What’s better than Cash? Cash-Flow! Especially for Small Businesses

Cash flow management is a critical component of running a successful small business especially during economic turbulences and rising interest rates. According to Statistics Canada and a study by Canadian Survey on Business Conditions in 2022, small businesses continue to face significant cash flow issues and have lower liquidity and working capital than their bigger counterparts.

Following the pandemic, now more than ever, it is important to manage your cash flow for the sustained profitability and growth of your business. Here are a few strategies that you can position yourself for optimal cash positive gain and ensure your long-term success:

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Focus on Service, Flexibility, and Dedication

Construction is a competitive industry, so you need to find what sets you apart and make the most of it. Build strong customer relationships, be flexible enough to make the most of your opportunities, and be dedicated enough to do the tough stuff.

Personal Service Builds Strong Relationships

Offering good customer service is crucial. Without it, you won’t be able to get repeat customers. That means you’ll lose out on the regular income they could bring.

And there’s another good reason you need satisfied customers: their word-of-mouth advertising can win you new customers without you spending a cent.

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Save Money, Time, and Heartache by Detecting Scams & Fraud

Online scams can be costly and damaging to your business, so it pays to take some steps to protect yourself.

Make Sure Everything Passes the Smell Test

Avoid shopping on websites that just don’t seem right. Maybe the content isn’t well written, or the design is shoddy, or the links and buttons don’t work. Whatever it is, a bad website is a clue that the company doesn’t value it’s customers and might not be entirely above board.

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How to Grow Your Construction Business and Beat the Big Guys

While big construction businesses seem to dominate the market, small businesses can carve out a niche in their communities. In fact, if a small construction business can integrate with the local community, they will have no trouble getting contracts and growing their business.

Of course, it takes some skill and dedication – and a mindset to contribute to your community. If you follow these tips, your business might become a formidable competitor in your region.

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Personal Practices that will Put You on Top of Your Game

Success comes from within. Studies on entrepreneurship have found remarkable similarities among those that thrive. So, what makes the difference between a mediocre entrepreneur and successful one?

Relentless Learning

“Change is the end result of all true learning.” – Leo Buscaglia, author and teacher

Forbes magazine lists avid reading as a leading characteristic of successful entrepreneurs. Why? Because they are aware of their own limitations. Like the old saying goes, “You don’t know what you don’t know”. Entrepreneurs that succeed do so because they put effort into personal growth and education. Greater understanding gives you a competitive advantage. Read journals, read books, listen to podcasts. Attend seminars and stay up to date with the latest industry trends. Consistent learning puts you in the right place at the right time—with the right idea.

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Simple Steps Your Business Can Take to Outsmart Scammers and Avoid Being a Target for Fraud

An email from “the Financial Minister of Nigeria” may be easy to write off as a fraud, but not all scams are so obvious. Today’s scammers are clever and the money they steal is no joke. In 2019 alone, Canadians lost nearly $100 million to fraud.

The Canadian Anti-Fraud Centre lists over 16 types of scams that target businesses specifically. Your business may present a tempting target to scammers, but there are ways to minimize the risk.

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Subsidy and Benefit Information and Links for Canadian Small Businesses

Yes, these are interesting times. Trying to wade through the new (and ever changing) COVID-19 advice and information can feel like a fulltime job. When you’re running a small business at the same time it can quickly become overwhelming.

To help you out, we’ve pulled together a list of Federal, Provincial and private company resources currently available to Canadian small businesses. These programs, subsidies and benefits are designed to create a way forward so that your business will be ready to thrive when COVID-19 is a thing for the history books.

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