As a business owner, you know that the right people are crucial to your company’s success. The best employees can help you achieve your business goals, improve your productivity, and drive growth. But finding the people best suited to your team can be daunting, and sometimes it’s easy to hire someone who seems okay, rather than taking the time to find the best fit. Here are some steps you can… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Canadian economy grew in 2nd quarter, mostly from government spending and higher wages The Canadian economy grew 2.1 per cent at an annualized rate in the second quarter of 2024, though GDP per capita fell for the fifth consecutive quarter, Statistics Canada said on Friday. U.S. opens door to possible challenge… Read more
In the unpredictable world of startups, maintaining a cash surplus can be a lifesaver. It provides a safety net in case sales don’t meet expectations or unexpected expenses arise. Aside from providing security, surplus cash also paves the way for expansion opportunities, handling large bills, or purchasing essential equipment. While injecting personal capital or taking out a loan can aid in creating a cash surplus, let’s explore some other effective… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Inflation rate eases, cementing case for Bank of Canada rate cut Canada’s inflation rate is steadily moving back down to the Bank of Canada’s 2-per-cent target, solidifying an already strong case for the central bank to cut interest rates again next month. EI benefit claims are up for working-age… Read more
Running a small business comes with its own unique set of challenges, and dealing with toxic employees is undoubtedly one of the trickiest. A single troublesome team member can disrupt productivity, affect team morale, and ultimately harm your business’s success. Knowing how to handle such situations effectively can turn things around. Let’s look at the types of toxic actions, how to address them, and provide practical steps to manage these… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Should Canada ditch the mortgage stress test? What experts are saying Despite recent interest rate cuts, the Canadian real estate market remained slow this summer. This has prompted some in the industry to call for an end to the stress test – a tool that determines whether a person can… Read more
Running a business is hard enough without having to wrestle with out-of-date accounting records. That’s where cloud accounting comes in—a modern solution that can make your life a whole lot easier. This article explores why small businesses should embrace cloud accounting and how it can drive your success. What is Cloud Accounting? Cloud accounting involves using online software to manage your financial records. Unlike traditional desktop accounting software, cloud-based solutions… Read more
Welcome to our Weekly Digest – stay in the know with recent news updates relevant to business and the economy. Bank of Canada is now less concerned rate cuts will drive up home prices The Bank of Canada is now less concerned about home prices spiking as it lowers its benchmark interest rate, minutes from the governing council’s latest meeting show. Rent growth across Canada slowest in 2 years, report… Read more
When you run your small business, you have a lot on your plate. That makes it tempting to let some tasks slide, especially tasks that are related to finances, which can be challenging and often outside your preferred skill set or experience. Here are some financial best practices for managing your business, so you can have the best chances of success. Pay yourself As a small business owner you may… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Bank of Canada cuts key interest rate again, more cuts ‘reasonable’ if inflation keeps easing The Bank of Canada cut its key interest rate to 4.5 per cent, with governor Tiff Macklem saying during a news conference that it would be reasonable to expect further rate cuts if inflation… Read more
Welcome to our Weekly Digest – stay in the know with recent news updates relevant to business and the economy. Removing domestic trade barriers could boost productivity, add $200 billion to economy annually The removal of interprovincial trade barriers could improve productivity and add as much as $200 billion to Canada’s economy each year, or $5,100 per person, according to a new report by the Canadian Federation of Independent Business (CFIB). Soft landing still… Read more
Selecting the right accounting software is a crucial decision for your small business’s financial health and accuracy. With numerous options available, this process can seem daunting, but making an informed choice is essential to streamline operations and mitigate risks such as financial fraud and regulatory non-compliance. Introduction The challenge of choosing appropriate accounting software stems from the need to balance functionality, ease of use, and cost-effectiveness. As cloud computing continues… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Business, consumer sentiment subdued as economy slows The Bank of Canada says business and consumer sentiment remained subdued during the second quarter of the year even as the country saw its first interest rate cut in years. Canadian economy to see modest growth in the second quarter The Canadian… Read more
Starting a business without a plan is like setting sail without a compass. While you might eventually reach your destination, the journey will likely be longer and more challenging. A well-constructed business plan is essential for guiding your business towards success. Here’s why: It Clarifies Your Vision A business plan helps you articulate the vision for your enterprise. It forces you to think through every aspect of your business, including… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Renters under pressure: When will the fever break in the hot rental market? Ask the average renter and they can tell you: Canadian rents have soared in recent years. The latest data from Rentals.ca and Urbanation shows the average asking rent for all property types in May rose above $2,200 for the first… Read more
As a business owner, you’ll need to stay informed about your finances and your financial situation. You do this through bookkeeping. Bookkeeping is the process of recording transactions in your business. This includes any transactions, credit card charges and any other financial activity that happens within your company. How good bookkeeping helps you Bookkeeping is vital for any business. First, it helps you understand your finances. Bookkeeping gives you insights… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Canada’s GDP grew 0.3% in April, with rebound in some sectors Canada’s economy grew 0.3 per cent in April, helped by strength in several industries, including wholesale trade, oil and gas extraction and manufacturing, Statistics Canada said. The data matched expectations as analysts polled by Reuters had forecast 0.3… Read more
From terrorism to fire, from extreme weather or earthquakes to cyber-attacks – how would your business cope if it was affected? Would your staff know what to do? Would you be able to keep trading? Having a contingency plan is not just a precaution; it’s a necessity. Small businesses need to be prepared for a range of scenarios. Without a solid contingency plan, your business could face significant setbacks or… Read more
Leadership styles significantly impact team dynamics, productivity, and overall business success. While a passive leadership style may seem non-confrontational and agreeable, it often leads to unresolved issues, lack of direction, and decreased morale. Transforming from a passive to an assertive leadership style can be a game-changer for your business. Understanding Passive vs. Assertive Leadership Passive leaders usually: Avoid conflict at all costs Hesitate to express opinions or make decisions Allow… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Why the Bank of Canada will wait until September for its next cut Dawn Desjardins, chief economist at Deloitte Canada, talks with Financial Post’s Larysa Harapyn about how the Bank of Canada‘s interest-rate cuts may unfold and how the Canadian economy and housing market will perform this year and next. Canada’s GDP grew 0.3% in April,… Read more