How To Do Small Business – Canadian Small Business Blog that explores tax, accounting, personal finance and other topics of interest to small business and self-employed owners, startups and advisors
Many small business owners (myself included) tend to focus on the trivial aspects of their business eg. sales, marketing and product/service development. As a result, accounting often does not receive the attention it deserves. Without the idea that an accounting system doesn’t really add value, it can be a little intimidating. However, there are several advantages to setting up an accounting system and it can be very easy especially if you have some help setting it up. Good accounting software can often handle complex accounting tasks as long as the data is collected and entered correctly.
How To Do Small Business
QuickStart Your Quickbooks, written specifically for Canadian businesses, aims to take you from beginner to trusted intermediate user in a timeline that works closely with your plan. The step-by-step guide lets you learn at your own pace and explains common problems that many QBO users encounter. Best of all, no previous accounting knowledge is required – each chapter is explained in an easy-to-understand way with screenshots so you’ll never feel lost. *Based on the 2021 version of QuickBooks Online*
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Ronika Khanna is an accounting and finance professional who helps small businesses achieve their financial goals. He is the author of several small business books and provides financial consulting services. Small businesses in particular have faced many challenges as the way we do business has changed.
We know that small businesses are an important part of our communities around the world, so we’ve put together some practical tips to support small businesses during the COVID-19 pandemic, and beyond.
We are also pleased to announce our new Digital Jumpstart Program to help small businesses adapt to the changing business environment.
Let’s take a look at how the current crisis has affected small businesses in different parts of the world:
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According to a study conducted by the Madras Chamber of Commerce and Industry (MCCI), 50% of micro, small and medium enterprises (MSMEs) in India are struggling to pay salaries and rent.
According to a study from the University of California at Santa Cruz, 41% of minority-owned small businesses in the US have closed their company permanently.
67% of African business owners say their businesses have been hit hard since the introduction of social distancing, lockdowns and curfews on the continent – according to a report by the African Institute of Management (AMI).
Small businesses have a positive impact on their communities by creating more jobs and keeping money circulating in the local economy.
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Small businesses can also have a significant impact on the national economy. Example: MSMEs in India contribute about 30% of India’s GDP.
Small businesses maintain the unique character of our local communities and create a multiplier effect. Locally made products can attract customers and visitors to the community, adding to the local income. Example: Some Indian MSMEs preserve India’s textile heritage, including world-renowned silk sallies and textile prints.
MSME Day is celebrated worldwide on 27th June every year. praising and thanking MSMEs for their contribution to the world.
Wondering how to support small businesses now during the COVID-19 pandemic and economic downturn? Here are some suggestions for ways to help other than spending money:
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Buy products that are made and sold locally rather than from a big brand. Do you need a new household item or piece of clothing? Skip ordering international products and check local stores first.
Find small businesses in your area or online. Like and comment on their social media posts, or reshare on your account. Leave a positive review on their website or other business review sites. Tell your friends and family about them and encourage them to shop small too.
If possible, do not cancel a current subscription during closed or limited capacity in your area. Buy gift cards from them to use later when the business in your area is more established. Buy some of their products in bulk now to use later to bring money into the business now when things are tough.
Offer your services for free. If you currently have free time and can provide needed services such as web development, appliance repair, or social media advice, consider volunteering your services to support local businesses. Some local organizations may also be able to accept monetary donations.
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One of the positive responses the business world has seen during the COVID-19 crisis is the growing digital transformation as many businesses of all sizes learn that digitization is essential to keeping their business afloat. Small business owners are putting more effort into improving their digital experience.
According to a report by the Connected Commerce Council (3C), 76% of small businesses in the US rely more on digital tools than ever before.
Small businesses in particular need to adapt and digitize quickly to navigate this new normal of remote work and social distancing with limited capacity.
We are proud to offer a variety of applications that help small businesses not only survive these tough times but thrive in our changing world.
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Work remotely and get things done from anywhere. This way, they will be able to adapt to new working conditions easily
Enter taxes, do accounting, create invoices, manage inventory, collect payments, and more to improve their cash flow
Is committed to empowering small businesses to succeed. This has been one of our motivations for the past 23 years.
If you are an MSME business owner who wants to embrace digital technology, we are happy to help you with our new Digital Jumpstart program.
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Through this program, it will help launch the digital transformation journey of the ten winning companies and provide whatever support is needed to help them succeed.
To enter your business in our free Digital Jumpstart drawing, please fill out this form before July 5th, and choose your main business goal.
Some of the options available are working remotely, building an online store, managing finances, managing employees, developing an online presence, providing better customer support, and handling all aspects of the business.
We will draw ten winners for each competition. Entries are limited to one per business. Please complete your business application by July 5, 2020.
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After the ten winners have been selected, they will plan digital solutions for their businesses based on the main business objective they recorded on the form.
Contact us if you need to speak to an expert about digital technology. You can start with an idea right now. Starting a new business is exciting. When you’re thinking about launching and promoting your service, it can be easy to get caught up in the exciting details, like creating your website, getting word of mouth, building your social media presence, and making sales.
However, before you get to the fun, you need to do your homework. Market research should be done so your company knows your competition – and beats it.
Market research collects customer feedback about your product or service and gathers relevant market information. This information includes what your competitors are doing and how they are pricing themselves. It is an important step when putting together your business plan.
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You need to have a clear view of your customers and your competitors, as well as the world. After all, if there is no demand for your product or service, or if the space is too crowded, you may decide to move around before entering the market.
You can’t run a business based on a “gut feeling” or “interest” and hope for success. That is not the plan.
Market research will help you see if there is something that resonates with your idea and if it is something that people will pay for. You want to find a place and face the following questions:
These questions are just the beginning. Where should you open a brick and mortar location? Should you have one? What about prices? Where is the market for your offering?
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The more information you have up front, the better informed you are and the better business decisions you can make.
Moving on from the questions in the previous section, you want to be clear on two other things before you begin.
There are many ways you can conduct market research. It doesn’t have to cost a lot of money. For example, you can use social media for cost-effective analysis, such as gathering feedback about a new product with Twitter polls, testing ads on Facebook, and even finding brand ambassadors on Instagram.
If you’re in the early stages of planning a career – you’ve probably mentioned your idea over drinks with friends or started scouring the internet for 101 types of articles to find out how to get one – market research is essential. You may find that your idea is not something to pursue before spending a lot of time or money. Your market research can also lead you to one idea at a time
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