postheadericon Live Blog

C2 Online Blog 2

rss

Expect expert advice.


How to Open the Door - It's About Them Not You! C2online

Part of being a successful entrepreneur is being able to develop your business. It is not just about running around trying to drum up new business. You need to be creative, have a thorough understanding of the company’s product, technology, market and competition. You must be highly focused and have the ability to not only open doors but also close deals. Lets talk about opening that door.

 

When I look at a product or service that I am going to be involved in and I need to focus on the business development strategy I research what companies would benefit the most from the offering.  Once I have analyzed the potential JV’s, VC’s and alliances, I build a road map in my mind and duplicate it on paper.

 The road map is very much like your typical road map but instead of the cities, and towns being locations they are companies.   Analyzing the vision in my head on paper allows me to see how everything is interconnected and visually your target business development opportunities appear before your eyes.

Now that's the easy part!   Now you know who to contact but how do you get that door open to talk to them. Now you need to focus all about them, who they are as a company, an executive and how they can benefit from your offering.

Making contact with the right person is key, and your first attempt once you decide who that should be may fail.  That’s ok cause you are determined.   First, look at the executive staff and ascertain if anyone you know in your rolodex may have a connection to that particular person or someone in the company that can provide you an introduction.  If the answer results in a no, you then need to contact them directly.  Keep it simple, explain who you are, why you are contacting them and then make sure you make the introduction all about them and how you can help them.

If that attempt fails, try another executive or perhaps maybe an employee that may be able to provide that introduction that cracks that door open for you.  Never give up and be persistent but don't be a pest. 

Good Luck

Lisa Patrick
CEO Co-Founder C2online.ca


Bookkeeping Basics for the New Entrepreneur and the 5 Mistakes You Need To Avoid C2online



As a small business owner, are you in touch with your finances? And I don't mean just an income statement and filing your taxes. Are you really in touch with the ins and outs of your business' financial operations? As an entrepreneur of any type of business, whether you're running a bakery, starting a coffee roasting company or offering dog walking services, you can't live without financial management. It's an essential part of your business operations.

To have good financial management, you need good bookkeeping. So what exactly is bookkeeping and why do you need it? Bookkeeping is a system of recording the financial transactions of a business. It looks at all aspects of the comings and goings of your cash flow and transactions. Here are some basic bookkeeping terms defined: Basic ABC's of Bookkeeping

Small business bookkeeping is necessary for a couple of reasons:

1. Record data, organize it and prepare financial statements.

You need to track your revenues and expenses and record this information in an organized manner with a chart of accounts. This is where you file away all of your business transactions (expenses, income, assets, liabilities, equity, etc.). With this data, you'll need to prepare essential statements, and of course, for tax time to file your tax return and make claims.

2. Management & Growth of Business

Owners should understand that bookkeeping is not just about paying taxes or reporting results. Management and growth is an area of financial management that can be easily overlooked by business owners. This takes time and for most entrepreneurs, time is not readily available. However, if you want to give your small business the best chance for success, then you can't overlook this. Think about it. With the financial data you've recorded and organized, you now need to analyze how aspects of your business are performing, and create valuable reports to guide your business.

Now that you have a basic understanding of bookkeeping and why you need it, we want to get you off to a good start. So keep these in mind:

5 Small Business Bookkeeping Mistakes to Avoid

1. Save money on bookkeeping.

One way to save money is by doing the bookkeeping yourself, manually. Yes, it can be done. But it takes time. And if you want to do it properly, it takes a lot of time. Unless you're an expert at Excel—a topic we discussed in a previous blog: Why Excel May Be Bad for Your Business—you need to invest in some other options. You can purchase a software package, invest in online bookkeeping software, or hire a bookkeeper.

2. Not making informed decisions based on your numbers.

You need to understand your finances and make decisions based on solid financial management. Your financials are an essential tool to better manage where your business is headed tomorrow. You need to know what's selling, what's most profitable, who's buying and who owes money.

3. Poor record keeping.

As discussed above, your numbers are crucial in so many aspects. So what good are they if they're not accurate? Don't underestimate the value of keeping good records; it will catch up with you and will misguide you if not done properly.

4. Pay attention only at tax time.

This is a mistake on multiple levels. First, you need to maintain good records throughout the year for when tax time arrives. As well, how can you make those informed business decisions if you're not continually paying attention and are staying attuned with your finances. Make it part of your daily routine so you don't fall behind. If you’ve hired a bookkeeper, have them keep you informed on a continuous basis; be in constant contact with them.

5. Make your accountant do all of the work.

An accountant essentially takes over after bookkeeping ends. You provide them with your bookkeeping and they utilize that information for their services. So if you don't want to spend a lot of money on an accountant, you must send the necessary business documents and information to your accountant in an organized way. (Hence, having good record keeping.) Missing documentation will slow them down and cost you money.

You want to get your new business off to a good start. Even if numbers and financials are not your area of expertise (and quite frankly, makes your head spin), don’t forget to still give it the attention it deserves. The success of your business depends on it.


Is your home your office? Lisa Patrick

Whether you’re a contractor occasionally working at home or an entrepreneur you need a room of your own to work in.  Don’t give in to the temptation to work on the sofa in front of the television.  Instead, have your own working space. This should be a permanent desk in a spare room with all the equipment that you need.

Having a defined separation when possible in your home as your work space will ensure that you won’t drift in out of work and ensure your entire focus is on your work. Make this space comfortable to work in, a space uncluttered, organized and make your home office your own – personalize your space.

When you work from home you will need to be sure that you are accurately accounting for all your office in home space so that you can utilize that tax advantages to working from home.

Utilize C2online's Office in Home Calculator to assist you to ensure that you take full advantage of your home, garage and yard space so you get the biggest tax savings possible.

Lisa Patrick


CMS Website by WebmontonMedia.