Lean is a way of thinking and being that applies to any organization interested in being efficient and effective in their operations. The lean tools and methods are designed to maximize customer value and eliminate waste—in any process. In the context of lean, processes are viewed as value streams and eliminating waste creates efficient and effective processes that flow with less human effort, less capital investment, fewer defects, and at a significantly reduced cost relative to traditional processing methods. What small business isn’t interested in those outcomes?
Accounting is known as the universal language of business for a reason—without it, no company on earth would stay afloat for long.
Some small companies, especially those just getting off the ground, see accounting more as an afterthought, something to be implemented once business picks up and there's a reason to start tracking revenue and expenses. However, this can be a grave mistake; no matter how much you're spending or making, knowing the ins and outs of your finances is a critical element to success.
20 years ago, Jones graduated from physical therapy school in Nigeria and has been working in the industry ever since. When he moved to Canada in 2005, he began working at a clinic in Fort McMurray before moving to Calgary a few years later. In 2012, he branched out on his own and started Stargate Physical Therapy Inc., which offers physical therapy, medical rehabilitation, and other specialty services.
Although landlords often ask for security deposits on commercial leases, such deposits aren’t legally required. In fact, you can often negotiate them. Unfortunately, too many business owners don’t know that and willingly pay the deposit, without negotiating the amount or the terms. Your goal as a tenant is to pay as little deposit as possible—no deposit at all is best. Deposit money, which generally doesn’t earn a penny in interest, can better serve as working capital for your business rather than security for your landlord.
Every business needs to consider themselves—at least partly—a technology business. If your company isn’t leveraging technology, you risk losing valuable business to competitors who are. Finding solutions for business challenges has become harder now that machine learning (ML) and artificial intelligence (AI) are poised to affect how we work. This challenge may seem ironic—technology is meant to make life easier—but unlimited options can increase the difficulty of making informed decisions.
Despite the fact that nonprofit organizations have been part of our daily lives, directly or indirectly, for a very long time, there are still many myths and misconceptions about who they are and what they do.
Unfortunately, these misconceptions have a negative impact on the public's conception of governance, the recruitment of volunteers and staff, the use of funds, the expected results, and ultimately the success of these organizations.
Since we last spoke with Dallas Arcand in 2017, he has been working on some amazing projects as he expands and diversifies his business. From high profile performances to producing an album and filming a documentary—and everything in between—Dallas has been keeping busy and shows no signs of slowing down.
By far the most common question we find entrepreneurs asking is: “What financing options are out there to start or grow a small business?”. Although there are many traditional ways to finance a business, like through personal savings, family and friends, loans from financial institutions, and speciality financing programs, sometimes these may not be enough (or available at all) to get a new venture off the ground. That’s when you need to harness your creative energy and start thinking outside the box!
My ten years of experience helping people start and grow businesses, nonprofits, and social enterprises in Alberta allows me to witness one of the most common mistakes made by would-be social entrepreneurs. Most of them tend to confuse social enterprise with nonprofit or corporate social responsibility and therefore focus more on their social mission than a sustainable, profitable business model during the planning process.
Here are my top 5 tips for starting a successful social enterprise.
For small businesses without dedicated accounting resources, the labour involved in recording transactions, reconciling debits and credits, handling monthly or quarterly close, and running financial statements can seem like a weighty drain on daily operations. Even a few hours a week can be hard to balance, potentially putting the accuracy of your reporting in hot water.
If your team is struggling under the weight of accounting obligations, it's time to ease the burden. These five tips can help you simplify your business' bookkeeping for good.