Introduction

As a small business owner in rural Alberta, you know finding ways to cut costs without compromising quality or efficiency is crucial to long-term success. Whether you are a seasoned entrepreneur or just starting your small business journey, it is important to have a budget and stick to it. Now that the new year has begun, it is the perfect time to refine budgeting strategies and explore innovative ways to minimize business costs. Let’s delve into the business budgeting process and check out some practical ways small businesses can keep their costs down in 2024.

Capital assets, dividends, gross profit margin, floating liabilities, working capital… When it comes to owning and running a small business, there are many financial terms involved. It can be overwhelming! Like most small business owners, you probably find it more satisfying to create products and connect with customers than to worry about finances. However, understanding key financial terms is crucial for the success of your business.

Efficient record keeping and receipt organization is a crucial part of financial management in small business. It ensures you have a clear picture of your expenses, simplifies tax filing, and helps you stay on top of your budget. That said, most small business owners find this aspect of running a small business to be their least favourite! The task of keeping track of receipts and financial information can be daunting. Where does one even start? In this blog post, we'll provide some simple guidance to get you started.

One of the most vital ingredients for a successful small business is a team that wholeheartedly backs it. Your team profoundly influences the face, culture, and trajectory of your business. So a motivated, supportive, and united team makes all the difference in achieving your business goals. This blog will explore key steps to building a strong and supportive team to help your business succeed.

Creating a new business is an exciting endeavor filled with passion and dreams. However, financial and legal factors play a crucial role in making dreams a reality. One essential step in starting a business is identifying your start-up costs. By understanding and estimating these expenses, you can establish a solid foundation for your business. In this blog post, we will explore the process of estimating start-up costs and provide you with a roadmap to guide you through this crucial aspect of business planning.

The Business Plan

The past few years have brought about significant changes in Alberta's economy and the global economy as a whole. These changes have had a profound impact on small businesses, with shifts in customer bases and evolving best practices. To navigate this dynamic landscape, businesses need an up-to-date business plan.

Why Women with Small Businesses Should Support Each Other

As a small business owner, you may often find yourself fighting tooth and nail to be seen, heard, and successful. Big corporations continue to expand while small businesses struggle with the challenges of skyrocketing costs and unpredictable markets. As a result, business seems to be all about competition. However, it is crucial to note that fellow small business owners in your community aren't 'the enemy'. In fact, they have the potential to be your allies and friends. This is especially true for women-owned small businesses.

As a business, you may have a mission and a vision statement. These were likely established when you created your Business Plan and defined your Brand Identity. But what are your business goals?

Now that personal tax season is here you will need to start gathering up all your tax slips to report your income and deductions for 2022.  With a lot of institutions and businesses going paperless you will need to determine what tax slips may be coming by e-mail or that you need to sign into your account to download versus arriving in the mail. 

Understanding and Building
Brand Awareness

What is Brand Identity?

Usually, when people say brand, they are referring to a logo and name. However, your brand is more than just your logo. Your brand is the impression people have about you. Your brand is how you stand out in an already crowded market. And, yes, part of your brand is your visual identity. However, your brand is also what you stand for; your values, your voice, your personality, and your reputation.