BIZBITES - small business tips& tricks

A Simple Guide to Analyzing Financial Reports

Financial Statements contain important information that will help business owners perform micro and macro management of their business. Analysis of the financial data shown in the financial reports is crucial in taking immediate action to solve problems that could have detrimental impact on the business.  
 There are 3 main Financial Statements namely:
Income Statement – It shows the results of the operations for a given period.
Balance Sheet – It shows the financial position of the business in a given date.
Cash Flow – It shows the sources and uses of cash from operating, investing, and financing activities.
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A podcast by Fe Soncayaon, CPA, CGA | FSS Accountinglink Professional Corporation or FAPC | 647-526-4873 | info@fssaccountinglinkpc.ca | www.fssaccountinglinkpc.ca.

Your Business Compass

In business, you have to craft your vision and live it day-in and day-out carefully. Your vision is your why … why your business exists?Apple’s vision is to create innovative products and think different. Apple was a start-up in the 70s … remember this!Have you crafted your vision? You might think, “but, I am a small business … I am not Apple!!!” Even small businesses need a compass. To keep on track and focus, your vision is your compass.
by Hanan Awaad, president of Corporita Consulting Inc. | www.corporita.ca | email: president@corporita.ca | Phone: +1-226-978-2726

7 Easy Ways To Nurture Great Relationships

Motivational Speaker and trainer Zig Ziglar told us: "You will get what you want in life if you help other people to get what they want."
Dorothy Brown, marketing strategist from AKB Small Business Marketing, walks us through 7 Ways to Nurture Great Relationships.
Dorothy Brown | AKB2 Small Business Marketing |647.449.6760 | www.akbsmallbusinessmarketing.com | purplecowmarketing@rogers.com | 

How To Analyze Potential Business Opportunities

As entrepreneurs, we are constantly looking for new and different ways to collaborate and promote ourselves. For the most part, this is a good thing. A lot of the times, it’s about trial and error –throwing that pasta to the wall and seeing what sticks. However sometimes we tend to spread ourselves too thin by saying yes to almost anything and everything.
Opportunities come and go and when you've come across a potential one, it's important to go through these points before coming to a final decision.
By Karen Swyszcz, Consultant and Blog Coach at MakintheBacon. Follow her on Twitter, Pinterest and Instagram: makinthebacon1.

How To Make A Partnership Work

Partnerships may at times be harmful to a small business, but if approached wisely it can turn into a key contributor to the success of a business.  
 
 
Which type of partnerships will benefit a small business:
 
Choose partners that complement your offerings
Choose partners that are skilled in turning a situation into a win/win
Choose partners that are go getters and that can make things happen 
Choose partners that seek their interests, but that care for your own interests as well 
Choose partners that are transparent and that can easily communicate how they feel
By Grace Nasralla, owner of e-presence Consultants Inc and founder of OSBN
 

A New Mother's Secret To Wellness

Having a new baby and the care that comes with it can sometimes feel overwhelming and stressful.  It’s your new bundle of joy, your heartbeat; your everything.  But then life and baby care begins to happen; you feel like you are on a constant treadmill. 
Iwant to reassure all moms – new or not so new listening to this podcast, hearthis loud and clear. It’s imperative that you take care of yourself. It’s notselfish, you shouldn’t feel guilty.
Whenyou travel on an aircraft, you are always reminded in case of emergency youshould mask yourself first and then mask your young child.
Here are some easy and simple ways for self-care.
This podcast is brought to you By Forde Home Care, providing 24 hrs care to mothers, elderly and children along with other home care services. Contact info: @fordehomecare | 416.947.0368 | services@fordehomecare.com | www.fordehomecare.com

Globalization - Gain For The Small Business

Globalization is the act of connecting and integrating people, companies, and governments of different nations, through international trade and investments; powered by the use of technologies. However, is the small business making use of that trend? 
By Grace Nasralla, owner of e-presence Consultants Inc, founder of OSBN and founder of ED2ALL

Negotiating - Part 2

Negotiating - Part 1, gives an overview of the interest-based negotiation model by Fisher, Ury & Patton.  It starts with preparation, including knowing alternatives so that one is not too soft or too hard, knowing how to separate people from the problem, staying firm on interests but flexible on positions, and engaging in brainstorming options for mutual gain.
  
Negotiating - Part 2 explains the one other principle:  Use objective criteria.  That is when negotiators differ on their idea of fairness, or truth, rather than have a subjective argument they rely on more objective sources.
Daryl welcomes your thoughts and feedback.
By Daryl Landau of Common Ground, helping businesses to manage conflict. 
Contact info:  @DarylLandau | 416.763.6205 | daryl@common-ground.ca

Prioritizing Potential: Increased Efficiency Brings Business Growth

Everyday brings with it new tasks, situations and a to do list that is overwhelming. Thinking of the day and the things that need to get done can be stressful and frustration may take over. One proven solution to stay in control is to apply prioritizing techniques. 
Prioritizing what should get done in a day is a skill that anyone can acquire with a little bit of organization and discipline. However, learning to stay focused and on goal requires determination and persistence.... 
By Grace Nasralla, owner of e-presence Consultants Inc and founder of OSBN

Principled Negotiation - Part 1

People are often averse to negotiating, seeing it as an ‘unprincipled’ game of winning or compromise.  But like it or not, most of our interactions involve the exchange of value.  And the model of Principled Negotiation can really help us succeed with client and other relationships.
The book Getting to Yes by Fisher, Ury and Patton created a little revolution when it was published in 1981.  At the time, the dominant model was what the book refers to as the Hard bargaining approach, or positional negotiation...
By Daryl Landau of Common Ground, helping businesses to manage conflict. 
Contact info:  @DarylLandau | 416.763.6205 | daryl@common-ground.ca

Is An Advisory Board A Good Idea For Small Businesses?

An advisory board is an informal version of a board of directors chosen by the owners.  It has no authority, it just offers assistance as requested.  There is some debate on the value of advisory boards, but not on the value of advisors.  So founders could just seek individual advisors.  That’s a good first step, to test which advisors you respect and work with best, and who are available to you.  
Reasons for creating an advisory board are listed in this podcast.
By Daryl Landau of Common Ground, helping businesses to manage conflict. 
Contact info:  @DarylLandau | 416.763.6205 | daryl@common-ground.ca

Partnership Agreements and Disagreements

Working with a partner is much better for your business’s growth and for your personal health…unless you ignore this advice.
1. Choose carefully
2. Get a partnership agreement
3. Get the help of a mediator
It’s worth it to ensure that misunderstandings and hot tempers don’t derail all that you’ve achieved together.
By Daryl Landau of Common Ground, helping businesses to manage conflict. 
Contact info:  @DarylLandau | 416.763.6205 | daryl@common-ground.ca