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How to Avoid a HR Nightmare

How to Avoid a HR Nightmare

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How to Avoid a HR Nightmare

How to Avoid a HR Nightmare. 30% of employees quit before making the half year mark. This type of turnover is very expensive in terms of money but also your time.

It’s best to hire the best possible fit and pay the most you can and if money becomes an issue add other benefits that work in retain the employee or contractor.

Keep in mind that people quit managers not companies.

1. Be a leader in Compensation and Benefits

50% of employees are motivated by money and will stay in their job for these reasons. The other 50% crave stability, benefits and engagement from the employer. If you can make them feel wanted and needed you can keep the other 50%.  Pure financial compensation is not the the only motivating factor.

2. Hire the Best person and pay more if you have to

Look for the best fit not how much you can pay them. If 1/3 of your employees are going to turn over try to reduce that by hiring better fits and people that aren’t quitters.

Don’t turn away a AAA employee for a few thousand dollars.

3. If you cannot afford to pay a higher salary or rate, add in benefits to empower

If 50% of employees or contractors are motivated by non-financial reasons work on those. It’s better to keep happy people if you can pay them less and give them more time off that are benefits or simply engage them in decision making processes along the way.

4. Hire self starters over employees or contractors who need step by step instructions

When at all possible higher self starters and leaders over employees. Having people that are going to motivate themselves and not meet need to be micromanaged goes along way in the business growth and the ability to survive in difficult times.

 

5. Delegate and use Internal Controls to Manage, Micro Management does not work

Now that you’ve hired yourself motivated people do not micromanage them. I have internal controls and reports that they can live up to. Set goals and ensure that they meet them rather than micromanage him along the way. Allow for some failures and learn from them and let the employee or contractor grow from their mistakes.

6. Involve all Employees or Contractors in Idea generation and Round Tables, no matter what level

One tactic that worked really well in one of my earlier companies was to have every single employee involved at the start of a project in a round table. From the cleaner to the CEO everyone has an idea and when you let them be part of the process and can see from the beginning of the project to the end they will be motivated to stay to see it through.

 

7. ESG is one way to keep Employees or Contractors, some of best workers want more than money

More and more environmental and social issues are becoming paramount in the workforce. Employees would rather work for the employer that they are proud of for less money than work for a company that is destroying our environment or social values. Try to align yourself with social issues and charities to retain employees as they will feel dedicated to these charities and movements.

How to Avoid a HR Nightmare.

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Social Media Heart

Growing your Small Business with Social Media

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Growing your Small Business with Social Media

Growing your Small Business with Social Media. Nearly 75% of Canadians you social media on a daily basis.

Social media is a great way to connect with people to increase your brand awareness and connect with people that actually already enjoy your brand.

Using social media can be very inexpensive and if done correctly can enhance your brand and in separate you from the pack.

1. Make a SMART Plan

To be effective in social media you should create a smart plan: specific, measurable, achievable, realistic and timely.

Well it without a plan you will not be able to measure your goals and we will get into using analytics in a following point.

2. Choose the platforms will work for you

choose which platforms work work for you in my case I think LinkedIn and Instagram are the best platforms for my business.

 If you were running a clothing line then, Pinterest and Instagram might be your best choices as well as Facebook marketplace.

3. Understand where your customers are on Social Media

By doing this you will ensure that you were not wasting efforts in targeting customers. For a service his business that’s B to be a place like LinkedIn is a great place to find your next customer.

4. Create Look a Like audience’s

If you were thinking of expanding beyond your current area i.e. moving from going into the Vancouver market and you’re currently in the Toronto market. You should start to look at and create look-alike audience so you could quickly move into those markets as consumers are generally going to have the same behaviors.

5. Create relationships

It is very important to interact with your posts. When customers are researching generally they find social media posts then do more research and then create a buy. You can get free exposure by thanking people for their likes which then could turn into more exposure to new account customers.

6. Use eye catching pictures in your posts

Make your post stand out from the rest. Use eye-popping photos and videos to engage the potential customer. I use Unsplash as a free photo repository to get make my post pop.

7. Better to have well thought out posts over too many spammy ones

Do not spam post after post. Create 5 to 10 posts a week spread out and scheduled but make sure they are the best 10 posts you can make.

8. Sharpen the Tools in your box to use the most effective ones for you

Experiment with new social media platforms to find out which ones work and which ones don’t. Eventually you can get up to 10 to 20 social media platforms that could work. I suggest focusing on 10.

9. Make sure to engage with people on your posts

When people react to your post with her at a lake or a comment. Please ensure to respond. This will create social signals and push your post further into the social media platforms.

10. Use Hootsuite to manage your posts throughout the week

Are use HootSuite to manage my post. I can schedule them every week at different times. It also gives me analytics to see how I’ve done week to week. It tells me whether my posts reach more people or less and and if they had more interactions each week.

11. Use Analytics to ensure you are making progress

You can also use software like Google analytics to see where the traffic is coming from to your website. You can actually track which social media platforms are sending traffic to your website and adjust your campaigns accordingly.

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Planning and Budgeting

Monthly Budgeting and Planning

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Monthly Budgeting and Planning

Monthly Budgeting and Planning. To make a real difference in your business you should focus on a monthly budget for planning. You should take the annual budget and divide into 12 monthly periods. You will then, have a comparison point for prior months and your year over year monthly budgets. This will give you the roadmap and planning tools to mitigate costs show weakness and find opportunities to grow your business.

I highly advise reviewing your monthly comparisons of budget in order to create a plan. This should be done after your bank reconciliations are done each month.

One major reason I review my budget on a monthly basis is to look for cost savings. I like to see based on sales as a percentage if my costs are increasing or decreasing. Also I like to see if my sales and costs are increasing or decreasing versus last years period of the same month and is there a seasonality affect in my business.

When I do review my costs I try to find redundancies or costs that really aren’t adding to my profit. Our goal is to increase sales and keep cost in line or lower them overtime. Measuring profit margin month over month and year over year, is a great tool to understand if your business is moving forward we’re going backwards.

Doing cash flow budgeting on a monthly basis is also highly recommended process. Understanding the time when you will breakeven and start to make profit is critical. Knowing what level of sales you need to attain to maintain your costs is imperative.

Once you have a handle on breakeven and costs compared to sales, you can plan for growth. Understanding how you can grow your sales with keeping overhead steady and only increasing variable costs is a great way to start.

Sales growth while lowering costs would be the ultimate path to profitability.

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Planning and Productivity

Business Planning and Productivity

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Business Planning and Productivity

Business Planning and Productivity. A business plan is very critical to your business. It is a roadmap on what your business does I was going to do it and who is going to do it.

Before you go through the steps you should ask yourself these questions; are we ready to start a business plan to expand the business? What makes our company different? Are we in a niche? What’s your differentiator? What solution do we provide that makes a difference? What are our costs to breakeven and our margins and what does it take to make a profit.

Here are some steps that you should take to create your business plan:

Step 1: Executive summary, in the executive summary you should define the sector is what products or services you’re selling, who’s your target audience, what does your industry look like, and your swot analysis strengths weaknesses opportunities threats, and who are the owners and stakeholders.

Step 2: Mission statement, it is important to tell the readerr what you’re going to do and how are you going to do it. One rule you should follow is to keep it simple, the KISS rule.

Step 3: Describe your Product or Service, you should be describing what are you actually selling or producing. How much does it cost to make the product. What is the packaging and the marketing costs.

Step 4: Marketing plan, who are your customers, who is the competition, what’s your niche, how will you distribute your advertising; online and off-line sales strategies and who will market it and who will be the face of the business.

Step 5: Operational plan, will be critical to your plan logistics, transportation, inventory, legal, suppliers, employ contractors or employees and accounting systems.

Step 6: Organizational Chart, is another critical step who runs a business who reports to who what is the hierarchy and who are the stakeholders.

Step 7: Financial plan is one of the most important part of the business plan this should include a profit and loss projection and analysis a breakeven projection analysis and very importantly cash flow analysis.

Step 8: The final step can include items like attachments for resumes, profiles of business owners and founders and organizational profiles of employees. Also successes of the business via awards and media.

In summary business plan is very essential to accompany’s success. 7 out of 10 businesses fail, so when starting a new business you need to have a plan. A plan to get you from point A to B profitably and successfully. The reason that 70% of businesses fail, is because they did not have a plan, they had no research, they had no niche, they did not understand the breakeven, cash flow or profit margin‘s. Essentially you need to know how much is going to take to make a profit, pay your bills and get you on the road to profitability and growth.

Planning and Productivity

Planning and Productivity

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New Business Start Up To Do list

New Business Start Up To Do list

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New Business Start Up To Do list

The essentials for any new business start up would be in my opinion: A Business Plan which you can find at The Business Development Bank of Canada’s site BDC, Business Bank Account from the best business bank in Canada RBC, Incorporation number that you should register with CRA via their website at canada.ca, Trade Name registration which is done to protect your name in Canada NUANS Search, Shareholder agreement if more than one founder, HST registration for business number once you get to over $30K in sales, creating brand with mission statement, website with Word Pressand Go Daddy, email address via Google Business, Google Analytics for Search, Google Search Console for SEO, Mail Chimp for Email Marketing, LinkedIn for Networking, Google My Business Page for Reviews and Map, phone number, business address and a great accountant.

Once you get the basics completed and start to make sales, you will need to understand how to operate the business. Questions you can ask yourself could relate to, what is my gross margin? Do I hire staff or contract the work out? Do I need a line of credit or loan? Should I buy my office or manufacturing facility?

My strong advice is find a mentor or community you can learn from. I would not pay for advice, as the best learning is by doing and making mistakes. You need to learn from your experiences and adjust your business to eliminate your weak spots.

The best industries that large gross margins are Real Estate Services, Transportation and Logistics, Storage Locations, Field and Sport Centre Rentals, and Waste Management and Remediation. By picking an industry and already has large margins you can stay one step ahead. I would then find a niche in the industry of your choice. By owning a niche you can focus the lower your competition. You can target keywords and own them.

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Franchise Accounting

When buying a Franchise, what to look for

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When buying a Franchise, what to look for

If you are thinking about buying a franchise you take a look at different things. Look at location, franchise fees, initial investment, and competition from other sources.

Many people are quick to jump into a Franchise agreement without doing the necessary due diligence. You need to ask for certain items. This should include: Corporate Documents, Financial Statements, Corporate Tax Returns, Access to the Accounting system along wth Bank and Credit Card statements. Also, having a Notice Assessment review for CRA would be a critical step in the process.

Look for a franchise that is focussed on E-Commerce and has good online marketing presence. Social Media has become an essential part of any business. Having a Franchise with strong influencers will go along way to help grow your location.

Franchises that have a strong online backing and are going to help you in the new post Covid world. One tip I would give is to look for a franchise that focuses on environmental and social issues, these will have longer runways for success.

You might think ‘Quick Service Restaurant’ when you think of the world of franchising. 60% of the estimated 1,300 franchises in Canada are not in the Food Category. 60% of franchises can be found in a range of other industries like Wellness, Products or Services, Elder care, Cars and many, many more.

Dig deep to find business opportunities in franchising by investigating the sales verticals available! So many possibilities are out there, make sure to do a deep dive in your due diligence.

 

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How to start a business online for Free

How to Start a Business Online for Free

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How to Start an Online Business for Free

First step, after deciding what you will sell or what service you will provide, I would create a logo and brand that speaks to your product or service. Secondly I would be looking to Instagram Business and Facebook Business pages. I would also go to google my business and create a profile and create shopping listings. Another avenue is YouTube instructional videos. Depending on what you’re trying to sell, whether it’s a product or service; LinkedIn can also create a very viable marketplace. I think creating small little commercials that show what you are selling or what service you provide will help. Videos will let your potential clients see who you are and gain some trust and desire to work with you. I would also focus on a niche and if you can be local service provider and work on your local area network via Google maps. You can create custom maps with keywords on Google Maps. Another good place to sell product is Pinterest, if you have great images of your products or services. I would prefer that you did longer videos that show instruction or advice and make them permanent rather than doing a story that evaporates in 24 hours. If you are selling a product and can get listings on Etsy and Amazon it will accelerate your sales as well.

Once you have created all of the social media pages you need to share them and create social signals. I would focus on a maximum 30 hashtags and try to post two to three times a day. The posts should be a mix of photos, videos and topic sharing.

If you already own a Website URL, you can host a one-page site via Go Daddy for free. You can embed your videos from YouTube and share. You can create content via a blog and share as well.

How to start a business online for Free

How to start a business online for Free

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Wage and Rent Subsidy

Rent and Wage Subsidy, CEBA Loan

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As we now enter a new lockdown I’ve been speaking to many small business owners, and they are very afraid. The new lock down seems to be a lot  tougher this time around as most businesses have followed the rules and have no cases in the their small business establishments, but we must get through it. Speaking to my hairdresser who is a small business owner and her sales are down 70%, She was unaware that she could get her rent subsidized, her staff kept on payroll and a interest free loan from the government that’s not repayable til the end of 2022 with a portion that is forgivable. Also if you did not pay the loan back by the end of 2022, it would also then convert into a loan for five year term at a low interest rate. Please use all of the government programs and lets get to 2021. There is enough money available to get you through to the spring. If you need help reviewing your expenses and need to make a plan and budget, call me.

If you are like my hairdresser any other small business that has lower sales and doesn’t understand how to apply for the benefits the government is providing, Call or text me today at 416-697-6478 to get help with CEBA Loan application, Wage Subsidy, or the Rent subsidy program. You can also email me at info@bbsaccounting.ca or info@torontotaxexperts.ca. I will connect you with one of our accountants and we can start to get you back on track and save your business

Wage and Rent Subsidy

Wage and Rent Subsidy

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xero accounting downtown toronto

Xero Accounting Downtown Toronto

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Streamline Your Business With Xero Accounting Downtown Toronto

As a business owner in Downtown Toronto, your time is valuable. Your goal is to ensure you are as productive as possible every minute of every day. The last thing you want to do after a busy day is to sit at a desk and enter customer invoices, job estimates, or other day-to-day activities as some accounting software programs require. With Xero, you can grow your business and understand where your money is going. From importing bank transactions to sending invoice reminders, Xero Accounting Downtown Toronto has all the time-saving tools you need to grow your business, and automatically handles tasks to get your accounting done faster.

Finances are an integral part of your business. Working with professional accountants and bookkeepers helps streamline your year-end preparation. With the help of Xero accounting software provide you with a better overall picture of your business’s progress and potential. Our team of professionals at Toronto Tax Experts work with you every step of the way, to help you understand your numbers and help you grow. 

Xero Accounting Features

Xero accounting Downtown Toronto is always secure and reliable, and our experts are here to support you 24/7.

Reconcile In Seconds: Import and categorize your latest bank transactions into Xero. Click to reconcile.
Get Paid Faster With Our Invoicing: Send online invoices to your customers and receive updates when they are opened.
Keep Accurate Records: Quickly categorize your bank transactions as they flow into Xero each day. We help you track cash flow and prepare all necessary documents for tax season.
Keep Accurate Records: Quickly categorize your bank transactions as they flow into Xero each day. We help you track cash flow and prepare all necessary documents for tax season.
Keep Watch On Your Businesses Health: See the money coming in and going out daily with easy-to-read charts showing up-to-date figures.
Get Paid Faster: Reduce then time to get paid with online invoices that include a Pay Now button, and let Xero chase outstanding payments with automated reminders.

About Toronto Tax Experts Xero Accounting Services in Downtown Toronto

At Toronto Tax Experts, we love working with Downtown Toronto’s diverse group of entrepreneurs. Most small business owners don’t have the funds to hire a full-time accountant, let alone a team. TTE is Downtown Toronto’s leading accounting firm, offering business owners the opportunity to work with a large accounting department on a small business budget. Whether it’s bookkeeping for creative agencies, retail stores, health care professionals or retail businesses, we take care to customize our services to your needs. At TTE, with Xero accounting Downtown Toronto we set you up for success right from the start, and focus on the number so you can focus on the growth of your business.

small business accountants in toronto

Small Business Accountants in Toronto

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TTE Is Your Leading Small Business Accountants In Toronto

The time has come to fulfill your dream of starting your own small business! As a small business owner, you need to get started correctly. At Toronto Tax Experts, our team of small business accountants in Toronto take care of the numbers, to allow you to focus on your business. 

Using a professional bookkeeping service will make you feel assured that your business will have predictable profitability into the future. With TTE Bookkeepers, you can focus on your Small Business and we will focus on the Bookkeeping. You will need to know at least the basics, which we list below.

Here are the main Accounts used in Small Business for Bookkeeping:

Assets: Bank, Accounts Receivables, Real Estate
Liabilities: Lines of Credit, Loans, CRA Tax, Mortgages
Revenues: Sales, Investment Income, Capital Gains
Expenses: Payroll, Rent, Mortgage Interest, Utilities
Equity: Accumulation of Net Income and can be used to Issue T5

The next step in the bookkeeping process will be to set up the chart of accounts in order to capture the income, expenses, assets, and liabilities in an organized manner. The Chart of accounts will be set up to be customized to your specific small business.

TTE Bookkeeping Services #1 Tip is to, keep all of your receipts. We use receipt bank to digitize them for you. You can run your accounts payable report to track. Here are the types of receipts you should keep:

  • Bills
  • Receipts
  • Bank statements
  • Credit card statements
  • Proof of payment

Get Started with a Professional Small Business Accountant in Toronto

At Toronto Tax Experts, we take pride in clearly explaining and navigating the often foggy landscape of bookkeeping and accounting and its relationship to business owners of all types. We help our clients choose and maintain systems relating to their cash, receivables, inventory, payables, sales, expenses, and any other accounts as required.

Our mission is to help your business succeed through insightful financial analysis and sound accounting methods. Our small business accountants in Toronto go beyond basic bookkeeping to provide financial modelling in easy-to-understand dashboards, proactive tax planning and preparation, and business consulting. We are here for you, whether you need to raise capital or help to manage your cash flow.