small business tips – GoForth Institute Blog | Canadian Entrepreneur Training

2023 labour/employment standards by province

Note: This post first appeared on April 2017. We’re re-posting it here with updated links, to help your small business keep on top of the latest from your provincial government.

There are many rules when it comes to your employees’ working conditions, ranging from work hours, overtime and meal breaks to Sunday closings, whistleblower protection, and mandatory retirement. Of course, minimum wage and minimum daily wage requirements, statutory holidays, equal pay policies and severance pay also apply.

All employers have to comply with these legal employment standards. These employment standards differ by province and by industry. Be aware of required standards as an employer so you can prevent difficulties during CRA’s employer visits, and avoid legal issues.

Check out the Government of Canada’s Labour Program website to find federal minimum wage requirements for experienced adult workers and youth/specific occupations.

Canadian employment standards by province

To get up to speed on your provincial employment standards, visit one of the following websites:

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3 tips for increasing social media conversion

When your goal is to drive traffic to a landing page, online shop, or signup form, here are some social media ideas to increase conversion.

1) Keep your branding consistent throughout your sales funnel

Imagine you’re scrolling through your feed and an ad from one of your favourite businesses catches your eye. You click on it, only to see a landing page that looks completely different from that initial ad. How many of you would assume you somehow ended up on the wrong page and leave? Keep your brand pillars in mind in every stage of the customer experience so your customers know it’s you, and you can increase their confidence.

2) Ensure your landing pages are mobile and user-friendly

Did you know that 69% of internet users use their phones for product research? Or that mobile web traffic accounts for more than half of worldwide traffic? Making your landing pages mobile-friendly and as simple as possible will mean a smooth experience for mobile users, which makes it easier for them to investigate your business further. Focus on visuals, ease of use, and a clean, minimal design.

3) Try user-generated content in your social media

User-generated content, or UGC, refers to the content that’s created by a brand’s followers or customers. For example, a video showing a customer using a service or a tagged Instagram or Twitter post displaying the product. And, more than half of customers trust UGC over other forms of marketing. Being able to see other people enjoying your product or service increases your business’ authenticity and trustworthiness. Check out Later’s blog post for ways to use UGC in your social media marketing strategy.

As always, make sure your content is top-notch, valuable, and engaging to your audience. Check out GoForth’s online small business training for more great marketing tips!

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How to calculate your business’ cost of goods sold (COGS)

Cost of good sold (COGS) is an important figure to know. Cost of goods sold is the price that your business paid to acquire the products that you’ll sell to your customers in retail/wholesale businesses, or the cost of the raw materials, labour and supplies in manufacturing businesses.

Why should you know your business’ cost of goods sold? It’s important to know so that you can better understand your business – your profits, and where you might be able to improve efficiencies.

How to calculate cost of goods sold

Most small businesses use the following formula to calculate their COGS expense:

Value of goods inventory at the beginning of the period
+
Value of any goods purchased for resale during the period
–
Value of goods inventory at the end of the period
=
The cost of goods sold during the period

And there you have it! Calculating your cost of goods sold is another tool you can use to help your small business succeed.

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7 tips for pitching your small business to an investor

tech business

We know that making pitches to potential investors or customers can be nerve-wracking, so here are seven tips to help you get prepared:

Know your numbers. Familiarize yourself with the basics: things like yearly sales (volume and dollar amount), cash flow projection and net worth.
Know your business. You should be able to describe your business model, explain what unique need your small business fills, who your competition is and your marketing and sales plan – to name a few.
Research your potential investor or customer so you can speak accurately to what they’re looking for – and so you know what issues may arise.
Act natural! Pitching your business is certainly something that can feel intimidating. But be professional, friendly and try to relax! Your investors are looking for someone great to work with as well as a great business to invest in.
Practice in front of your business partners, trusted friends or family or even in front of your mirror. This will help you pinpoint strengths or missing pieces, and give you confidence if you need to go “off-script.”
Be concise. You might have five minutes to make a pitch, or you might have 30 seconds. Prepare a few pitches of varying lengths that get the point across and sound compelling.
Put yourself on the other side. If you were being pitched to, what questions would you ask? Make a list of these questions to help you become better prepared.

What materials should you have when pitching your business to investors? Check out our blog post here to find out!

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