What any small business owner needs to know

by | Jun 5, 2023 | Finance and Business

Whether you’re just starting out as an entrepreneur or have been running your own company for decades, there’s always room to level up your skills and improve your business. Here are some tips every owner needs to keep in mind:

Culture counts. While company culture may sound like a buzzword used by a fad-obsessed tech giant, don’t be so quick to brush it off. Culture is a major contributor to job satisfaction, which in turn leads to increased productivity and profit. Make sure your business encourages teamwork, rewards effort and has a mission your employees can believe in.

Learn the rules. There are many laws and guidelines for companies to follow that cover everything from filing taxes to sending emails. These rules can change, especially those that cover technology, so take steps to keep your business up to date and compliant. Don’t be afraid to hire a bookkeeper, lawyer or human resources consultant to help, as penalties can be hefty.

Lead by example. It can be hard to take the boss seriously when they have a “do as I say, not as I do” mindset. Practise the dedication and hard work you want your employees to put in, and don’t be afraid to get your hands dirty. Clean your restaurant’s tables and jump in to cover a last-minute shift on a Saturday night.

Have a backup plan. Sometimes things don’t go as planned, and that’s okay. Knowing what you’ll do if Plan A fails is just as important as having a plan in the first place. For example, research what resources are available should you need a new loan or line of credit. One of your options could be the recently improved and expanded Canada Small Business Financing Program. You can now use the program to fund eligible practical costs like rent, payroll, franchise fees, permits, printed materials, cloud storage and more. You can talk to your lending institution or learn more at canada.ca/csbfp 

Related Content

Does the new Underused Housing Tax apply to you?

Does the new Underused Housing Tax apply to you?

Taxes are a fact of life, but it’s understandable to have questions about any new tax you hear about. The Underused Housing Tax (UHT) is an annual federal one per cent tax which took effect in January 2022. The key question on most minds when you hear of a new tax is...

read more
How to navigate food rules for businesses

How to navigate food rules for businesses

When running a business, rules, regulations and guidelines seem to come with the package. Learning to navigate everything can be a challenge, but these requirements play an important part in ensuring the Canadian marketplace is safe, consistent and fair to everyone....

read more
Is it time to retire our concept of retirement?

Is it time to retire our concept of retirement?

With high inflation and cost of living increases taking a bite out of personal savings, many Canadians are reconsidering what their retirement may look like. The traditional retirement age was established in the 1960s when post-retirement life expectancy was much...

read more
3 tips to keep your home-based business safe and secure

3 tips to keep your home-based business safe and secure

Your home is your sanctuary. But if you run a home-based business, it could also be your office, showroom, storage locker and more. Therefore, it is doubly important to protect it and its contents. Here are three ways to protect your home and business. Protect your...

read more
The hidden costs of condos and how to manage them

The hidden costs of condos and how to manage them

Condo ownership has surged in recent decades. For a growing number of Canadians, owning a condo is one of the most significant investments of their lives. Condos can be an attractive option based on cost, convenience, amenities and location. One advantage is that you...

read more