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14 Ways to Increase your Cash Flow and Reduce your Exposure to Bad Debt

In the real world, not every customer pays their invoices upon receipt or even when they are due. How do you minimize the risk to your cash flow and even your business? Here are some ideas on how to reduce your exposure to long overdue accounts receivables. 1. Establish a credit policy for all accounts. [...]

Is it Time to Incorporate?

Incorporating Your Business You perhaps started off as a Sole Proprietorship or Partnership, and now you are looking at what other alternatives there are  for setting up your existing or new business?  Read the advantages, disadvantages, tax implications and the legal landscape of this Incorporation alternative. Wikipedia defines a “Incorporation” as Incorporation (Inc.) is the [...]

Basics of Partnerships

The Basics Of Partnerships What if you started off as a Sole Proprietorship, and now you are looking at what other alternatives there are for your business?  Or perhaps you're starting a new venture with one or more partners? Read the advantages, disadvantages, tax implications and the legal landscape of using a Partnership structure as an [...]

Explanation Of Sole Proprietorships

The Basics of Sole Proprietorships If you are reading this, then you are probably already running a sole proprietorship. Is it the right vehicle for your business? Read the advantages and disadvantages, the tax implications, and the legal liabilities to determine if you want to remain or become a sole proprietorship. Wikipedia defines a “sole proprietorship” [...]

What is “Burn Rate” and how do you calculate it?

Definition of "Burn Rate" "The rate at which a new company uses up its venture capital to finance overhead before generating positive cash flow from operations." In other words, it's a measure of negative cash flow. In between funding events, burn rate becomes an important management measure, since together with the available funds, it provides [...]

Incorporating In Canada – 4 Key Steps

Why and How To Incorporate In Canada Advantages of Incorporation The business is a separate legal entity. It shields you and members of your family from personal liability. Tax savings and tax flexibility. If you are a Canadian controlled private corporation, the sale of your shares when you exit could be tax free up to [...]

Buying A Franchise? Research Before You Buy

Franchise Research - Study Before You Buy A Franchise For potential entrepreneurs, becoming a franchisee seems to be a shorter path to the promised land of being your own boss in a profitable business. What are the things that you should evaluate before making the commitment to purchase a franchise?   Questions To Ask When [...]

The 3Ms That Make Business Thrive

Pay Attention to the 3Ms and Enjoy a Thriving Business Each business is unique and depends upon several dynamics. Examples of these dynamics are: the history of the business, the industry, the size of the business, the stage of development of the people, the attitude and experience of management etc. My experience with a variety [...]

Get It In Writing- Contracts For Small Business

Contracts for Small Business; Get Proper Documentation for  Small Business Deals It is important that as a small business you protect yourself for any eventuality down the road. Although it might be nice to make a deal over a golf game with a handshake, proper documentation (contracts) will give you and your business solid legal protection [...]

Raising Working Capital from Family and Friends

Do's and Don'ts of Raising Working Capital from Friends and Family The first stage in raising seed or working capital for your start up is normally approaching family and friends. There are certain advantages in having a "friendly" target for that first round of financing. Here are some do's and don'ts along with pros and [...]