confidence and training in the world, but if you don’t have an idea your customers can get behind, your organization isn’t going to go anywhere. So, what do you do when you’re struggling to find your Eureka moment? It takes many business leaders a lot of time and effort to find the idea that’s going to make them the next Bill Gates or Elon Musk. While there’s no guaranteed way to ensure lightning strikes, there are a few tips you can follow to improve your chances of getting the right inspiration. Build Your Education Going to college and earning your degree is not just a way to improve your resume, it also trains you how to think in different ways and look for unique solutions to problems. Going to college to earn a business degree can help you to develop your confidence, your understanding of your industry, and your ability to brainstorm. All you need to do is find a private lender who can finance your way through school, and you can use this period of your life as a crucial time for personal and professional growth. Record Every Idea Sometimes, we are too harsh with ourselves about what we identify as a good idea. Sometimes, a concept can come to you in the middle of the night, and by the time you’ve reached the next morning, you might have already convinced yourself it’s no good. Rather than ignoring moments of inspiration, take a note of all ideas, whenever they come to you – no matter how silly they might seem. Getting used to this process of considering every idea will help you to avoid ignoring any concepts that could be a lot more impressive than you think. Start with the Problem One of the best ways to guarantee that your business will be a success, is to work backwards from a problem your customers already have. The chances are you already have an industry and target market in mind for your business, so start exploring the market and finding out what competitors have to offer. Are there any gaps that aren’t being addressed? What kind of problems do you notice customers in your marketplace talking about all the time? Is there anything you can do to solve these issues for your customers? How are you going to offer a result where no-one else could? Be Better than the Competition Sometimes, you do not need a brand-new idea, all you need is a way to be better than the solutions already on the market. For instance, rather than designing a completely fuel-efficient car that does not use any fossil fuels, a lot of automobile companies started working on hybrid cars that could offer a combination of performance and eco-friendly functionality. Find your most significant sources of competition in the market and ask yourself what you could do to make the solution even better for your audience. Ideally, you shouldn’t get too focused on being the cheapest option when you’re just getting started. Most of the time, larger companies have more supplier options, so they can fight you on price quite easily. Leverage Your Passions The best business owners and aspiring entrepreneurs are often the people who started with a hobby or an idea and turned that into a career. Ultimately, you’ll always accomplish more in your business if you’re doing something you genuinely care about. With that in mind, you should always choose an industry that appeals to you when you’re building your new company. Think about what kind of products and solutions you’re usually excited about. Ask yourself what you’re good at, or what you can do that no-one else can. If you launch a business, you are passionate about, you will be much more likely to keep pushing forwards, even when your company faces a difficult stage. Do Not Restrict Yourself You do not have to choose a specific business idea and stick to that no matter what from day one. Spend some time brainstorming concepts, and do your research to find out which idea has the highest earning potential, or which is the most exciting from an innovation perspective. Once you’ve built your business, you can also begin to think about how it can grow in the future. For instance, just because you start your career creating gluten-free bread for people with intolerance doesn’t mean you have to stick to just bread forever. As your company evolves, you can move into new markets like pasta and pastries, or even spread around the world. Keep Exploring New Ideas Even once you have chosen an idea you want to pursue as a business owner, that does not mean you should stop coming up with ideas. Constant innovation and creativity are how most businesses stay ahead of the competition. Encourage your entire team to share their thoughts on how the business can improve, and have regular meetings where you can discuss new opportunities and avenues. Just like people, companies can evolve and change over time, give yourself the freedom to grow at the pace that suits you.

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Social Recruitment: The Newest Way to Find Employees

Article | August 10, 2021

So many aspects of running a small business have been affected by the coronavirus pandemic. And one of the areas that have been most impacted was employee recruitment. It was, after all, quite challenging to find potential new hires when you couldn’t meet and interview them face-to-face. According to a survey by LiveCareer, many businesses turned to social media as a recruitment tool. The company says the social platforms like LinkedIn, Twitter, Instagram, and Facebook allow businesses to learn “a lot about a candidate’s personality.” In addition, for their survey LiveCareer defined social media as “any digital tool that allows users to create and share content with the public.”

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