1. Download a cash flow forecast template here: BizLaunch Free Tools
2. Develop a monthly sales forecast – look at your historical numbers and take your planned marketing activity over the next 12 months into consideration
3. Estimate your cost of sales – look at historical percentages and any changes that may affect your costs
4. Determine what portion of your sales you project will be cash, 30, 60 or more days. Look at what’s taken place over the last 12 months and any steps you plan to take to improve the collection of your receivables
5. Include any other sources of cash inflow: owner’s loans, bank loans, sale of assets etc
6. Estimate your projected operating expenses based on the last 12 month’s actual expenses and any new expenses you may incur. Some expenses may even come down take this into consideration
7. If you plan to buy any new assets or incur any capital expenditure, include this.
8. Include any extraordinary payments or loans
9. Insert your opening bank balance and the template will do the rest
10. If you still have questions email: Andrew@bizlaunch.com

Important: Keep your cash flow forecast up-to-date and look for money long before you need it

Understanding Canadian commercial law is complicated for many business owners, but if you are new to the country, what you don’t know about the law could have very negative consequences for your business. We’ve all heard stories of people who have lost their business licences because of accidental violations; landlords who terminated longstanding commercial leases with minimal notice; partnerships gone bad after tremendous success or devastating failure; and of course the everyday challenges of business people who can’t get paid by their customers. These are the sorts of problems that can be devastating to your business, but they are entirely avoidable with legal advice.

Before you invest your savings in launching a business, here are some basic legal questions you should be able to answer:

1. Do I know what type of business structure I want to set up (ie, corporation, partnership or sole proprietorship);

2. Do I know what permits and licenses are needed to run my business legally;

3. Does my place of business comply with all municipal, zoning, health, fire, transportation and environmental requirements;

4. Do my business contracts protect me and my business as much as possible; and

5. Do I really understand my lease, financing agreements, partnership agreements and other material business contracts?

Conclusion: Answering these questions will significantly boost your chances of building a successful and legally protected business. If you are unsure about your answers to these questions, your business should consider seeking legal advice.

Connect Legal is a registered charity that provides free legal advice and education to low-resource small business owners in the immigrant community who cannot afford a lawyer in Ontario. Connect Legal’s Free Lawyer Matching Service provides free commercial legal advice for small businesses and Connect Legal’s legal workshops educate owners on running a small business.

Over the past two years, Connect Legal has helped over 300 low-resource immigrant entrepreneurs through interactive workshops covering important commercial law topics on running a small business, and through Connect Legal’s Pro-Bono Lawyer Matching Service, which connects entrepreneurs with free volunteer lawyers to meet a specific legal need for their business.

For more information about Connect Legal’s services and how to apply for assistance, please visit http://www.connectlegal.ca or e-mail Connect Legal at info@connectlegal.ca.

So What Is It?

For those not already in the know, cloud computing uses the internet to access software applications that would, in the past, have been installed on your computer. You can also use cloud computing tools to back up and store data and files via the internet. Hotmail or Gmail are familiar tools to most people – these are essentially the original form of cloud computing. The rapid growth of fixed and mobile broadband and its increasing reliability now means that a whole range of software and applications can be accessed in this manner.

And Why Does It Rock?

Unfortunately, or fortunately, I can give you a personal example from just the last week. While innocently researching on a topic for a set of articles I was the victim of a ‘drive by’ virus attack. The virus was basically designed to disable my computer and then encourage me to buy software to remove said virus. Nice trick. Not so nice if you are facing the sharp end of a deadline and just happen to have pretty much the whole of your business records and files on the computer! However, my files are also backed up on a rather nifty little cloud drive, which meant I was able to switch computers and as the well-known saying goes “Keep Calm and Carry On”. Later in the day when I had the time I was able to restore my ailing computer and remove the culprit. In what could have been a devastating loss of data I actually only lost half an article and one set of edits on another. So, as far I’m concerned, cloud computing rocks.

Don’t Fence Me In

As, like many small businesses, my own is a one person operation, the ability to access this kind of IT back up would have been an impossibility just a few years ago. In fact I’ve only been using it for about six months. The second reason it rocks is that it completely removes the need for me to be in one place in order to complete my work. Armed with a mobile broadband Wi-Fi connection and access to any of my files from anywhere with a computer, I’m free to roam wherever and whenever I want. Full access to my files via the internet does away with the need for flash drives and means that when I get back to the office my own file system is up to date the moment I switch the computer on. This allows me combine the demands of caring for elderly relatives with fulltime work. Not every business person may need to work in this way, but those of us with families of any kind will see the opportunities it can offer.

Money Matters

Online accounting software is the next big investment I’m looking at – although big is probably the wrong word. Cloud solutions for your accounting needs are relatively affordable some from just a few dollars a month. Until now it’s not been absolutely essential, but as the business grows my paper based system is beginning to trouble me – mainly because it’s time consuming and I have to travel 30 miles to get to the accountant when she needs the stuff. With online accounting software not only will my records be available anywhere – I can allow the accountant to access them which saves her time and money for me! I’m going to have to say it again – cloud computing really does rock. If you haven’t tried it for yourself – other than the Hotmail variety – now is very definitely the time and I can strongly recommend it.

Author bio:
Carlo Pandian is a freelance writer and blogs about business, entrepreneurs and technology covering everything from QuickBooks essentials to social media management tools. He loves reading great entrepreneurs biographies and speaking at conferences about how the internet can help small businesses.

Traditional Tactics

Create a referral program Your existing customers are your best marketing program and your best salespeople. Their positive word of mouth can drive more business to you than any other tool. While we will discuss new media tactics to help them briefly, one of the key things that you can do is to set up a referral program that rewards them for sending customers to your business. This does two things for you. First, it lets them know that you appreciate them and increases their loyalty. Second, creating a program and reminding them of it helps to keep you at the top of their mind, making it more likely that they will remember to recommend you.

Update your signageMany businesses design a sign when they open and continue using it forever. This is foolish since a good sign can draw customers in with no incremental effort or cost. Design styles and signage technology have evolved over the years. Furthermore, we know more about how to make a sign not only eye-catching but also “sticky” than we have in the past. For this reason, you should hire a firm that specializes in designing business signs and custom signs to review and, as appropriate, modify your business’s signage.

New Media Tactics

Redesign your website. Just as you used a professional business signs and custom signs designer for your company’s real-world face, hire a professional designer to update your company’s face on the internet. While social networks are important in building your online identity, a well-designed website lets customers connect with you and get information on your products in a medium that you control.

Harness Facebook and Twitter. Facebook and Twitter let you have a two-way conversation with customers and prospects in a public forum. Use them to let people know about new promotions or new services. Many businesspeople create special contests and sales just for Twitter and Facebook users. These incentivize people to “like” you online and consent to receiving your marketing messages.

Create a blog. A blog is a great place for you to share your passion for your business. You can post on just about anything, but keeping it related to your company will concentrate its value. Consider making posts on such things as new products, developments in your industry, tips and tricks on how to use what you sell, and related things. You can also share your posts on your Facebook and Twitter pages, as well as getting links from similar blogs and from directories of similar blogs.
Although there are more businesses than ever before clamoring for your customer’s attention, there has been an even greater explosion in the number of channels to communicate with consumers. Crafting a customer contact strategy that leverages both traditional and new media communication tools is the first part of success. The second part is to engage in communication with your customers in multiple ways, keeping yourself in their minds by providing valuable content. Doing this will help you to outperform your competition and achieve a new level of success for your business.

Brandon Serna is a writer for FASTSIGNS, a leading signage company that specializes in business signs, traffic signs, custom car wraps, vehicle wraps and many other visual communication services.

1. They don’t have a clear vision, goals and business plan of where they want to take their business in the future

2. The don’t have systems in their business to ensure that things get done the way they are supposed to

3. They don’t understand the numbers side of their business enough: costing, pricing, profit margins, break-even, ratios, taxes etc

4. They don’t clearly target their market because they don’t know enough about their customers or competitors

5. They don’t differentiate their product or service enough for clients to choose them above their competitors

6. They don’t develop clear marketing plans

7. They often don’t have sufficient cash flow to ensure growth

8. They focus on doing rather than leading

9. They don’t spend enough money on training and developing their staff and themselves

10. They focus too much on revenue, not enough on profit and don’t control expenses

Unfortunately many small businesses are still relying on a shoe box full of receipts to prepare their records. The shoe box method can be dangerous because it can lead to creeping expenses, overdue accounts, cash flow shortages, data insecurity, added personnel costs, audit risks and even bankruptcy (eek!). These risks are very real, so I asked Kirk Simpson President and CEO of Wave Accounting why so many small businesses are still using this method.

“People don’t start small businesses because they love accounting,” he said, “They start them because they want to be a photographer, or real estate professional or a life coach.” For many small business owners accounting is the necessary evil that comes with running the business they are passionate about. And naturally, the tasks that small business owners hate the most are often the ones that they tend to neglect.

“The accounting process is very painful and very manual for small business owners,” he continued. Even with the help of online spreadsheets and expensive accounting software, many small business owners still find the task daunting. According to Kirk the problem with traditional accounting systems is that they aren’t intuitive for small business owners. “Many of the accounting programs still make you manually enter your expenses. At Wave, we atomize the process as much as possible so there is less manual entry.” Through partnerships with financial institutions, Wave will automatically import and categorize small business banking transactions into the software so business owners can see where they are spending their money.

Another problem with accounting software according to Kirk is that it makes small business owners keep their business and personal spending separate. ”The reality is that many small business owners use the same credit card on the weekends to buy diapers as they do during the week to buy office supplies.” Wave makes it easy for small business owners to categorize their spending based on whether it’s for business or personal use.”

The secret to the company’s widespread success and adoption is that they developed the service based on the accounting needs of small business owners (what a genius idea!). “We spent a lot of time developing the software based on how small business owners actually work, not the way an accountant, bookkeeper or software program tells them they should,” he said. With over twenty years of combined experience in the digital media and small business accounting industries, both Kirk and his co-founder James Lochrie strive to keep the perfect mix of utility and usability at all times. Maintaining this fine balance has helped them become a leading provider of free accounting software and is why thousands of small businesses are starting to use their service.

The key thing to take away from this is that accounting doesn’t have to be difficult. With the free tools that are available, small business owners can be more informed when it comes to running their business. Being more informed not only leads to better organization at tax season, but it also ensures that small issues are dealt with before they turn into major problems.

For more information about this topic, attend one of our free small business webinars.

It seems like ‘Made in China’ is branded on just about everything we buy these days. From clothing, to electronics to furniture – so much of the manufacturing process is being conducted outside of Canada. And, while I’m not opposed to outsourcing, I don’t believe it’s the best solution for every small business.

Just ask Ricky Pacheco – Founder of Pop49 – a Mississauga based company that provides signs, point of purchase materials, and other promotional items for a variety of businesses. “99% of what we make is sourced from Canadian suppliers,” he said. “We support a lot of small businesses in Mississauga, and if we can’t find a small business to use here, we’ll expand our search to the GTA.” Ricky noted that he will use a Canadian company wherever possible, and he will only outsource to the US or China when a Canadian supplier does not exist.

Just as I was about to praise him for his dedication, Ricky insisted that his strategy isn’t all altruistic. “Logistically it just makes more sense. We have a lot of customers who need things in a rush and if we buy everything locally we have a lot more control over the final product.” This is understandable since there are a lot of risks with using international suppliers such as geopolitical instability, inadequate vendor capabilities, and decreased managerial control over things like product quality and delivery timing. For small businesses whose livelihood’s depend on exceeding the needs of their clients; the risks simply aren’t worth it.

Not only is it important to meet and exceed the needs of your client as a small business, but it’s also important to build relationships with them as well. “By maintaining control over our product we’ve built trust with our clients who know we always deliver on time and under budget,” said Ricky.

Meeting your obligations can help you build a reputation for being reliable. Being reliable and building trust with your customers can also help you get more repeat and referral business. As the 80/20 rule states, 80% of your business comes from 20% of your customers, so keep your current customers happy.

In the end it’s up to you to decide whether or not outsourcing is the right decision for your small business. But, before you do business with a company located across the Globe, you must consider whether or not the benefits outweigh the potential risks. Make your decision carefully as the future of your business may depend on it.

For more information about Pop49 or custom designed point of purchase materials please visit www.pop49.com.

1. Excellent communication skills

2. Passionate about what they do

3. Ambitious and goal oriented

4. Committed to the business—prepared to invest the time, money and energy it takes to develop a company

5. Willing to take risks

6. Continuously embrace opportunities to improve, personally and professionally

7. Exceptional listeners and learners

8. Good people skills

9. Problem solvers

10. Strong work ethic and self-discipline.

“It just doesn’t seem fair that large corporations are the ones getting bulk discounts, while small businesses can’t because of their lack of volume purchases. We launched Rewardli to help small business owners group together to receive the same sort of treatment”, says Mr. Favvas, Co-Founder.

Rewardli lets small businesses tap the buying power of their social graph by offering better deals on the products and services they need most. With 60 vendors and counting from Expedia, GoDaddy, and Priceline, Rewardli is the best way to earn cash back on the services and products small businesses buy anyway.

The browser extension adds even more opportunity to get cash back. Once installed, the user is notified when the site they are visiting is a participating vendor. The savings show up as a drop down menu that quickly dissolves to show the site. Clicking on the drop down brings you to that deal for instant savings.

Participants can even create their own groups to increase their buying power and ultimately their savings. The more people a user invites into the platform the more they all save. It’s win-win for all.

It’s free to use. Join thousands of small business owners today at www.rewardli.com.