Financial survival has been top of mind for many business owners since the first lockdowns were declared in March of 2020. Almost 40% of Canadian entrepreneurs are now trying to balance rebuilding their financial health against business needs How to manage your finances to ensure the continuity of your business? Here are few cashflow strategies that will help […]
Local marketing & advertising strategies
According to the Small Business Administration, a third of businesses with employees don’t survive beyond two years. But once you’ve made it through the difficult startup period and your business is on sound footing, it’s time to think about expanding locally. Building out your business can lead to sales growth that allows you to stay […]
Family successions: How to minimize your taxes
Planning can help you significantly reduce your tax liability in a succession. Failing to do so could mean the business has to close or be sold. Or perhaps it might have to incur an unhealthy level of debt. Taxes are one of the main considerations when it comes to family succession. Without proper planning, you […]
Benefits of succession planning
Planning a successful business succession takes years. According to experts, transitions can take up to five years to complete and, in the case of a family business, as many as 10, depending on the firm’s size and complexity. A recent survey of 2,500 entrepreneurs found that five out of six entrepreneurs surveyed estimate that the process will […]
Succession planning: Secrets of a smooth transition in a family business
You started your business 30 years ago with a few family members and now you have a 100-employee company and your adult children are actively involved. Mentoring, trust and a deep knowledge of the business have been the keys to a smooth transition from one generation to the next. One of the benefits of your […]
5 ways to recession-proof your business
Diversification and financial management are key strategies The recession of 2008-09 may have occurred nearly a decade ago, but it’s still a painful memory for many entrepreneurs. More recently, the decline in oil prices has caused a slowdown in producing regions that have hurt business owners. Unfortunately, economic downturns are a fact of life when […]