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News Roundup for SME Businesses & Startups

5 Essential Steps to Prepare Your Company’s Finances for the Holidays With the holidays just around the corner, it’s time to square your business finances so you’re set up for success. Here the author discusses five tips to help you prepare your business finances for the holidays, from running key accounting reports and analyzing your sales to ensuring you have a strong cash flow and streamlining your invoicing process. 3 things modern managers can learn from decades’ old studies of human behavior And what is old is new again: studies from more than a half-century ago hold classic management lessons for business leaders. The author provides an in-depth discussion of three evergreen studies of human behavior, and what managers can learn from them: “conformity is powerful”; “diffusion of res...

News Roundup for SME Businesses & Startups

Startups: From the Basement to a Shared Office Space A hallmark of startup growth is when it moves from the business owner’s basement to an office. It was fledgling companies such as these, now called startups, that were among the first to explore shared office space as an alternative to relatively expensive traditional office space. Since, many others – freelancers, professionals, and even Fortune 500 companies — have also opted for shared office space and flexible workspace in its many forms. Here the author details the options for shared office space and flex space, including coworking and semi-private office space, as well as the option of business centers. He also discusses the pros and cons of each alternative office space. The Toronto Entrepreneurs Conference & Tradeshow H...

News Roundup for SME Businesses & Startups

8 Money Intelligence Habits Used by the Most Successful CEOs “Having good control of your finances as a startup, and even as a seasoned businessperson, is what really translates into success,” the author begins. Going beyond acquiring the needed capital to finance your startup, here are eight keys to making smart money decisions from the most successful CEOs, ranging from limiting your budget for advertising to avoiding higher valuation. 7 Steps to Successful Financial Planning Without an Adviser Consulting with a financial adviser can carry a big price tag for small business owners. Financial planners often require a minimum amount of investable assets, and for many that requirement amounts to $250,000 or more. However, the author notes that there are less expensive (even free) resources ...

News Roundup for SME Businesses & Startups

Shared Office Space Toronto If you do business in Toronto or oversee a remote team in the area, you may have considered renting shared office space to lower your operational costs. Here the several forms of shared office space are discussed, from coworking and semi-private office space to team and flexible workspace, including the pros and cons of each option. How To Prepare For a Future of Mobile Transactions Mobile payment tech for expedient transactions was slow to take off, but Near-Field Communication (NFC) like Apple Pay is well on its way for both online and brick-and-mortar businesses. Here the author details how to prepare for “a contactless future” of mobile payments, with the assurance that “setting your business up for smartphone transactions is easier than you might think.” Ho...

Shared Office Space Toronto

Shared office space in Toronto can come in several forms with a variety of payment terms, overhead and types of office space being shared. The list includes: Coworking office space Traditional office space where 2 or more businesses share the office expense Semi-private Office in a Business Centre where 2 businesses share an office Team office space is a larger office shared by several employees of a single business Flexible workspaces The Pros and Cons of Coworking Shared office Space Coworking office space is like a business centre that charges a monthly membership fee rather than a monthly rental fee. More networking opportunities are perceived to be one of the advantage, however, at telsec we have seen that there is also a sense of community and collaboration in our business centre. Th...

News Roundup for SME Businesses & Startups

How Entrepreneurs Can Translate STEM Training Into Entrepreneurial Success Using the example of Jeffrey Immelt, who has achieved much as an entrepreneur and has credited his problem-solving skills to his applied mathematics B.A. background (rather than to his M.B.A.), the author discusses three ways you can translate STEM training into entrepreneurial success: putting math skills to practical use by applying a data-driven approach to operations and financial planning; applying science for innovation; and using computer skills to automate your business. How to Create a Great Investor Pitch for Startups Seeking Financing This guide for startups offers explicit advice and links to resources for those seeking funds for their new business. The author, a managing director and global head of M&am...

News Roundup for SME Businesses & Startups

What Google Teaches Its Leaders “Much attention has been paid to Google’s idiosyncratic (and now widely copied) hiring practices,” the author says, continuing, “But it was the company’s success at reliably turning the supremely talented people it found into elite managers that enabled it to maintain and extend its dominance over two decades — an eon in internet time.” In this article, the author relates what he learned about why Google proved to be “such a fertile training for leaders, particularly in its early years” by speaking to several of “the Google diaspora about what they learned under Larry Page, Sergey Brin, and Eric Schmidt, and how the company’s unique culture and practices helped make them who they are.” This is why you can’t get anything done at the end of the wor...

News Roundup for SME Businesses & Startups

How to Simplify The Project Planning Process While project planning can be an extremely complex process, there are ways to simplify it and make it to a streamlined function of your business. Here are five suggested ways: use project management software that “balances the user-friendliness of the whiteboard approach with the details and collaborative approach of cloud software”; select a “taskmaster” who keeps track of the master plan across team functions; “assign names, dates, and consequences” for tasks, and showing the different teams the entire project beyond their immediate parts; prioritize projects and focus on which ones should be handled first, taking care not to give your team more than they can handle; and “have a post-mortem” after every project. The 1 Strategy That Separates F...

News Roundup for SME Businesses & Startups

How to solve complex problems (by not focusing on them) While simple decisions are best made with straightforward logic, complex decisions require “more creativity in meshing together a web of interconnected ideas,” the author states. He continues, “These decisions can be impossible to work through with logic and reason alone. That’s why you need to tap into the proven power of our subconscious mind.” So how do you tap into that power? The author argues that by intentionally letting the mind wander and scattering our attention, you may experience “the Zeigarnik effect”: those eureka moments when your brain suddenly finds the solution to the problem you’ve been stuck on. He goes on to elaborate on how you can purposefully invoke the Zeigarnik effect to discover insights and find solutions t...

News Roundup for SME Businesses & Startups

No Apple Presenter Speaks for Longer Than 10 Minutes, and the Reason Is Backed by Neuroscience If you do any public speaking or group presentations as part of your business, then you’ll likely appreciate this post. According to neuroscientists, the brain is easily bored – in fact, “our brains have a built-in stopwatch that ends around 10 minutes.” Most people tune out of a presentation in the first 10 minutes, unless a change is introduced to re-engage them. Such a change can be a video, for instance, or in the case of Apple’s annual events to showcase its newest products, new voices. The author describes how Apple has mastered this in its presentations, citing its most recent (September 12th) event, where the audience watched three videos and heard four distinct voices within the first 30...