by Jeff | Jan 26, 2019 | Business Ownership, Managing, Transitioning
When we speak of “business succession planning” for private companies, some people think only of tax and estate planning, while others may only consider a transition in the share ownership of a business. While those are each important elements of succession planning, on their own they do not cover everything that needs to be included in an effective succession plan. The tax plans or estate plans can quickly become meaningless if nobody is able to run the business. The same goes for the...
by Jeff | Jan 26, 2019 | Toolkit
Social media is a marketing gold mine for small businesses. And understanding the nuances of each social network can help you optimize your efforts and get the most bang for your buck. The best place to start is finding out where your customers are. Each site attracts different demographics and offers distinct marketing opportunities. Take a look at the social media networks available to see which ones match up well with your specific business. Social network use by Canadian adults...
by Jeff | Jan 26, 2019 | Toolkit
If you don’t want to start a business from scratch or buy an existing business, franchising may a good choice for you. Franchises employ over 1 million Canadians and generate approximately $68 billion in revenue every year.1 Franchising can reduce some of the risks of starting your own business, but you may also feel restricted by a lack of flexibility in decision-making. How does starting a franchise work? The franchisor (the company leasing the rights to the business name and system)...
by Jeff | Jan 26, 2019 | Toolkit
It goes without saying that exporting your goods or services to another country or importing goods into Canada are great ways to grow your business. But with any great opportunity there are risks. So before you start to do business across borders, there are a few things you should consider. Is your company ready to do business in other countries? Do you have the capacity to produce for other countries? Do you have the working capital you’ll need to buy imports? Do you have the...
by Jeff | Jan 26, 2019 | Toolkit
It might seem like Arjun Kumar, winner of the BMO-sponsored AIR MILES®† For Business Small Business Achievement Award, has it all figured out when it comes to running a small business. But he didn’t get here without facing some adversity. Kumar, CEO at KAI Innovations, created the first smartcard in Ontario, allowing individuals (and their doctors) to access their entire healthcare history with a single swipe. While the product was undoubtedly innovative, he admits to having made a few rookie...
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