Category: Advice
Small business budgeting for the new year
Even if your business is not what is typically identified as a “seasonal” business, your business likely ebbs and flows with seasonal fluctuations—at least that’s been my experience over the last 35 or so years. Fortunately, after a couple of years at the helm of your business, those fluctuations can be anticipated; making it possible…
Cash flow: What business owners should know
Cash flow is the lifeblood of every business. Without cash, it’s hard to purchase inventory, pay employees, and ultimately keep the doors open. In fact, according to PreferredCFO.com, 82% of small businesses fail because of poor cash flow management skills or a poor understanding of cash flow. “While there are multiple factors to consider with…
Getting into the holiday spirit: Tips from an Ottawa restaurateur on preparing for the busiest season of the year
The holiday season is typically the busiest time of year for Canadian small business owners, especially those in the restaurant industry. A 2017 Canadian Holiday Outlook Report from PwC Canada found that 58% of Canadian consumers plan to shop with local and independent retailers during the holidays, estimating that they will spend an average of…
3 Unexpected Ways Business Owners are Wasting Time
Here you are, coffee in hand, ready to tackle your store’s to-do list. But before you know it, you’re dealing with an order that came in unexpectedly, recounting last night’s cash report because it doesn’t add up and covering for your cashier whose, once again, late. Sound familiar? That’s because, on average, business owners spend…
How to Motivate My Employees When They Return from Vacation
Employees Returning from Vacation? Here are 6 Tactics to Keep Them Motivated at Work. The end of summer can have a sad ring to it. For many business owners, it means time to get back to work and finish the year strong. It’s also is a time when your employees are returning from their vacations…
From Temp to Perm? How and When to Do it Right?
Should You Bring Your Temporary Employee on Full-Time? Hiring temporary employees is a natural course for many small businesses during the busier seasons. Temporary employees come in many shapes, sizes, and with different expertise. The most common reasons to bring on a temporary employee include: college interns on summer break, to have an extra hand…
Balancing Online and In-Person Sales
Tips for Balancing Between Online and In-Person Sales An Interview with Parth Sharma, Brand Breeders I’m thrilled to have the opportunity to sit down with Parth Sharma, the owner and founder Brand Breeders. Launched in 2011, Parth’s company helps consumer goods brands launch and scale their business. Part manufacturing, part consulting, Parth spends his days…
Steps to Get Back to Work and End the Year Strong
In August, the slow, quiet, feeling of summer fills the air in many offices around the world. Each week a different team member is on vacation, some offices have “Summer Fridays,” and motivation seems lacking. In many parts of the country, it’s HOT, which makes most people sluggish and want to be anywhere but inside…
Evalutate These Metrics for Small Business Success
Evaluate These Metrics for Your Small Business Growth In July, our blog focused a lot of on attention on different areas and metrics small business owners can use to measure their business. At OnDeck, to say we’re metrics obsessed is an understatement. This applies to how we approach our business in general as well as…
Increase Your Bottom Line: Evaluate Your Online Presence
Evaluate Your Business’ Online Presence to Grow Your Profits Each year, as more of your customers spend more time online, your business’ online presence becomes increasingly important. The hardest part about building your online presence is the ever-changing rules and best practices of the digital world. The best practices that worked last year, let alone…
Strategic Borrowing Benefits to Increase Your Loan Options
Increase Your Loan Options with Strategic Borrowing Without adequate capital, it’s difficult for small businesses to grow and thrive. This is true whether you fund your business through cash flow, investment, or borrowing. Taking a strategic approach to meeting your business’ need for capital to fuel growth and fund any other ROI-generating activities will ensure…
A Guide to Managing Your Cash Flow…From A Dentist
Managing Your Cash Flow is Critical to Success: Even A Dentist Agrees When you visit your dentist (twice a year) you might not think about how they run their business. Neither did we, but we learned that it’s not as easy as finishing dental school and putting out an “open for business” sign. Dino and…
5 Tips to Evaluating Your Small Business Social Media Marketing
5 Tips to Evaluating Your Small Business Social Media Marketing When was the last time you evaluated your small business’s social media marketing strategy? With 2017 halfway through, it’s a good a time as any to take a look back, assess, and see where you can make some improvements to end the year on a…
Looking Back at Your Business Goals in the Summer is a Good Idea
Why Making a Business Goal Pivot in the Summer is a Good Idea for Any Small Business Owner By Lisa Hendrickson I run workshops for entrepreneurs. I asked a classroom full of entrepreneurs last week if they remembered what their goals were from the first of the year. I hear apprehensive laughter from the room. Then I…
Financial Metrics Every Small Business Owner Needs to Know
Financial Metrics You Should Know to Run Your Small Business Understanding your business’ financial metrics, and what those numbers are telling you, is critical to running a successful business, knowing whether or not your business is profitable, or waking up one day to find out you’re on the slow march to insolvency and going out of business.…