How to Leverage LinkedIn for Business Success

Ranking social media sites by the amount of consistent users would find that Facebook, Twitter and LinkedIn garner the top three spots on that list. Of that threesome, LinkedIn is developing a strong and positive reputation as a site for business professionals to stay connected with other like-minded companies. It also affords the opportunity to research potential staffing resources. A small business can benefit from tapping into the vast LinkedIn network for their own interests by building up a network of professionals. That network can be utilized in a variety of proactive actions, which can greatly improve a business’ reputation. The following are some strategies to optimize LinkedIn for your business.

·         Build a company profile: Because LinkedIn is the site used by a vast majority of business professionals, it stands to reason that you want to create a company profile which would be a strong reflection of your business. This profile will provide an important portrait of your company to any prospective clients or potential employees. Your LinkedIn company profile can bolster your assets and make any small business competitive. The company profile also has its own type of newsfeeds which can track recent activity such as new hires or acquisitions. Often these profile updates can open the door on many new opportunities.  

·         Update your status: As with Facebook and Twitter, LinkedIn allows a registered user to update their profile at any time. This update will then go out through the LinkedIn newsfeed to the rest of your contact networks. Instead of the kind of random updates on Facebook, your LinkedIn updates should inform others about business-related news such as attending upcoming tradeshows or conferences. It can also allow you to share updates about your company’s website or blog. It’s important that you keep these updates relevant and on topic. If you are using LinkedIn to enhance your small business then everything you post will be a reflection of your professionalism.

·         Tap into the network: LinkedIn works best when you work LinkedIn. In other words, use that network to your advantage. Join groups that might have similar interests to your company profile. Connect with other professionals by commenting on their own success updates. You’ll also be able to send out well wishes for birthdays, anniversaries and new additions to the family that members of your own network care to share. This is a great way to foster positive connections within your business circle.

·         Add your opinions: By joining a group on LinkedIn you’ll also have the opportunity to join that group’s discussion forum. The key here is to keep it professional. Just because a discussion is getting “heated” doesn’t mean you have to jump in with your own two cents.  Before posting any reply try to gauge the temperature of the group. Always remember that whatever you post will be living there for quite some time. Bottom line: think before you post!

How to Find a Business to Buy

One of the first lessons any savvy business person learns is that you’ve got to spend money to make money. The question then becomes how can you effectively spend your money or the money of your investors? This is where the issue of buying an established business comes into play. There are many advantages with finding a business that is already up any running because a staff and management structure might already be in place. The same can be said for any equipment required to run the business whether it’s a salon, gym or real estate agency. Having these elements in place can limit your initial expenditures but that doesn’t mean every turnkey business is going to be a perfect fit for your specific entrepreneurship interests. Consider these questions to ask yourself when looking for the best business to buy.

1.      What Are Your Viable Skill Sets?

The restaurant landscape is littered with dozens, if not hundreds, of failed restaurants that have collapsed merely because the new owner had no clue what they were getting into. Just because you have always fancied owning a place where “everybody knows your name” doesn’t mean you are suited for the restaurant business. On the other hand, a small fast food franchise could be the perfect business if you have a knack for management and bookkeeping. Those franchises are ready made with a textbook of valuable instructions to follow that will insure you can meet the obligations of the brand. There is no need for “out of the box” thinking to drum up business with a national franchise.

If you have strong “people” skills then you might benefit from buying a business that requires a lot of customer service and/or sales calls. If your talents are more of the “back office” sort then clearly you don’t want to have a business where you’ll need to become the face of the company. Always lead with your strength.


2.      What Effect Will This Business Have On Your Home Life?

Starting a new family might not be the best time to start a new business. The pressures on both sides of that equation could create fault lines that result in too much stress. Buying a new business means you’ll have to devote a serious amount of time and effort, especially in the start up phase. Entrepreneurship goes hand in hand with sacrifice. You might have to forgo a vacation or hanging out with the boys for poker night while you get things running. If you’re not willing to devote that time, you might not be ready to invest in a new business.

3.      Where to Find the Right Business?

Throughout the year, there are many franchise trade conventions held all around the country. These expos are a great place to find many potential business opportunities gathered in once place. Not only will you be able to meet franchise owners, but you can enter into some serious discussions with the franchise entities themselves. This is also the perfect environment to survey many options over the course of a single weekend. You might not leave with a business contract, but you’ll certainly leave with plenty of information to process. 

Video Series - Geyser Marketing Group Incorporation

Geyser Marketing Group - Business Incorporation and Document Filing Services

 

Since starting his business on a tight budget and out-dated computer in 2003, Ron Kunitzky has built Geyser Marketing Group into a leading partnership marketing agency in Toronto. Ron has seen success not only as the President of Geyser, but also as a published author of his book Partnership Marketing.

Ron shares his passion and knowledge for partnership marketing, which is a collaboration of organizations in developing a marketing plan to meet each other’s respective goals, through various seminars, speaking and training sessions helping other companies to learn to expand their partnerships and grow their business.

In the video above, Ron shares with us how he started Geyser Marketing Group and the ease in which he was able to get his business up and running with the help of CorporationCentre.ca.

For more information on Geyser Marketing Group, or to purchase a copy of Ron’s book, please visit his website at www.geysermarketing.com.

Top 10 Business Books for Entrepreneurs

Every business starts with the inspiration to provide a product or service to a community. Most successful companies don’t necessarily start out with a global reach. Instead a small business plants their proverbial flag in the marketplace to stake out a territory they hope will become successful. There are many helpful tools at the disposal of a startup company. Even those businesses who have already gained a foothold in the marketplace can benefit from a fresh perspective. The following books are the current Top 10 Business Books as ranked on Amazon. There is a lot of knowledge to be found here!




      1.      Start Your Own Business: Fifth Edition

Published by Entrepreneur Press, this is one of the top selling business startup books. It proudly proclaims to offer “critical startup essentials and a current, comprehensive view of what it takes to survive the crucial first three years, giving your exactly what you need to survive and succeed.”

2.      The Big Book of Small Business

The subtitle of this book says it all: “You Don’t Have to Run Your Business by the Seat of Your Pants.” This text offers insight on planning for growth, hiring the best staff, communicating with your work force and many other essential business needs.

3.      Become Your Own Boss in 12 Months

Deadlines are great for helping anyone accomplish a specific task. This book will set you on the path towards building up your business and keeping it prosperous.

4.      The Small Business Start-up Kit: A Step-by-Step Legal Guide

Operating any type of business, large or small, requires that you adhere to rules and regulations handed down by state, local and federal government agencies. While some folks might see these regulations as burdensome, they actually provide a level playing field for everyone.

5.      The Accidental Entrepreneur: The 50 Things I Wish Someone Had Told Me About Starting a Business

This book builds on the premise that experience matters. Hear what other leading business owners have to say about their missteps and their successes. Among the topics covered are the 7 biggest pitfalls in a business, 10 simple ways to get referrals and 6 secrets of marketing a business.

6.      Small Business for Dummies

Since its inception the “Dummies” series of books have sold millions of copies covering every topic from video game design to gardening. Now, their “Small Business for Dummies” is providing the same attention to detail for business owners who need guidance with running their operation.

7.      The E-Myth Revisited: Why Most Small Businesses Don’t Work and What to Do About It

The author of this best selling text “dispels the myths surrounding starting your own business and shows how commonplace assumptions can get in the way of running a business.” This is all centered about the need for a strong internet presence required by any business.

8.      How to Succeed as a Small Business Owner and Still Have a Life

Running a small business shouldn’t come at the expense of the rest of your life. In this helpful guide you’ll find out how other business owners have created a perfect balance between family, friends and business.

9.      Employee Development: Big Business Results on a Small Business Budget

With an eye towards building a productive work staff this text offers up valuable hints for proper staff management all with an eye on the bottom line.

10.  How to Do A Year’s Worth of Bookkeeping in One Day: A Step-By-Step Guide for Small Businesses

As a business owner, you will become intimately familiar with all aspects of  bookkeeping. This text provides a great foundation in this important area.

Are Smartphones Good For Your Business?

It’s not a stretch to consider that the development of any form of technology can be distilled down to two goals: for fun or for profit. Fun technology are all the gizmos, gadgets and electronics we surround ourselves with to be entertained and communicate. We don’t really need to send out a tweet of the meal we’re having but it’s fun! On the other end of the technology spectrum are all the practical applications for businesses. This would include all the innovations meant to increase productivity and profitability. There is where smartphone technology plays a key role. Can you run your business off your smartphone? Although it really depends on the nature of the business but the answer is yes; you can actually accomplish many important tasks right from the smartphone you hold in the palm of your hand.

One of the most important aspects of new smartphone technology is the ability to bring the power of the internet with you wherever you go. In some instances, uploading a webpage on your smartphone could be quicker than your laptop. This matters for businesses that maintain an internet presence with a company website. It allows managers and other staff members to instantly access their company’s website for status/sales updates. This powerful connectivity also allows companies to keep a watchful eye on financial markets all around the globe with immediate updates delivered by text.

There was a time when businesses were driven exclusively by paper. Contracts, sales orders, receipts and inter office communication was all printed out and delivered by hand. Nowadays that has all changed with the vast majority of companies conducting their communications and contract negotiation electronically. A smartphone provides the user with complete access to all of these documents and communications. It also allows for instant messaging for a quick answer to a business question.

Even though there are such things as electronic signatures, the need to sign “hard copies” is still required. Here the smartphone can bridge the gap by allowing any document to not only be reviewed but also to be printed out. This can be accomplished by docking the device or sending out the print request via WiFi or Bluetooth.

Smartphone technology also allows for complete backups of all information. What is read on a smartphone will also be available on a laptop, pad or computer thanks to iCloud downloads. Additionally, there is the matter of keeping track of your business. Your smartphone can store all important contacts and provide reminders for upcoming appointments. There are also apps which offer assistance in bookkeeping, payroll management and budgeting. Even a small business that sells products can use a credit card swipe attachment on the smartphone to accept payments.

With all of these smartphone innovations, businesses are finding it easier to stay in touch and get instant access to pertinent information. Because this technology is making businesses run smoother, it gives time for everyone to get back to having fun!

Video Series - PatsyPie Trademark

PatsyPie - Trademark Application Filing Services

PatsyPie is a bakery specializing in gluten-free products such as cookies, brownies and biscotti. Started as a home business in St. Laurent, Quebec by Pat Libling, PatsyPie has grown tremendously, with products now being sold across Canada.

PatsyPie was started because Pat herself is celiac. Over the years Pat has tried practically every gluten-free product on the market but found that none of the products measured up to the quality and taste of regular baked goods. So Pat set out to perfect her gluten-free recipes and once she did, she was in business!

For Pat, finding a creative and original name for her company was easy - PatsyPie is a nickname her husband gave her years ago. As PatsyPie started to become a successful business, Pat knew she needed to protect her company name and logo, so she turned to CorporationCentre.ca to register her Trademark.

Check out Pat's story in the video above and for more information on PatsyPie gluten-free baked goods, please visit the website at www.patsypie.com!

Canada’s New Anti-Spam Legislation – How does it affect your business?

Bill C-28, Canada’s anti-spam legislation, was recently passed and will come into effect later this year. While its intended target is deceptive forms of spam, Canadian small and medium sized businesses should be aware of the Act in order to ensure their compliance when contacting leads, networking and developing marketing campaigns. Here are highlights of the important aspects of Bill C-28 that you and your employees need to know:

Definition of Spam

Generally spam is considered to be mass, unsolicited email from unknown or unwarranted senders. However, the new legislation applies to the sending of “commercial electronic messages”, which can encompass email, instant or text messaging and social media messages and other forms that we may not consider to be spam. Many times information that is sent may not be considered to be spam by the sender, but can be viewed as spam by the recipient. It’s important to think of how the message will be received on the other end before sending.  Hopefully, the yet to be released regulations will provide some added details or thresholds to more readily define the scope of this term.

Expressed and Implied Consent

Electronic messages are not considered spam if the recipient consented to receive the message so it is important that you first determine whether or not you have approval from the recipient to send the message. Consent comes in two forms – express and implied.

Expressed consent, as defined in the Act, is what is known as “opt-in” consent, whereby the person or corporation expressly agrees to be contacted before any communication is sent. Usually this would come in the form of a newsletter subscription sign up, adding an email address to a written or electronic list, or checking a box to receive more information. This is a more viable option for business owners because it is less likely that an issue will be raised from those who have clearly indicated interest.

Implied consent has a broader use, which can actually be beneficial to marketers and small business owners, but could also pose to be harder to prove if any issue arises. According to the new Act, implied consent occurs when “[t]he person who sends the message, the person who causes it to be sent or the person who permits it to be sent has an existing business relationship or an existing non-business relationship with the person to whom it is sent;" (Bill C-28 Sec. 9a).

If a customer has purchased wares or services from your business with the past two years, there is considered to be an existing business relationship between you and your customer, which would be implied consent. There is no time limit on the relationship status if the customer has provided expressed consent for future contact. In terms of expressed and implied consent, it’s best to err on the side of caution and try to gain expressed consent for all users when possible.

Identification

Messages must clearly express to the recipient who the message is coming from, remaining consistent with the branding used when the recipient made initial contact with the company. There must not be any misleading information in the subject line that misrepresents the message or the sender.  All messages are required to include the active contact information and postal address of the sender.

Unsubscribe Option

Businesses who have an email newsletter must have an unsubscribe option clearly stated on each message so that users can easily halt future correspondence at any time. Some users may not know to use the unsubscribe link, so including contact information for your business is important to ensure that recipients are able to contact you in another form in order to be removed from the mailing list. If a client does contact you via other means to be removed from the list, unsubscribe the user manually and notify them of the removal immediately.

Tips for Small Businesses

If you have a newsletter sign up area on your website, make sure your database saves important information such as name and date of sign up – not just the email address - so that you are able to prove consent if a problem arises. Always give your customers your contact information in any messages sent as well as the option to “opt-out” or “unsubscribe” at any time. Customers should not be automatically placed in an email database, they must be able to choose whether or not they would like to receive information from you. Don’t bombard your customers with messages, it can easily frustrate your clients if their inbox is getting constantly filled with messages from you.  Setting up an account with email marketing software can ensure that your messages are compliant with the government rules. Senders who don’t comply with the new regulations can face serious fines, so make sure your messages are useful or informative to the user in some way, this will make customers look forward to your correspondence and make your database grow.

There will be more to come on this important topic when the regulations are released.

How to Choose an Accountant for Your Small Business

As you begin the journey of operating a small business you’ll find yourself entering into many new partnerships. Not only will you be building a qualified staff to help accomplish your company’s goals but you’ll also require the help of attorneys, landlords, real estate agents, insurance agents and accountants. It’s the accountant that might just become the most valuable asset to your company. That’s why picking the right account is crucial to the success of your business.

Just as with a company lawyer, it will be very hard to hide something from your accountant. That’s why you need to find a person and/or firm that you can trust. In order to pick the right small business accountant you have to understand the nature of their job. In this way you’ll be able assess possible candidates.

Beyond Bookkeeping: The Role of the Accountant

A small business that is just starting up could get by with a qualified bookkeeper to handle the accounts. This could be an employee specifically hired for the task. A bookkeeper needs to keep track of all the financial records pertaining to revenue and expenditures. Thanks to some very decent software programs, simple bookkeeping tasks aren’t complicated to maintain. However, when you bring an accountant into the equation then you are basically “super-sizing” your bookkeeping abilities.

A small business accountant will not only handle the bookkeeping duties but they will also be able to process all that financial information into advice for appropriate courses of action for the business.  One of the biggest issues that an accountant deals with is tax planning. This is not something that just happens every April 15. Business taxes need to be worked on throughout the year. Deductions, payroll, expenditures and investments all have impacts on a company’s tax return and an accountant will be in the best position to analyze the various options.

An experienced accountant is also someone who can provide consultations with regard to expanding your business. There is where they really can earn their paycheck! Although the final decision would be yours as the head of the company, an accountant should offer many options regarding an expansion plan whether that includes opening additional stores/offices and increasing the staff size. Your accountant should be as invested in your success as you are.

A small business achieves many levels of asset protection when it becomes incorporated. As the head of the company, you’ll also benefit from that protection but you might need assistance with regard to your personal finances. Your company accountant is probably in the best position to also advise you on your individual tax returns and suggest possible investment areas.

Accountant Interview Questions

As you meet with different candidates for your accountant you might want to consider asking them these pertinent questions:

·         What are your CPA qualifications?

·         How long have you been a CPA?

·         What other types of business do you represent?

·         How up to date are you with computer bookkeeping programs?

·         How do you keep on top of market trends?

·         How are your fees calculated?

·         What role do you play in the community?

Finally, ask for references and follow up with them. A good accountant should have no problems sharing their past and current success stories!

Video Series - PixelCarve, Inc. Business Incorporation

PixelCarve, Inc. - Business incorporation and document filing services

Last fall, we decided that we wanted to give our clients the opportunity to showcase their business in a video campaign. We asked our clients to tell us about their business and how CorporationCentre.ca helped them start up. The response was amazing! We worked hard all winter to develop a series of videos that show the impact that CorporationCentre.ca has had on entrepreneurs and business owners across Canada.

The first video in our series comes from Pixelcarve, Inc., an interactive digital agency in Toronto.

Founded by Curtis Priest, Pixelcarve offers its clients creative and complex web design that focuses on building unique digital experiences for premium brands. Pixelcarve's services are focused on the web and mobile devices, but also offer services in digital signage, branding, design, photography and video.

Curtis, a self-proclaimed “do-it-yourself kind of guy”, started his company in 1998 in his parent’s basement with the help of CorporationCentre.ca. He incorporated his business with CorporationCentre.ca, and continues to use the document filing services to file his annual reports.

   

Find out more by watching the video below and visit Pixelcarve, Inc. at www.pixelcarve.com.



Collections: How to Collect From Slow Paying Customers

Ask any successful small business owner what keeps them afloat and they’ll tell you that cash is king. Having cash reserves to tap into can help a company float through the “lean” times. Even with those reserves, there is still the need to collect from customers who owe outstanding debts. Yes, times are tough all over but slow paying customers can be a major drag on a small business. How can your company effectively collect from slow paying customers? Here are some helpful hints to keep in mind when collections are an issue.

·         Establish a Payment Policy for All: The hope is that every customer will pay their bills promptly but there is no way of knowing if that is going to go according to plan. One way to hedge your bets is to establish a payment policy that applies to all business. This could mean asking for a deposit up front before any goods or services transfer hands. If a potential customer has a problem with paying a deposit it could be a red flag towards collecting future payments. This payment policy should also be in writing and cover the final payment schedule whether that is net 10 days or 30 days upon completion. You can have flexibility depending on the customer but your payment policy will work best when everyone agrees to the terms.

·         Add A Late Payment Fee: A late payment charge is not something that a customer wants to be hit with but it could prove to be the incentive they need to get their payments in on time. A smart practice is to make sure the customer is well aware of any late payment penalties. Even though you put it in writing, it’s helpful if you or your representatives can go over those terms verbally. A small business can’t afford to alienate customers with hidden fees.

·         Develop A Thorough Collections Plan: Your small business collection plan should follow automatic procedures that remain consistent. First, make sure you are re-billing customers who have failed to pay right away. These past due bills can be worded with a “gentle reminder” to bring the bill up to date. You don’t have to apologize for sending out these reminders but you can frame them to put the responsibility on the customer by mentioning things like they might have forgotten the due date. For a single missed payment, it’s always best to remain cordial.

·         Repayment Plans: If a customer has a bill that is 60 days or more past due you might want to work with them to set up a payment arrangement. You could help by stopping the late fees and arrange to have payments directly withdrawn from their designated bank accounts.

·         Professional Collections: When all else fails, you can turn the customer’s account over to a professional collection agency. They will pursue the matter until it is amicably resolved. This will free up your own accounting department to concentrate on the more reliable customers.

In extreme cases, you might find that a bankruptcy is imminent. The clues could include no responses to your requests for payment. If you think this is happening then you should work with your small business lawyer to file a proof of claim. Once a bankruptcy has been filed, it might be too late to collect.