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.

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. 

How to be an Attractive Borrower

Have you heard of The Five C's of Credit? It is a classic banking industry guideline that lenders use when assessing the merits of a loan application. The Five C’s of Credit are Character, Capacity, Conditions, Capital, and Collateral.

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.

Market Research can give you insight into the needs and interests of your customer base, the market trends in your industry, and how your own business is perceived. It can even help you discover who your clients are and define your target market. For many business owners, market research provides vital information for decision-making. A well-informed decision can mean the difference between making decisions that benefit your business and making poor decisions that may hurt it. Because you need to stay up-to-date with an ever-changing business environment and the constantly evolving needs and interests of your customers, market research should be ongoing. 

If you own a small business, you know how important it is to stand out in the crowd and be noticed by your potential customers. However, one critical question you must ask yourself is "Who ARE my customers?"

It's fundamental to business strategy, yet easy to overlook: defining your target market.

In a sea of businesses, standing out from the crowd is not just an advantage—it's essential for survival and growth. For small business owners, differentiation is a game-changer, offering a pathway to carve a unique space in the market, attract loyal customers, and thrive amidst competition.

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.