January 04, 2012 | 6:45 pm
New Year’s resolutions are easy to make but can be hard to keep. According to University of Minnesota researchers, about 80% of the resolutions made by individuals on January 1 are broken by Valentine’s Day. When you’re making resolutions that will impact your business, you’ll want a much higher success rate. Here are some tips for making that happen:
December 14, 2011 | 10:36 pm
Many Canadians have family traditions that mark the year-end holiday season. Adopting traditions for your business can also bring benefits in the new year. Here are some suggestions for your business:
December 07, 2011 | 9:31 pm
With December upon us, Canadians are readying themselves for winter: parkas are coming out of storage, unmatched mittens paired and snow tires installed. But something that many people forget to protect is an item that small businesses find essential, their laptop computers.
November 16, 2011 | 6:30 pm
With the holiday season approaching, many businesses, particularly those involved in retail or consumer products, are anticipating a seasonal rise in sales. Unfortunately, in Canada, winter can be the season for business interruptions. Below are some of the most common reasons for winter work disruptions with steps you can take to minimize the interruptions.
Absenteeism:
November 01, 2011 | 8:51 pm
Tech Tips provided by: Intel of Canada Ltd.
Mobile computing can be a blessing for small businesses, but there are limitations, including limited battery life. Losing power during a presentation, a flight or road trip can result in the loss of a sale or a potential long-term customer. Fortunately, there are easy ways to maximize the charge of your laptop battery.
October 20, 2011 | 5:41 pm
Small businesses are the backbone of the Canadian economy. According to the Business Development Bank of Canada (BDC), small businesses comprise 99.8% of all Canadian companies and employ more than 60% of private-sector workers. Recognizing the tremendous economic contribution of small businesses, Canada will celebrate Small Business Week from October 16 to 22, with hundreds of special events organized under this year’s theme: “Power Up Your Business: Invest. INNOVATE. Grow.”
Robert, thank you for your feedback. We’re glad you found the panel useful and hope you can explore our site for more tips that you can apply in your new venture. For further advice and information be sure to visit the “Getting Started” section of our site at http://getgrowingforbusiness.scotiabank.com/topics/your-business-stage/getting-started.
October 18, 2011 | 5:01 pm
Outsourcing is the contracting out of a business function to an external provider. In recent years outsourcing has gained widespread attention, particularly as online networking has allowed for easy contracting-out across international borders. However, the reality is that outsourcing has been around for as long as doing business has existed.
I think outsourcing is a big help to everyone. From large companies to small businesses. If you have too much job to handle, outsourcing is the best way to go.
One tip I could share with you is create a virtual workspace. Don’t waste money on brick and mortar if you don’t need to. Use virtual work space software that allows you to communicate efficiently and provides accountability. Here is an article with suggestions on a virtual workspace.
Wonderful advice, thank you.
I agree, business owners should embrace the flexibility and cost-savings of a virtual office. I've used them.
Can you please share any suggestions for people who may be shopping for such a service? Perhaps your checklist to select the best vendor.
Roger, Scotiabank Small Business Expert
October 17, 2011 | 11:17 pm
In 2011, Scotiabank and Canadian Federation of Independent Business (CFIB), launched the inaugural Small Business Big Impact Challenge, to recognize businesses that made exceptional contributions to their communities in the areas of:
October 12, 2011 | 8:13 pm
This year during Small Business Week, Scotiabank will host an online panel discussion: Turning a Community Strategy into Business Success. The discussion launches on Thursday October 20 at 2:00 pm EST at getgrowingforbusiness.com, and will feature Jim Treliving, star of CBC’s Dragons' Den and Catherine Swift of the Canadian Federation of Independent Business.
I'm pleased to see you promoting the businesses that recently won your contest. My business, Discovery Trekking, won the 2010 Scotia contest $15,000. grand prize, and while I was thrilled with the win, I felt I could have both shared my success story and help promote ScotiaBank's committment to small business if something like this had been done at that time. I'm looking forward to the upcoming online discussion, and hearing what everyone has to say.
Hi Leslie, thanks for checking out the GGFB blog and the recent contests winners and finalists. We’d love to know more about how winning the 2010 contest has helped your business, so please feel free to share with us all in the comments here. If you are interested, we’d love to contact Discovery Trekking to see if there is an opportunity to learn more about where the company has progressed since 2010.
October 11, 2011 | 6:17 pm
E-mail is vital for Canadian small businesses. It provides a quick and inexpensive means of communications that allows you to reach customers across multiple time zones at the click of a mouse. However, e-mail has some downsides when compared to face-to-face or telephone communications.
October 06, 2011 | 9:39 pm
Keeping your business running on a daily basis requires you to pay close attention to a lot of details. However, for long-term success you also need to look at the big picture and make adjustments to your plan as necessary. A good idea is to regularly revisit your business plan to help ensure that you are on the right path.
September 29, 2011 | 11:29 pm
As a business matures it often becomes more challenging to find growth opportunities. After capturing significant market share, there are now fewer potential new customers and less space for organic growth.
September 22, 2011 | 7:43 pm
Raising a family and running your own business can be a challenge. If you have a young child and a young business, for instance, making sure you have enough time to attend to both can help you attain a happier and lower-stress life. Here are some tips for maintaining your work-life balance, as well as a more successful and fulfilling career as an entrepreneur.
September 20, 2011 | 5:28 pm
Understanding how to protect one’s intellectual property can be essential for Canadian businesses. It can prevent competitors from using and selling your business' products or services; help differentiate your offering and support your business’s expansion into new territories. Understanding intellectual property can also help you protect your ideas and prevent you from accidentally violating someone else’s. Here’s a primer on some of the things you need to know.
Patents:
September 15, 2011 | 10:06 pm
Preparing a business for sale or transition of management can be stressful, and not just for the owner. Unless the transition process is carefully managed, your employees may become worried about their positions within the company and their future prospects.
September 13, 2011 | 9:55 pm
Unless you are a one-person business, you will ultimately have to deal with workplace conflict. The types of conflict that you may encounter will vary on a situational and personal basis, and your means for successfully resolving a conflict may also be dependent on the stage of your business. Here are some tips for workplace conflict resolution for enterprises at various growth stages.
September 08, 2011 | 4:47 pm
According to the latest survey from Industry Canada, only 9% of small and medium businesses are involved in exporting goods or services. However, that 9% has a big impact.
September 06, 2011 | 11:18 pm
By Susan Baka, President, Bay Communications & Marketing Inc.
Even though all the experts say that the most critical first step in starting a business is to have a business plan, it’s amazing how many budding entrepreneurs don’t heed this advice. A good plan lays out what your business does, how it can compete successfully, and how it will be managed and run, and also includes financial information like income and expense projections. It should be professional, complete but concise and easy to read. Check out the Scotia Plan Writer for business to guide you.
September 01, 2011 | 5:20 pm
In 2011, Scotiabank and Canadian Federation of Independent Business (CFIB), launched the inaugural Small Business Big Impact Challenge, to recognize businesses that made exceptional contributions to their communities in the areas of:
• Employment
• Leadership
• Innovative products and services
August 30, 2011 | 10:13 pm
This month, Susan Shulist, Regional Sales Manager, Scotiabank, offers advice to professionals seeking to start their own practice.
August 25, 2011 | 9:26 pm
When starting a business or practice, an entrepreneur’s primary focus will be in getting the enterprise off the ground. As the business matures, you may begin to think about retirement and an exit strategy. For a professional practice, where the practitioner is the brand, this can be a bigger challenge.
August 23, 2011 | 9:20 pm
Major corporations are often required to have a Board of Directors (BoD). Many Canadian small businesses and independent practices generally don’t have such obligations, but with a Board of Advisors small enterprises can gain some of the advantages that a BoD provides: guidance, expertise and oversight. Small enterprises and independent practices may not be able to bring on high-level employees or executives to fill all of the gaps in their knowledge base, but an Advisory Board can give you access to professionals who have skills that can be an asset to your business, often without high additional costs.
business owners must know a little about a lot of things. Setting up an advisory group is a simple as having a good working relationship with a lawyer, accountant and your business banking advisor. In addition there are professional business coaches, marketing and communication specialists. You may even find volunteer business mentors in your community to lend their expertise to your business strategies.
Margaret, thanks for your comment. Those are all very good points. Do you have suggestions on good ways to find volunteer business mentors? Are there any particular resources that you think would be helpful for other small business owners?”
August 18, 2011 | 9:10 pm
A pair of generic canvas sneakers can be picked up for less than five dollars, but a pair of brand-name shoes of the same material and style may cost more than five times as much. This illustrates the power of branding. Good branding can dramatically improve your profit margins and growth potential, but it takes immense work to build a brand – and only slight negligence to destroy one.
August 16, 2011 | 8:56 pm
Having an online marketing strategy has become an essential part of doing business, especially for small and medium enterprises. The Internet enables small companies to keep pace with large competitors through targeted niche marketing and can help you easily reach customers who are seeking unique items that may not be carried by mass-market companies.
August 11, 2011 | 8:48 pm
For many young professionals, raising capital to start a private practice -- whether it is in medicine, law or another profession -- can be one of their biggest challenges. Although years of study and hard work – interning or articling – may have prepared you for your vocation, few professional programmes train graduates in running a business; being proficient in medicine, for instance, does not give you an edge in applying for a loan.
August 09, 2011 | 8:41 pm
One of the most appealing aspects of being a small business owner is independence. A challenge of this, however, is that an individual business’s ability to influence others - whether it is in negotiating contracts or lobbying government – can be limited. Joining a small business or professional association can help you gain support through strength in numbers.
August 04, 2011 | 5:35 pm
Knowing your market is essential for success. Unfortunately, market research is an area where many small businesses feel they are at a disadvantage. Many of Canada’s small enterprises lack sufficient resources to dedicate to original research, and external firms can be cost prohibitive. This often means small businesses have to rely on second-party information… media reports, trade journals and government. While these can be useful, they are also accessible to competitors and may not provide distinct advantages.
August 02, 2011 | 4:22 pm
Achieving a balance between work and life is a challenge for all entrepreneurs. It can be an even bigger one for students in professional programmes such as law and medicine, who need to juggle the demands of life and their studies. With so much on the agenda, acquiring solid time-management skills can be essential to driving success, and will remain an important element in the successful development of their future practice.
July 26, 2011 | 5:13 pm
A well-designed loyalty program can help make your business the first choice for customers. However, designing an effective program requires work, research and continued engagement beyond what you find in standard promotions.
July 21, 2011 | 11:50 pm
An advantage that mature businesses will typically have is that longevity has provided them with a degree of stability and a performance history. At the same time growth can slow as market capacity is reached. This can make acquisition an important aspect of a growth strategy.
July 19, 2011 | 11:15 pm
For many new and growing enterprises, cash is king. Businesses at an early stage of development may need funds to make capital purchases, to support what may be an unstable cash flow, or to keep a new enterprise afloat long enough to take off or gain traction in the marketplace. Because of this, many start-ups or new enterprises don’t consider developing an investment strategy.
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Robert3 months ago
Thanks for this panel. It is encouraging to see the winners of the contest (from larger and smaller firms) dispense advice from their frontline experience. I can't afford a CFO, either, but as I embark on a new venture myself, I'm going to pay particular attention to the advice of watching the paperwork and not falling in love with my products so much I can't adapt to the needs of my market. Congratulations and thanks again to the winners and participants in this discussion.