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3 Tips for a Small Business to Compete With Bigger Competitors

There is a great deal of business advice in books and on the internet, but much of it is not always intended or aimed at entrepreneurs or small business owners. There is even less advice on how a small business can compete with the bigger competitors who dominate the market. The advice you may get from a fellow entrepreneur might work for them, but there is no guarantee it will work for your small business, that is nature of small business. Here is some advice that does work for small business that you really need to hear. 1. Do not try to compete with the big box stores using price, they will always win Yes, the Walmarts, the Targets the Best Buys and even online giants like Amazon use pricing to draw consumers away from competitors, but as a small business owner, you will go out of busin...

How to Negotiate for Lower Business Expenses

Every expense that your small business has, ends up adding to your overall cost of doing business and can eat away at your bottom line. What is the answer? Lower your re-occurring costs by negotiating discounts and lower rates with your vendors. While small businesses have been cutting back on their spending over the past number of years, according to one report, costs for goods and services togrther can be has high as 28 percent of your small business’ budget, making those costs the second largest expense after payroll. It is true that some fixed expenses such as rent, office equipment and utilities can be more difficult to negotiate, but with the right amount of knowledge, you might find some alternatives or ways to get these expenses fixed. Knowing what your big expenses will be each mo...

The Real Differences Between Coworking and Business Centre Office Solutions

The flexible workspace sector is home to all types of different types of work spaces and combinations of places to conduct business. Those who are “in the know” about office situations understand the subtle differences between a coworking space and a shared office (a serviced office in a business centre). The differences between coworking and business centre office solutions are an often-debated topic between those who are using coworking facilities to run their businesses, and those businesses who have chosen to use the facilities and services of an office business centre. So let’s look at the similarities and the differences. Many will tell you that cost is the biggest difference, but in fact, some coworking plans will cost you upwards of $300 per month. Yet, you can ge...

Getting Virtual Teams Right

First let’s talk about “Virtual Teams” as some people do not know what the term means. Basically, Virtual Teams are people that work together on various projects, but are located in different physical locations. This concept of people collaborating from various locations is one that is on the rise and has become easier as internet and telecommunication technology advances. These dispersed teams rely on shared work spaces, public WiFi, libraries and other places that they can connect to the Internet and communicate with their coworkers. Basically, they can work from almost anywhere and still be able to interact with other team members. We don’t need discuss the appeal of this type of work environment for employees, or their satisfaction in working in a flexible envir...

Where to locate your business

It is often said that the three most important factors in making sure a business is successful are ‘location, location, location.’ Even if your business is not retail and does not rely on walk-in traffic, your location is important to your customers and prospective clients. Yes, you prospective clients will often research your small business to find out if you are local and if you at a real business address. You may not need to maintain a physical presence near your customers, but your business address should be where your customers are – or where they expect you to be. You could have a head office location at a prestigious business address and have a majority of your production or staff working from another location that better suits the work that is being done – or where you are paying l...

Seminars and Training Sessions Provide the Perfect Networking Opportunities

Whether you’re starting your own new business or trying to expand your current small business —networking can be your life support. Networking can propel your business to the next level professionally, while also simultaneously enhancing different aspects of your personal life. The trick to effective networking is to develop lasting relationships, so it is important to be genuine in all your actions. To do this you must listen, be patient, and understand the needs of others— while also understanding your own needs too and what you can benefit from others. Social media can be a great networking platform, but it is no substitute for face-to-face communication. Your local library will often offer free programs, seminars and workshops – on topics such as social media, taxes, the law, net...

Five Tips Every Small Business Owner Needs To Know

While there are plenty of tips all over the internet for small businesses, few are aimed at the business owner. As a business owner, sometimes you have take a step back and look at yourself in the mirror – and decide if you are making decisions for yourself or for your small business. Here are five proven strategies: Be unique. Have a unique product or service offering, or a point of view that your competition does not. Your offering must stand out and have its own point of view that is uniquely yours. If your potential customers cannot distinguish between your product or service and that of your competitor’s, as the new person in the marketplace you will probably not get the sale. Remember that consumer expectations today are heavily influenced by the larger players who have establi...

Tips on hiring and managing employees

As you get your small business off the ground, you will at some point need to hire employees to take care of the day-to-day functioning of your business. Before you start to look for employees, you need to define their job descriptions and what qualifications they should have to fill that position. You want to recruit the best and brightest, and create a workplace environment that they want to be a part of – and one that will retain them, so they do not get lost to your competitors. You also want a workplace environment that stimulates creativity and productivity at the same time. Just look at what Google, Bing, Apple and Yahoo have done. Yes, those are extreme examples, but there are many things they do that you can scale down to fit your own workplace. Happy and healthy employees are pro...

Registering your business

So you have your business idea and you have developed a good business plan, now what? The purpose of this post is to give you granular details on where to find the information and online registration portals to make the registrations and get the proper licensing for your business. The earlier post tells you to think about and this post helps you determine what registrations and licensing requirements your business may need now and in the future and where to get your business registration and licensing requirements from your municipal, provincial and federal governments. Information for US businesses wanting to do business in Canada may also be of interest in addition to this how to register your business post. Licensing Requirements You will find a lot of very useful information on the Gov...

Organizing your small business finances

The success of your small business will depend to a great degree on how well you plan and manage your finances. This is especially true if you will be seeking financial help, either from a start-up loan, an investor or from a government grant. It is imperative that you have a well-developed financial plan as part of your business plan. There is an old saying: “No one plans to fail, but many fail to plan.” This is important to remember if you are a new business owner. Starting up a new business can be deceptively simple, but from the very outset you need to be aware that even the most basic business model entails considerable financial planning. Your financial plan is where you need to prove your numbers and show that your business idea is viable and profitable. As part of your financial pl...

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