The BizLaunch Canadian Small Business Blog

BizLaunch blog on the move

daniel@bizlaunch.ca (Daniel) — Mon, 09 Mar 2009 20:48:00 +0000

We are moving the BizLaunch Blog to a new and improved home.

You can now find us at http://blog.bizlaunch.ca

Best regards

The BizLaunch Team

10 Things You Should Do If You Plan To Buy An Existing Business

noreply@blogger.com (Andrew) — Fri, 27 Feb 2009 17:59:00 +0000

Get professional advice from a business advisor, accountant and lawyer
Check that you are paying a fair price. Sellers often over-value a business. If possible, try to get the seller to finance part of the selling price
Find out what lease is available on the premises
Try to find out the "real" reason the owner is selling the business
Check out the financials. If the figures look to good to be true, they probably are
Do proper research on your competitors, location etc.
Don't believe everything the seller or business broker says. Remember, they are in it to make as much money as possible
Run the business with the owner at least 1 month before you take over to confirm sales, profits etc.
Don't get to emotional about a business. Think with your head not your heart
Ask yourself the question. Will i still be happy in this business in 5 years?

How to Manage & Grow Your Business Online

noreply@blogger.com (Andrew) — Thu, 19 Feb 2009 17:08:00 +0000

Registration now open to Seating limited to first 100 people - register now!
Free Learn & Launch Event with Microsoft ® & BizLaunch

The business world is moving to the clouds as large and small companies put everything online. Can your business do more on the web?

In this seminar, you'll learn about the latest online tools to manage and market your growing small business. Explore cloud computing to see how your business can use it to increase sales, reduce costs, boost productivity and improve team communications. Plus, you'll learn how to build online communities of your customers, colleagues and suppliers with popular social media applications such as Facebook, LinkedIn, YouTube, Flickr, Plaxo, Twitter and search engines.
Event highlights:

* Hear from the President of Microsoft ® Canada.
* Networking with local small business owners.
* Microsoft ® product demo. You will be one of the first small business owners in Canada to see a new product from Microsoft ®.
* Expert advice for your small business. After the seminar, connect with experts from Microsoft and BizLaunch to get answers to your small business questions.
* Complimentary breakfast will be served at 8 a.m.
* A free trial offer for a new Microsoft ® product.
* One lucky guest will win a Microsoft ® Zune™ Digital Media Player!
* Gift from Microsoft ®. You'll receive a beautiful leather card holder for your business cards or credit cards.

Breakfast at 8:00 a.m., Seminar from 8:30 to 10:00 a.m., Networking Reception & Microsoft Demonstrations from 10:00 to 11:15 a.m.

(Auditorium, Lower Concourse Level)

Sponsor: Microsoft
Venue:
Address: MaRS Centre, South Tower, 101 College Street, Toronto, ON

Click here to register: http://www.bizlaunch.ca/events.php?id=828

10 Important Personal Characteristics of Entrepreneurs

noreply@blogger.com (Andrew) — Fri, 13 Feb 2009 15:54:00 +0000

1. They are goal-orientated

2. They are committed to their business and work really hard to get the business up and running

3. They thrive on uncertainty

4. They continuously look for opportunities to improve

5. They are willing to take risks

6. They are willing to listen and learn

7. They have good people skills

8. They are creative and innovative

9. They have a positive attitude and approach

10. They never give up

By Andrew Patricio, www.BizLaunch.ca

10 Ways to Market Your Business

noreply@blogger.com (Andrew) — Thu, 12 Feb 2009 22:22:00 +0000

Project the right image by looking like a professional business. Have your logo, business cards, letter head, signage designed by an expert
Identify 10 benefits of doing business with you and use these in all your marketing material
Attend networking events regularly. Conferences, tradeshows, seminars
Develop a database of important contacts you regularly communicate with
Always treat customers like they are worth a million dollars to your business
Develop your own newsletter and send it out regularly
Create professional adverts ,brochures and fliers that attract your customers attention
Develop a simple easy to navigate website that helps you attract customers online and offline. Ensure it is properly marketed and optimized
Present free seminars for current and potential customers to show your expertise and market your services. Give to get
Use free social media to market your products and services. Facebook, Myspace, Youtube, Blogs, Twitter, Kijiji and Craigslist

Books Every Small Business Owner Should Read

noreply@blogger.com (Andrew) — Tue, 10 Feb 2009 15:51:00 +0000

Good to Great by Jim Collins Amazon Link
Losing my Virginity by Richard Branson Amazon Link
Duct Tape Marketing by John Jantsch Amazon Link
Guerrilla Marketing by Jay Conrad Levinson Amazon Link
A Passion for Excellence by Tom Peters, Thomas J Peters, Nancy Austin Amazon Link
E Myth by Michael Gerber Amazon Link
The Art of the Start by Guy Kawasaki Amazon Link
eBoot-Camp-Internet-Marketing-Techniques by Corey Perlman Amazon Link
How to Become a Rainmaker by Jeffrey Fox (I like all his books) Amazon Link
Get Everything You Can Out Of All You've Got by Jay Abraham Amazon Link
Tested Advertising Methods by John Caples Amazon Link
Getting Business to Come to You by Paul Edwards Amazon Link
167 Tax Tips for Canadian Small Business by Stephen Thompson Amazon Link
4-Hour Workweek by Timothy Ferris Amazon Link
How to Get Rich by Felix Denis Amazon Link
How to Win Friends and Influence People by Dale Carnegie Amazon Link
The Big Idea by Donny Deutsch Amazon Link
The Knack by Norm Brodsky and Bo Burlingham Amazon Link
The Tipping Point by Malcolm Gladwell (I like Outliers too) Amazon Link
The 100 Best Business Books of All time Amazon Link
The New Rules of Marketing and PR by David Meerman Scott Amazon Link
Everything I Need to Know About Business I Learned From a Canadian by Leonard Brody and David Raffa Amazon Link
Success Principles by Jack Canfield and Janet Switzer Amazon Link
Visionary Business by Marc Allen Amazon Link
Made to Stick by Chip and Dan Heath Amazon Link

Boot Camps for Technology Start-Ups

noreply@blogger.com (Andrew) — Mon, 09 Feb 2009 17:36:00 +0000

The Canadian Trade Commissioner is coordinating Boot camps for Technology Start-Ups featuring Silicon Valley experts and investors Thursday, March 19, Mars, Toronto http://www.tradecommissioner.gc.ca/eng/document.jsp?did=88783

Women's Business Networking Event

noreply@blogger.com (Andrew) — Thu, 05 Feb 2009 18:44:00 +0000

WHO: Creative Women's Entrepreneurial Alliance of Toronto

WHAT: Women's Business Networking Event

WHERE: Northern District Library, 40 Orchard View Blvd.(Yonge/Eglinton)

WHEN: Sunday, March 1, 2009, 2pm to 4:30pm

COST: $10 in advance ($12 at the door)

RSVP: www.torontocreatives.ca

FORMAT: 2-2:45 pm, mingling and registration; 2:45-3:45pm, Keynote and Q&A. 3:45pm-4:00pm, Thirty Seconds at the Mic; 4pm to 4:30pm, networking

EVENT DESCRIPTION

Along with providing a venue for women entrepreneurs to network with one another, this event is designed to educate small business owners about money-saving tax tips. Our keynote Sunny Widerman of Personal Tax Advisors not only makes taxes fun and easy to understand, she has a great story to tell about how she left precarious employment to start her own tax business for small business owners, and the success she has enjoyed ever since. Visit www.torontocreatives.ca to register online.

2009 DELL SMALL BUSINESS EXCELLENCE AWARD OFFERS SMALL BUSINESSES CHANCE TO WIN USD $50,000 IN TECHNOLOGY SOLUTIONS

noreply@blogger.com (Andrew) — Wed, 04 Feb 2009 16:43:00 +0000

Global USD $50,000 award offered by Dell in 13 countries
Canadian national award offers chance to win CDN $25,000 in Dell solutions
Dell, Endeavor, ICSB to Recognize Innovative Technology Use by Entrepreneurs Around the World

TORONTO, Feb. 4, 2009 -- Dell today called for entries for its global 2009 Dell Small Business Excellence Award* (www.dell.ca/ceaward). In its fifth year in Canada and second year globally, the award gives small businesses applying technology in innovative ways to better serve customers a chance at up to USD $50,000 in Dell solutions and a meeting with Dell Chairman and CEO Michael Dell.

The News:

Dell today called for entries for the global 2009 Dell Small Business Excellence Award (www.dell.ca/ceaward). Small businesses that apply technology in innovative ways have a chance to win up to USD $50,000 in Dell solutions and a meeting with Michael Dell.
Global award partners include the International Council for Small Business (ICSB), whose mission is to advance entrepreneurship through global knowledge sharing and networking, and Endeavor, a global non-profit supporting emerging market entrepreneurs.
Call for entries for the fifth annual Canadian Dell Small Business Excellence Award start today with the first round of submissions due by Friday, April 3, 2009. Ten Canadian finalists will be announced in mid June and the Canadian national winner will be announced in September 2009.
Countries participating in the Dell Small Business Excellence Award include Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Spain, the
United Kingdom, and the United States. For a description of the award criteria, rules, award levels, partners and judges and to complete an application, visit www.dell.ca/ceaward.
Chosen from the 13 national winners, the global 2009 Small Business Excellence Award winner can receive:
- USD $50,000 in technology and services from Dell, global recognition, lifetime membership to ICSB, and engagement with Endeavor's network of business leaders and high-impact entrepreneurs in emerging markets worldwide.
- The Canadian national winner receives CDN $25,000 in Dell products and services; and a day of best-practice sharing with Dell executives, including Michael Dell.
- Nine Canadian finalists receive a Dell business-class laptop.
Entrants must be businesses with 100 or fewer employees, and each must show how it represents the spirit of innovation in applying IT in its business practices to improve the customer experience. Applications are accepted online and due by April 3, 2009. No purchase or entry fee is required.

Quotes:

"We are grateful to Dell Canada for recognizing our business model and strategic use of technology, and for placing us on the global map with its prestigious Small Business Excellence Award," said Michael Mattalo, President, Fifth P Solutions, the 2008 Canadian Dell Small Business Excellence Award winner.

*No purchase necessary. Void where prohibited. Open to small businesses based in Canada with 100 or fewer employees. Additional entry restrictions apply in Canada. Please refer to the official rules at www.dell.ca/ceaward for additional terms and a full description of prizes. Entry period begins February 2 and ends April 3, 2009. Sponsored by Dell Inc., Endeavor and ICSB.

Additional Information:

http://www.dell.ca/ceaward

This year, expect to sell a little to a lot

noreply@blogger.com (Andrew) — Sun, 01 Feb 2009 20:55:00 +0000

With so many customers cutting back during this recession, small business owners must alter their sales strategies. There’s still plenty of money to be made during these tough times, but getting it will require a different approach.

To keep your sales climbing, follow these suggestions:

Sell in smaller amounts. Nervous about big purchases, your customers will more likely say yes to lower-dollar commitments. That means you’ll be selling smaller deals to a larger number of customers, so free up your time to see as many prospects as possible.
Sell more frequently. Because your customers are buying smaller amounts of what you sell, you’ll have to sell to them more often. Stay on top of their needs and schedule your next pitch sooner rather than later.
Encourage trial. Help prospects to become customers by making it easy to try you out. Offer a free trial, hands-on demonstration or risk-free sample of what you sell. Create a really affordable taste of your business. Once they buy something, you can work to increase the amount of money each new customer spends with you.
Be flexible with payments. Consumers and businesses alike are worried about cash flow this year. You’ll close more sales by presenting flexible payment terms and options such as delayed billing, installment payments or by accepting credit cards.

Small Business Expert Roger Pierce advises thousands of Canadian entrepreneurs in his company’s popular how-to seminars, found at www.BizLaunch.ca

Seminars this week - How to Build a Million $ Business

noreply@blogger.com (Andrew) — Sun, 01 Feb 2009 04:08:00 +0000

Take your business to the top! Learn how to build a bigger business by developing a solid plan and clear strategies for money, management, marketing & technology.

Business Planning
Goal setting
Developing systems
Hiring great people
Using technology
Legal protection
Creating a strong brand

Wednesday February 4th at 6.30 pm at Staples in Barrie Drive, Barrie, ON

Thursday February 5th at 6.30 Pm at Staples at 945 Eglinton East, Toronto,ON

To register click here

Focus on the marketing basics

noreply@blogger.com (Andrew) — Fri, 30 Jan 2009 21:16:00 +0000

Don’t stop marketing
Spend more time with your regular customers
Train your employees to offer brilliant service
Follow up all leads and get back to people quicker than normal
Regularly ask your current customers for referrals
Reactivate customers you have done business with in a while
Get out there and network more
Measure the effectiveness of every marketing tool you use
Identify the benefits you offer clients and ensure that these are featured on you website, brochures, flyers and any other marketing materials
Find other companies that sell to similar target markets as yours and partner with them
Identify new target markets you can sell to
Develop a newsletter that you can use to communicate more regularly with your clients
Use free online resources like LinkedIn, Twitter and Facebook to connect with potential new clients
Ensure that your website is easy to navugate and properly optimized
Employ the services of PR person to help you get publicity
Keep positive by spending time with motivated entrepreneurs and sharing great marketing tips
Use the telephone to get more appointments with new prospects
Use direct marketing to communicate with current and prospective customers
Ask customers what you can do to improve the service you offer, and do it
Don’t give up and you’ll come out a better business owner than before the recession

Want to stimulate the economy? Start a small business

noreply@blogger.com (Andrew) — Tue, 27 Jan 2009 20:08:00 +0000

(TORONTO - January 27, 2009). Forget about government aid packages designed to bailout Canada – the best way to stimulate the economy is to start a small business.

That’s the opinion of one entrepreneur who is in the business of launching other entrepreneurs.

“The government plans to spend billions of dollars to create and protect jobs, when they should be helping more Canadians to start small businesses,” says Roger Pierce, co-founder of BizLaunch.ca.

“Self-employment is a better form of job creation because it stops people from continuing to depend on unstable corporate employers.”

“And, there’s no better way to boost the economy. Canadian small businesses collectively generate the most taxes, employ the most people and are responsible for driving innovation and development. Plus, new businesses inject billions into the economy because they purchase goods and services to get their operations rolling.”

Pierce hopes that many of the 200,000 Canadians expected to lose their jobs this year will seek brighter futures through self-employment. “The sooner we stop relying on others to pay us so we can feed our families, the better,” he comments. “The only way to truly control your economic future is by being your own boss.”

BizLaunch.ca is Canada’s largest small business training company. The firm uses experienced entrepreneurs to dispense how-to advice to start-ups, typically in free seminars sponsored by select corporations. Founded in 2003, BizLaunch.ca has trained over 15,000 new entrepreneurs worldwide.

Pierce, a serial entrepreneur with eleven start-ups to this credit, believes now is the best time for Canadians to embrace their entrepreneurial nature. “Small business owners are free to make their own decisions, pursue their passion, work with customers they like and create very rewarding lifestyles,” he says.

In 2009, Pierce predicts tens of thousands of people will join the 2.65 Million Canadians already open for business. “Start-ups will provide the best type of economic stimulus,” he enthuses.

Existing or aspiring entrepreneurs may find out more about free BizLaunch Seminars by visiting www.BizLaunch.ca.

New BizLaunch Seminars Loaded

noreply@blogger.com (Andrew) — Fri, 23 Jan 2009 18:32:00 +0000

Visit the BizLaunch website to see all the new seminars for the next 90 days across Canada. Click here to visit www.bizlaunch.ca

Register, attend, learn, network and go home inspired

To succeed in your own small business

noreply@blogger.com (Andrew) — Mon, 19 Jan 2009 23:09:00 +0000

Learn how to plan
Learn how to manage
Learn how to delegate
Learn how to sell
Learn how to market
Learn how to network
Learn how to manage your time
Learn how to manage cash flow

..... and never give up

Don’t Put Off Until Tomorrow What You Could Be Doing Today

noreply@blogger.com (Andrew) — Fri, 16 Jan 2009 03:40:00 +0000

The turn of the calendar year creates new ideas and excitement about how we can become a better version of ourselves. Companies set new goals and people make New Year resolutions to set goals for financial wealth, health, happiness, and spirituality.

Did you ever wonder why people set a date into the future like January 1st to begin doing what they want for themselves? For example, “I will begin walking each morning for 30 minutes come January 1st”, or “In the new year, I will begin eating the way that I know I need to eat to maintain better health”. Why do we decide to make a change in our lives, but put it off to a later date, knowing full well that it is in our best interest to start immediately?

The truth is that change is uncomfortable. Passing on the Christmas baking and seasonal treats takes will power, self-discipline, and the ability to communicate our intentions with others so that they can support us. Perhaps that is one reason why we wait until the turn of the New Year to take action on the changes we wish to make. Perhaps it is also because we procrastinate.

Procrastination means worrying about the things that you are not getting done. If you are not worried about it, then you are not procrastinating. Fear, doubt and procrastination cause us to delay acting on things. Would you agree that we just need some self-discipline?

There are strong ties between self-discipline, self-control, and happiness, but most people don’t want discipline. For example, North Americans spend over three hundred billion dollars per year on diet products¹, but the only diet that most people need is a little bit of discipline. Yet in an effort to avoid discipline, many people buy the gadget that makes them think that owning it gives them some shortcut to get the results they are looking for. Just watch the TV channels selling food, diet and health products as band-aid solutions for better health; presenting get rich quick techniques; or offering 1-900 numbers as cures for your relationship woes… (don’t get me started)

We cannot be happy without discipline, nor can our careers and organizations be successful without discipline. If you have been putting things off that you know you need to do, today is the day to take action and make a plan to ensure that the tasks get done regularly.

What will you do to make 2009 your best year ever?

p.s. When you reach your goal, please write to me and let me know because ……. I care about YOU.

Penny

Penny Tremblay, ACG,CL
Tremblay Leadership Center

www.pennytremblay.com

Soar or crash? Small business predictions for 2009

noreply@blogger.com (Andrew) — Fri, 16 Jan 2009 03:37:00 +0000

(TORONTO, ON. Jan. 1, 2009). With a rocky end to 2008, what is the outlook for Canadian small
businesses in 2009? Will as many people choose to start-up? Will existing small businesses
struggle and shut down? How will a worsening economy affect the Canadian entrepreneurial
spirit?

For a glimpse into the year ahead, we consulted Start-up Expert Roger Pierce, a serial small
business owner and co-founder of BizLaunch.ca, Canada’s largest small business training
company.

BizLaunch.ca has advised and trained over 15,000 new entrepreneurs worldwide, and is best
known for its how-to small business seminars delivered across the country on behalf of clients
such as STAPLES Business Depot, Bell, Aliant, Scotiabank and the Government of Canada.
Here are his top six predictions for 2009:

1. Unemployed will become self-employed. During the past two recessions in North America,
the number of people starting up a business actually increased. We’ll see that trend repeated
in 2009, as some of the 200,000 Canadians expected to lose their jobs decide to take matters
into their own hands by becoming their own boss. According to Industry Canada, 139,000
businesses started up in 2007…a number Pierce expects will be surpassed in 2009.

2. More ‘BoomerPreneurs’. People in their 50s and early 60s who saw their retirement savings
dwindle substantially in 2008 will start a part-time or full-time business to replace that money.
Boomers who recently retired or who wanted to retire in the near future will pursue
entrepreneurship as the best way to augment their income.

3. The Internet will power more start-ups. An Internet-based business is by far the least
expensive type of startup. As more shoppers buy online, entrepreneurs will respond with
innovative web-based offerings. To help offset dwindling sales at home, existing small
businesses will also turn to the web to reach new customers in different parts of the world.

4. Governments will back start-ups. Anxious for solutions to fight escalating unemployment,
federal and provincial governments will finally recognize self-employment as a viable
alternative to employment. More funding will flow to newly-created start-up programs to give
entrepreneurs the skills training needed to run a successful enterprise. New tax incentives
may also be introduced to help stimulate self-employment.

5. Women will lead the charge. Already accounting for 60 percent of Canadian start-ups, that
number will increase as more women entrepreneurs decide it’s time for them to fulfill their
entrepreneurial ambitions.

6. Thriving solo. Contrary to those economic pessimists, existing small businesses will not
close up shop in record numbers in 2009. Small, nimble, innovative and able to operate on
shoestring budgets, owners of Canadian micro-enterprises will act quickly to cut costs to
maintain profitability, while at the same time jumping on new revenue opportunities presented
by this worsening economy. They’ll actually enjoy an increase in revenues in the coming year
by simply picking up work from large corporations that seek to slash expenses by outsourcing
various functions and tasks.

Interesting Times for 2009

noreply@blogger.com (Renée) — Thu, 15 Jan 2009 15:15:00 +0000

Interesting viewpoint from the Business Edge:
“We may need all the help we can get in ‘09”

Tom Keenan explains that 2009 will be a year of ‘interesting times”. He highlights the bigger technology trends that will more than likely grow even bigger over the year:

1. Reputation will become even more important – social websites enable for easy sharing and posting of comments. Watch out what people are saying about you or your company.

2. Well executed web advertising will be a key tool for all kinds of businesses.

3. New delivery methods are emerging to communicate and do business.

4. Social networking will move from being cute to a must-have. - Online business transactions, deals, and networking are growing at an incredible rate. Don’t be the one who is getting invited to all the new sites and applications. Get there first!

5. The decline of email and the rise of immediacy. - Immediate gratification is key. With the capabilities of Blackberry and the iPhone, keeping up with Twitter, Facebook, and other social sites is easy and necessary.

6. “Buy what your neighbour grows.” - Supporting local farmers.

7. Oops, I didn’t mean to do that. – Technologies to help you from getting viruses or even sending drunken emails to colleagues.

With the way 2009 is already going, we are going to need all the help we can get, both personally and professionaly. Make sure your business is on the right track.

Signs you’re probably an entrepreneur

noreply@blogger.com (Andrew) — Tue, 13 Jan 2009 19:24:00 +0000

Your business is your life and hobby
You often do and then think
You don't like being told what to do
You often have dreams about your business
You constantly find ways to innovate everything
You hate small talk
You don't REALLY read long contracts even though you say you did and recommend people should
You’re very impatient
You hate standing in line(queue if you’re English) to buy something
You hate meetings
You look forward to Mondays
You have a short attention span
You don't read long emails
You send out short emails and sometimes people think you’re rude
You hate being told you’re wrong

Reading should be a lifetime assignment

noreply@blogger.com (Andrew) — Fri, 09 Jan 2009 19:58:00 +0000

There are multiple online& offline resources that are available to you.

Below are few topic areas to consider.

Biographies

Everyone of success has a story from Fred Smith, Donald Trump (business tycoon) to Jim Carey (actor) their beginnings are worth reading and inspiring for everyone to "Go Big" in any venture. Heroes of yesterday from former presidents Winston Churchill, Ronald Reagan have gone through journeys to have reach their level of success.

Success

Success is defined in different ways from generating wealth to succeeding in business. For some it may be create money, for others it may be type of lifestyle they want to live. Perhaps having the ability to travel the world and visit Australia and different destinations in Europe or go an Cruise of a lifetime with family and friends.

Leadership

John C. Maxwell has written over 15 books on various parts of Leadership from 360 Degree Leader to Failing Forward. We have been leaders throughout our lives either in school, sports or in social functions, its continuous process of learning and growing to be effective and efficient to get the task complete.

Teams

Living in a diverse community the importance and focus of working well together to have synergistic ability to combine our strengths and to work on our weakness, team activity allows that to happen and create atmosphere that daily issues are resolved and work get done either on the dock or in administration.

These are just a few resources that can read about for 15 minutes during your day either while have breakfast or while relaxing on the weekend enjoying the sun.

By Jim Pagiamtzis is published author, speaker and Elite Entrepreneur. 416-894-7859 payamgis@gmail.com

How to Manage Your Collections

noreply@blogger.com (Andrew) — Sat, 03 Jan 2009 02:44:00 +0000

By Jeremy Lichtman, 23 January 2006

Note: The author originally wrote this article while working as the CTO at MIT Consulting, and IT consulting company. He is now the CEO of Lichtman Consulting (www.lichtman.ca).

"Accounts Receivable!"

If you are the CEO or manager of a small business, you're probably already running, screaming at the top of your lungs, for the nearest available shelter. While you are hiding under the reception desk, consider this: accounts receivable, and the often difficult task of collecting them from your clients, can be one of the toughest tasks that small businesses face.

The good news is that it really doesn't have to be that way. It turns out that the key to collections is simply being organized. My company, MIT Consulting, has had its fair share of collections issues over the years, and we've come up with the following list of tips and tricks for keeping our AR as low as possible:

1. Set rules up front with your clients

Many business owners are (strangely) reluctant to talk about money. They'd rather discuss their products and services and how they meet their client's needs.

It is very important, however, to write down a list of rules for how you expect to be paid, and make sure that they are in the contract (you do have a contract with your client, don't you?), and that you have discussed them before any work has started.

The rules could include things like terms of payment (i.e. 30 days after the invoice date), or a complete payment schedule, with specific dates for each payment due.

2. Get money up front

Depending on your business, this may vary in difficulty. At the very minimum, you should insist on a substantial deposit prior to starting work on a project. The deposit amount will obviously depend on the kind of work you are doing, as well as the total size and timeline of the project.

If you will incur large outlays (i.e. you have to buy equipment for your client), it may make sense to get the client's credit card number and make sure that you have received payment before you even place the order! After all, if your client wants to buy a computer from Dell, they have to pay before the computer is even built. Why should you have to run after your client for the bill afterwards? "Financing" our clients was a mistake that we used to make in our business, and the resulting cash flow issues caused us major grief.

3. Offer discounts for early payment

This trick was suggested to us by our accountant a few years back. It won't work for all clients, but for those who are actively watching their bottom line, a discount of 1 or 2 percent for early payment (i.e. less than 10 days after the invoice date) might be sufficient to make them pay up.

3. Keep track of your AR

Hopefully you have a proper accounting package in place. My company runs Business Vision, and there are a number of useful reports that can help keep track of collections. I print up the current AR report on a weekly basis, as well as the cash receipts report for the previous few weeks. This means that I have a good idea of who owes us money, and how much.

4. Make weekly collections lists

Every week, we sit down with whoever is going to be making calls and put together a list of who to focus on for that week. One week we may target the clients who are most overdue with payments. Another week we may focus on those with the largest outstanding amounts.

5. Set weekly collections targets

After we have set a list of who we are going to call, we put the list (along with the amounts for each client) on a whiteboard, with a goal at the bottom. As we successfully collect money, we update the whiteboard. That way we know how close we are to meeting our weekly goal. If you don't set goals, it is hard to track your progress!

6. Keep notes of your calls

It is extremely important to keep a list of who was called, when they were called, and what was said. We often find that collection calls can result in other, useful information about our own level of customer service. Sometimes clients may discover errors on an invoice that slipped through our checking process, or they may have a complaint about the level of service they have been given. If that information isn't recorded, it is lost. So write it down!

7. Set time aside daily time for calling

Calling clients for money is such a painful process for many people that it is easy to let it slide. It is important to set aside specific times of the day during which you will be calling. Make sure you stick to your schedule.

8. Consider hiring somebody to just do calling

The job has to be done. If you can't do it, hire somebody who can! Make sure that they have a realistic "script" to follow with clients, and give them clear instructions on how to handle problem situations. Listen in on a few of their calls, at least at the beginning, so that you have a feel for how they are doing.

9. Be nice but firm!

There is nothing that is guaranteed to lose your clients than a rude, obnoxious bill collector. Yes, they may get results, but if you lose the client as a customer afterwards, that doesn't help your cause.

On the other hand, if the collector appears weak-willed, they are unlikely to be able to collect, particularly from tough customers.

The key is to be firm but polite. If the customer says that they can't pay now, ask them when would be a good time to call back. If they have an issue with something on the bill, listen to their concerns and take detailed notes. Then follow up.

This approach often results in a better, more up-front relationship with the client over time, and may help your business in other ways.

10. What do to if the client won't (or can't) pay

There are always going to be a few clients who can't or won't pay their bills. In our experience in the service industry, a few percent of the total invoices that we send out turn out to be uncollectible for various reasons.

When this happens, our rule of thumb is to determine whether we are likely to ever do business with the client in the future, and also whether sending the bill to collections or suing the client is likely to have other repercussions. It is a good idea to discuss the specifics of each case with your lawyer as well (you do have a lawyer, don't you?).

Bear in mind that if you send the bill to collections, or sue the client, you will likely only collect a portion of the total amount, since the collections agency or lawyer will want their "cut". It might be worthwhile to talk things through with the client instead (if this is possible), and see if it is possible to collect a portion of the bill at the very minimum.

Happy New Year

noreply@blogger.com (Andrew) — Wed, 31 Dec 2008 17:30:00 +0000

May 2009 be your best year ever.

1. Make more money
2. Relax more
3. Spend more time with your friends and family
4. Read more
5. Learn more
6. Smile more
7. Laugh more
8. Give more money away
9. Complain less
10. Look after yourself
11. Grow your business
12. Believe more in yourself
13. Travel more
14. Appreciate the little things in life more
15. Phone your friends and family more
16. Spend more time with your customers
17. Charge more for your products and services
18. Write more
19. Say please and thank you more
20. Walk more
21. Eat more healthy
22. Mentor more people
23. Teach more
24. Compliment yourself and other people more
25. Talk less and listen more

Attend Bizlaunch seminars: learn, network and get inspired.

Thanks for supporting us in 2008

www.bizlaunch.ca

.Recessions are good for small business

noreply@blogger.com (Andrew) — Mon, 22 Dec 2008 19:07:00 +0000

A Kauffman Foundation study shows that companies founded during recessionary times have a higher likelihood of becoming economically important. In the study, "Entrepreneurs and Recessions: Do Downturns Matter?," Kauffman Foundation Senior Fellow Paul Kedrosky presents findings and an analysis regarding how economic conditions impact startup success.

To read more click here

Inspirational Quote

noreply@blogger.com (Renée) — Wed, 10 Dec 2008 17:10:00 +0000

“Never speak of the times as being hard, or of business conditions as being doubtful. Times may be hard and business doubtful for those who are on the competitive plane, but they can never be so for you; you can create what you want, and you are above fear. When others are having hard times and poor business, you will find your greatest opportunities.” - Wallace Wattles (1910)

Networking for a Cause

daniel@bizlaunch.ca (Daniel) — Tue, 09 Dec 2008 20:34:00 +0000

Join us for a networking event for the benefit of the Hospice of Peel.

Speed network with other business people, entrepreneurs and professionals and support a great cause.

Included in the $20 minimum donation is a drink ticket, hors d’oeuvres and the opportunity to network with other concious and compassionate business people.

There will also be several prizes and draws for all of those in attendance.

All the proceeds will go towards the inaugral Give the Gift of Giving program which will use the donations to help families affected by terminal illness enjoy a Christmas dinner or buy gifts for the children of the family.

Visit http://hospiceofpeel.com or http://givethegiftofgiving.ca for more information

Event tickets are available from the BizLaunch offices at 268 Adelaide Street West or directly from Daniel Patricio.

* this is a 19+ event**

For more information please contact daniel@givethegiftofgiving.ca