The point at which a small business’s sales exactly cover its expenses is called The Breakeven Point. Performing a calculation called a break-even analysis can help business owners determine the amount of product they must sell to generate a profit. Knowing your Breakeven Point is crucial for selecting product and service pricing and adjusting operating costs when necessary. To calculate your Breakeven Point, you must know your fixed costs, variable costs, and the selling price of your product or service.

Being a successful small business owner requires that you understand your company's financial statements. Fortunately, the three key financial statements you’ll be working with are more straightforward than you might think.

Capital assets, dividends, accounts payable, contribution margin, floating liabilities, and 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 a great product or service and connect with customers than to worry about finances. You may be tempted to leave it all up to your accountant and bookkeeper. However, entrepreneurs need to know key financial terms.

Running a seasonal business is all about planning. This is especially true when it comes to finances. Businesses with seasonal operations, such as those in the tourism and agriculture industries, may have difficulty meeting financial obligations in slow times. Because fixed costs don't go away in the offseason, seasonal businesses need to pay special attention to how they manage their cash flow. 

There is a lot to consider when thinking of starting your own business. It can be overwhelming and you probably have a lot of questions. Our Business Start-up Guide will walk you through the steps and considerations of building your dream business.

Simple Steps to Marketing Your Small Business

Marketing is all about delivering the right messages to the right people at the right time. It’s about getting seen and having your voice heard.

Writing a business plan is one of the first steps you should take when starting a business. A business plan will help you define and legitimatize your ideas. It will help you get organized so that you can quickly see success. However, Business Plans aren't just for startups.

The past few years have seen drastic changes in Alberta’s economy and the global economy as a whole. Customer bases have shifted. Best practices have changed. Businesses have been impacted. Having an up-to-date business plan is imperative for success in today’s market.