GoForth’s favourite small business blog posts of 2011
By Samantha Garner | December 31, 2011
Well, we did it! Another year of the entrepreneurial journey is coming to a close for everyone. To commemorate the end of the year, we thought we’d take a look back at some of our own small business blog posts we especially enjoyed in 2011. We hope that these posts, and others, were of some value to you this year, and we hope you join us for more fun in 2012. May you have a safe, happy and prosperous new year!
- Thinking like both a business owner and a venture capitalist – and how it affects a pitch
- Are you recording your entrepreneurship memories? Will you be ready when Oprah calls?
- Are you a business accelerator?
- Understanding your prime time for small business productivity
- White rabbits: Target marketing
- Do you have to be an expert to start a small business?
- The challenge for young entrepreneurs: proving yourself
- How has your lifestyle changed since becoming an entrepreneur?
Topics: Entrepreneurial Inspiration, GoForth Institute Small Business Training, Small Business Tips and Advice | No Comments »
2011 roundups from our favourite business blogs
By Samantha Garner | December 24, 2011
It’s the end of December, which means you’ve probably seen your fair share of “end of the year” lists. We have too, and wanted to share some of our favourites from the business, social media and entrepreneurship blogospheres. Enjoy!
- Some cautionary tales from Inc., including Bizarre HR of 2011; and
- Top 12 Social Media Blunders of 2011
- The 25 worst passwords of 2011. A must-read for all small business owners.
- From Popular Science, 10 Top Inventions for 2011 (not a business blog, but all you inventive entrepreneurs can find value in this one)
- A Year’s Worth of Occasionally Disturbing Research on How to Get Ahead from Harvard Business Review.
- In January, Mashable posted a list of 10 Websites to Watch in 2011. Take a look – what do you think of the predictions, almost one year later?
Do you have any business-related year in review list you’d like to share?
Topics: Entrepreneurial Inspiration, Entrepreneurship News, Small Business Tips and Advice | No Comments »
Celebrate 2011 and plan for a successful 2012
By Dr. Leslie Roberts | December 17, 2011
A coming new year gives us an opportunity to take a breath in business – see from where we’ve come, and where we need to go next year. At GoForth, 2011 was our best year yet. We’re three years old now, have an established reputation in the small business training industry and are signing deals that will see our education delivered to thousands of people next year. What preceded this year’s success, of course, was lots of hard work of the 20 hours a day, seven days a week kind. Success doesn’t happen overnight – it comes to those who are diligent, hard-working types who never give up. If entrepreneurship was easy, everyone would do it!
The fact is that 70% of our little small businesses in Canada don’t make it to their fifth year of operation. There are many reasons for business closure, but one of the most prevalent is owners deciding to close shop and find employment. Take time at the end of this year to celebrate your successes – new customers, new markets, new products or services. Even tiny positive changes should be celebrated. These small incremental steps eventually lead to greater success – if you can withstand the stresses of business-building along the way. Make sure to acknowledge the people who are supporting you – you family, employees, customers, suppliers and others – for their role in your business. Remember also to contribute to the fabric of social entrepreneurship in your community. Give of your time or talent to help make your community that much more wonderful.
As we close out 2011, raise a glass to another year of being in business. Small businesses are the engines of economic growth in this country – the heroes who create employment for others, create innovative products and services, and contribute to our communities.
May the joy and peace of this season be with you and your family,
Leslie
Topics: Entrepreneurial Inspiration | No Comments »
GST/HST filing – what happens if you don’t file?
By Samantha Garner | December 10, 2011
You may be wondering: “What happens if I don’t file my GST or HST return on the deadline?”
Here’s a hint: The taxman cometh.
Don’t think for a minute you can get away with not filing your GST/HST return. There are major penalties and processes in place for those who fail to or are late filing. Failure will result in a 1% penalty of the amount owing, as well as 25% of that 1% multiplied by the number of months the return is overdue. Yikes! If you haven’t filed, you’ll receive a Demand to File, along with a $250 penalty if you don’t follow through with a return. Interest will also be charged on overdue amounts, equal to the base rate of 4%.
HST accounts (applicable in BC and most eastern provinces) are considered trust funds collected by taxpayers on behalf of Canada Revenue Agency. If you fail to turn in the HST that you’ve collected, directors of companies can be legally responsible for any unremitted HST. In other words, if the company doesn’t have enough money to pay for the HST, it could come from the directors’ personal accounts or retirement savings.
If you’re audited, you’ll receive a statement of earnings of audit adjustments. You will then have 30 days to analyze and discuss the adjustments with an auditor. After 30 days, a Notice of Reassessment will be sent out explaining the results of any assessment of your GST/HST return along with any changes made. If it turns out you owe, you’ll be sent a GST/HST Amount Owing Remittance Voucher (form RC 159.) Don’t worry – CRA always makes it easy for you to pay up.
Now that we’ve put the fear in you, check out CRA’s website for information on how to file your GST/HST return. Bonne chance!
Topics: Small Business Tips and Advice | No Comments »
Get ready, get set – how to prepare for year end
By Samantha Garner | December 3, 2011
It’s the time of year when you’re likely looking forward to cozy nights with a hot drink or fun with family and friends. These are wonderful things, but don’t forget to pay attention to your small business empire before you get too settled in. It won’t be long until we’re ringing in the new year – what kind of shape will you be in?
The holiday season is actually a great time to get organized – to close out this year and to plan, strategically and financially – for what’s around the corner. There are some simple things you can do to wind down your business year properly, and get set for 2012 so you can hit the ground running in January. Nothing feels better than being prepared – not even eggnog!
Get your financial records house in order for 2011
Your accountant or bookkeeper will love you forever if you present well-organized and documented files and records soon after your fiscal year end. Sounds like a headache, but the “shoebox” method of filing receipts just doesn’t cut it – shoe boxes are for shoes, not your financial records. And there are likely other areas you could spruce up too.
Here’s our list of five things to tackle between holiday festivities:
1. Update your payroll records, report all 2011 paycheques on T4 slips, and make sure all your other deductions are in order.
2. Organize your accounting files, records and receipts to get ready for income tax season. This includes completing inventory records and putting expense receipts into categories by month.
3. Streamline your contacts list – remove old contacts and duplicate records, and update current contacts, adding to your professional networks such as LinkedIn.
4. Update your personal productivity and technology tools – download updates and templates and make sure your current apps are still working for you.
5. Create a to-do list for the first week of January and make appointments now with key advisors, especially your bookkeeper and accountant – before they get booked up.
Hit the ground running in 2012
Winter can be a slow time for many businesses, especially at the end of the year. But, by taking this downtime to prepare your business for what lies ahead, you’ll start 2012 refreshed, prepared and ready for anything.
Five more things to keep you busy and out of trouble:
1. Review your 2011 business goals. What worked well and what didn’t? In 2012, do more of what worked in 2011. Simple.
2. Develop a strategic plan – a roadmap for getting from point A to point B. If you don’t have a strategic plan, create one – and follow it. We’ve got a one-page business plan template at our website.
3. Take a close look at your marketing, human resources management, financing and operations. Is there anything you could do better? (The answer is yes – there’s always room for improvement!) Get working on some ideas to become more effective.
4. Confess if you’re in the dark about how social media can help promote your business. And make a decision to learn more about at least one of these tools. Read some business blogs or tweets as a first step – your grandchild can show you how. Or Google for a “how-to” guide.
5. Clean up your act! Delete old files, get rid of spam, back up your business records onto a disc, memory stick, cloud server or hire a company to do it for you on a regular basis. Set up a good online file folder system so you don’t have to scroll through 347 inbox emails to find something your accountant wants.
Have questions about year-end preparation? Ask a GoForth Expert online any time. Not only will your question be answered by one of our experts, we’ll post it on our website. You’ll be helping other entrepreneurs who may be wondering the same thing. How charitable of you – perfect for the holiday season!
Topics: GoForth Institute Small Business Training, Small Business Tips and Advice | No Comments »