Category Archives for "marketing strategy"

Big Grocer is Watching you!

By Randall Orser | Business , marketing strategy , Retail

Did you know that grocers are using artificial intelligence to make shopping faster, easier and far more trackable?  The new technology that they are using will one day, (and that is not too far away) allow you to put your shopping in your cart, and go straight to your car, load up and head home with no human contact and without having to wait in the checkout line or tap your debit or credit card. Sound unbelievable? well it is already in place and depending on how you look at what is really happening here you might see it as a good thing or a bad thing.

The new smart carts being rolled out have their own scanner so that customers can scan the items with barcodes before putting them into the cart.  If items do not have a barcode the cart's sensors will weigh them.  In the future we can expect the carts to have cameras, artificial intelligence and machine learning to recognize items placed into them without the use of a barcode. This invisible checkout system has been used in Asia for several years and it is now getting more and more available in North America.  The Amazon Go Grocery outlet opened in Seattle this year and at some Walmart urban super centre locations where customers can use the My Walmart app to scan products as they shop, bypassing checkout lines.  They pay via smartphone using a credit card already registered with the store and then exit through Fast Lane checkouts. 

For the consumer this is an ideal way to shop, they have control over the time they spend shopping and can choose their own produce, still impulse buy, monitor their grocery purchases to stay within their budget, avoid line-ups, and avoid having to pay (at least until their credit card statement arrives).

Behind the scenes the advantages for the grocer is that they can gather data about shoppers and their habits.  They are already doing this when you use your "Save on More" or equivalent card they can see what you buy and tailor their advertising emails to you to suggest discounts on items that you normally buy.   Grocery stores generate around $7 billion a month in sales and this is still growing.  

It is hoped that this automation will not mean that many people will lose their jobs, but instead will be moved to the sales floor to interact more with customers and answer questions about products, however some job losses will be inevitable.

From an article by Charlene Rooke

New Year’s Resolutions for Your Small Business

By Randall Orser | Employees , marketing strategy , Small Business

When we think about making New Year’s Resolutions, we usually think about trying to improve our personal lives in ways such as losing weight, stopping smoking, exercising more etc.  However, you can also create resolutions for your small business to do things differently and try to bring about positive change. Here are some suggestions for resolutions that you could make to improve your small business in 2020.  

I Will Learn to Manage my Cash Flow More Effectively – If you do not really understand the finances of your business it might be time to hire a professional bookkeeper to help you.  You need to be better prepared for the ebbs and flows in your cash flow and be able to create enough capital to put back into your business. You may also need to change your methods of payment. Allowing your customers to pay by e-transfer or credit card instead of cheque may mean that you are paid quicker thereby improving your cash flow. 

I Will Improve my Digital Presence – If you have not updated your website in more than two years then it is time to make changes.  You need to make sure that your site is mobile friendly and make sure that all your product details are up to date, delete discontinued items and make sure prices are correct.  If you haven’t already you need to create an email marketing list to send out newsletters with helpful information or offers.  If you are not even using digital marketing, then you need to make this a priority resolution for the new year.

I Will Finally Get Social – If you do not have a social media presence then you need to remedy this right away.  Consider which network is the best platform to your business and post to it regularly.  Think about starting a business blog with content important and relevant to your business.

I Will Get Focused and More Productive – If you waste time on social media or other distractions when you should be focusing on the tasks that you need to do for your business then you need to change your work focus immediately. Rather than letting the day pass you by, get on with  completing those important things that you need to do.  

I Will Charge What I am Worth – If you are feeling underpaid and undervalued for your work then make a resolution to market yourself to the right audience and make sure that you are charging the industry norm for your work.  Revamp your strategy and raise your rates to reflect your value to your clients.

I Will Grow my Team and Delegate More – If you have more work than you are able to handle then you need to make a resolution to bring people to your team who can take over some of the work that you do.  Think about hiring a bookkeeper and a social media consultant who can take over this time-consuming part of your business.  If  you have employees, you need to learn how to effectively delegate to them tasks that you are currently doing to free up your time to build your business.

I Will Become a Better Communicator – If you are constantly having misunderstandings with your employees, wasting time repeating yourself over and over, and there is a lack of employee morale in your company one reason may be that you are communicating ineffectively.  Take time to learn how to be better communicator it is very important to get your employees on board with building a successful business.

After you have made your resolutions you need to create a plan to put them into action.  Once you have that information then it is time to turn your resolutions into your business goals for 2020.

Tips for Retailers – How to Increase Your Sales the Week After Christmas

By Randall Orser | Employees , holiday season , Marketing , marketing strategy , Retail , Small Business

The week between Christmas and New Year can be a great opportunity to increase the profitability of your business.  If you do it right, you can net more from this week than any other week in the year.  Here are some tips to help you to have a profitable week.

Creating a Customer Experience – More than likely you will have customers in your store to spend those gift cards that they got for Christmas.  Many will be regulars but many of them will be visiting your store for the first time and you need to WOW them so that they will come back.  Think of little extras that you can offer to enhance their experience.  

Christmas is over, so freshen up your store.  Take down Christmas decorations and promotional signage and change the music.  For those customers who came in before Christmas a change of atmosphere may energize them to buy.

Sales and Incentives – Have your markdowns ready for the 26th of December.  The faster that you move this merchandise the sooner you can freshen up your store.  Some retailers believe in having a January sale instead, but this means that you will not be ordering new stock until February and your store will not have a new look until March.  Stuff bags with coupons to give customers incentives to return.

Full Price Merchandising -  Part of freshening up the store is putting new full priced merchandise out on the floor.  As many people are using gift cards, they might be more likely to buy new full priced items rather than those left over from the holiday season, giving you a greater profit margin.

Reduce your spending on Advertising – As it is after Christmas everyone is having sales. So instead of spending money on advertising use that money to motivate your staff to give exceptional customer service or use it on incentives for your customers.

Refocusing Staff -  The focus has changed from selling stuff, to keeping it sold.  Instead of having staff just concentrate on returns encourage them to focus on converting returns into exchanges and new sales.  Train them on suggestive selling techniques to use when they are processing a return. If you sell a lot of gift cards before Christmas ready your staff to sell prospective new customers.  This is also a good time to update your customer data base and to encourage customers to join your loyalty program.

Show Appreciation to Your Staff – They have just gone through the most hectic four weeks of the year and you are now asking them to do more.  This is a good time to show them that you care, coffee runs, catered lunches or even the services of a masseuse are ways to show your appreciation for their efforts. 

Remember most customers are just coasting until New Year and they don’t expect to find much in stores except sales on leftover Christmas items.  If you have made your target it can be tempting to sit back as well, but this is a great opportunity to create a good impression with customers by giving them new and interesting things to buy. 

Cyber Monday or Green Monday – Will you be Shopping On-line?

By Randall Orser | Budget , holiday season , marketing strategy , Personal Finances , Retail

Most of us have heard about Cyber Monday, the first Monday after American Thanksgiving when retailers offer many deals for us to buy on-line, but what is Green Monday?  

Green Monday falls on the second Monday in December, the name is thought to originate from the green colour of the American dollar.  The term was originally coined by Ebay in 2007 to describe the best sales day on their website in December.  Green Monday marks the 10-day shipping period before Christmas and is so successful because people realize that their time is running out to buy and ship gifts to arrive for Christmas.

As other retailers also adopted this day to offer their own seasonal deals (some call it Cyber Monday 2) Green Monday became the third largest shopping day of the season with sales in the U.S. of over $1.6 billion in 2016.  The retailers that usually participate in Green Monday are Walmart, Amazon and Best Buy and though popular in the U.S. the day is not as important on the calendar of Canadian shoppers, but it will probably grow in popularity in the future. 

The first Monday after American Thanksgiving was named Cyber Monday by Shop.org in 2005, although at that time as not many people had high speed internet connections they did not participate.  However, as connections speeds have increased so has the spending on Cyber Monday.  It was the biggest shopping day of the year both in 2017 and 2018 surpassing Black Friday.  Nearly a third of shoppers in the U.S. begin on the day before Cyber Monday and top stores such as Amazon and Walmart start cyber week sales on Thanksgiving Day.

Why Cyber Monday is so Popular

  • According to Adobe Digital Insights 40% of shoppers like the 24-hour shopping convenience.
  • The same number of shoppers wanted to avoid the Black Friday crowds.
  • 30% of shoppers enjoyed the ability to easily compare prices on-line.
  • Almost 90% of retailers offer Cyber Monday sales with 45% offering coupons or a percentage discount.
  • Over a third of retailers offered free shipping and 36% of shoppers said they would increase their on-line shopping if shipping was free.

A few on-line shoppers surveyed said that they would not buy on-line due to expensive shipping charges, or they didn’t like that they could not see or handle their purchase, or thirdly did not like to wait for their items to be delivered.

Mobile Technology and Social Media

Over a third of shoppers said that they would go to social media to get information about Cyber Monday deals usually on a company’s Facebook page and two thirds check out reviews on the company website before making a purchase.   More than half of on-line retailers make sure that they promote their sales on social media and that their websites are optimized for mobile devices.  

Impact on Brick and Mortar Stores

On-line retailing is growing by almost 10% annually and in 2020 is expected to reach $523 billion(USD).  In 2017 over 60% of people in 16 countries said that their everyday transactions were on-line rather than in-store.    This growth in on-line sales is having an impact on brick and mortar stores with more and more declaring bankruptcy every year.  It has been predicted that 75% of shopping malls will close in the U.S. in the next five years and those that do survive will cater only to high income consumers.  We can see from the number of closed stores in our malls that the same pattern is being repeated in Canada.

Black Friday Shopping – Retailers “Dirty Secrets”

By Randall Orser | holiday season , Marketing , marketing strategy , Retail

Black Friday is upon us once again, and we have been bombarded with ads on tv and social media for the last few weeks.  Black Friday started in 1932 in the U.S. when it was considered the start of the Christmas Shopping season.  The name Black Friday originated from the most popular idea that businesses ran at a loss or “in the red” from January to November, but on the day after American Thanksgiving they would return to “operating in the black”. 

Nowadays people shop in person (if they are crazy), or online if they want to buy in the comfort of home.  Though Cyber Monday has now eclipsed Black Friday, it is still a huge shopping day when millions of consumers hunt for bargains and retailers find new and ingenious ways to get them to part with their money.  Here are some of the traps that shoppers can fall into if they are not careful:

Doorbuster Deals” are Scarce – although ads are not allowed to be totally misleading, or tell you something that is untrue, it can tell you something without focusing on the details.  For instance, that ad announcing 60% off a TV will also have small print to tell you that quantities are limited especially if it is a doorbuster deal, so even if you camp out all night you shouldn’t count on getting one.  Although these deals are known as “loss leaders” and stores certainly lose money on them, they recoup it and much more when people hoping to get the deal stay in the store and spend more money.  

Deals Often Require you to do Extra Work – When you see a heavily discounted product you may also see (after mail in rebate).  That means that you will pay the full price on the day and you will have to wait to get your money back, which could take some time.  Meanwhile stores are hoping that with the Christmas rush and activities you forget to claim it which is true for millions of people.

Price Matching Disappears Black Friday week – Most of the year retailers are happy to price match as it makes sense for them to make a smaller profit rather than none at all.  However, some retailers will have purchased extra stock of items at a cheaper price so they can offer doorbuster deals, heavy discounted promotions or be ready to take a loss to lure in customers.  Their competitors will not honour these discounted prices as it may mean that they will lose too much money.

Before and After Prices can be Sketchy – Consumers are easily persuaded to buy an item when they see “Was $100 now $60, and similar offers.  Be aware that retailers can offer an item at $99.99 and then on Black Friday “50% off now $99.99,”  same item, same price but the perception that the price is heavily discounted is more likely to create a sale.  Stores are able to get around the legality of this by being able to use a base price to discount from even if the item has only been at that base price for only one day out of the year.  They can also use a “suggested retail price” as their base price even it is ridiculously high.   Some stores actually charge more for an item on Black Friday than they do for the rest of the year when the item is on sale, hoping that consumers will buy into the signage and the shopping frenzy. You can also see “Before” pricing that was the price when the item first came into the store, when in reality it has been selling for 50% off for many months, so any “deal” that you are getting on Black Friday may only be a small amount off the previous regular price not actually 50% off that price. 

Watch out for Time Sensitive Deals – When checking out those ads make sure to read the small print to see if there is a time period when the item will be at that price.  The idea behind the time limit is to create a false sense of urgency and a shopping frenzy.  You can expect the price to go up significantly when the sale time is over.  You might see an item at $10 at 8am, it goes up to $20 at 10am and is $30 by noon so it is not a good idea to shop around in this case. 

Many Black Friday Deals are Discontinued, Obsolete or Poor Sellers – Black Friday is a wonderful opportunity for retailers to get rid of dead stock, so beware if that something seems to be a good deal, make sure that you are still able to get refills etc. for it and that it is not obsolete.  You might also see products that are a poorer stripped-down cousin to the one that you actually want.    Rule of thumb is always if it seems too good to be true then it usually is.

Retailers Want you to Shop In-store not On-line -  They create a Black Friday shopping frenzy on purpose to attract you into their brick and mortar stores so that you will spend more than you planned to.   However, shopping on-line is making the rush to stores obsolete, you can find the same Black Friday deals the same day or even the week before.

So, make sure that you aware of all the “tricks of the trade” before you rush out to get that deal on Black Friday.   It is really just a day of bargain shopping, some prices will be good, but some items will be available at the same price or better on other days.  If you don’t need to have the item straightaway, consider avoiding the rush and buying on-line.

From an article by Paul Suggett

When Should the Holiday Shopping Season Start?

By Randall Orser | Budget , Employees , holiday season , marketing strategy , Retail , Small Business

There is no specific date when retailers should start their Christmas Holiday selling season, but customers would argue that it starts earlier every year.  Following consumer push back the Christmas retail season usually starts after Remembrance Day here in Canada, that’s unless you shop at Costco!  

Retailers who start their Christmas selling program too early, both in-store and on-line often find that customers are irritated by being bombarded with Christmas advertising, merchandise and songs in November and they are turned off of holiday shopping.  Hiring staff too early can be costly for a retailer, if there are not enough sales to support the extra staff and putting out Christmas inventory too early can be a waste of valuable retail space if it is not selling. 

When it comes to Holiday Season discounts and sales which are appearing earlier and earlier each year it is important to put a lot of thought into the products or services that you want to discount.  It really depends upon your business and your market, but these considerations apply to most retailers.

  • If the items are appropriate for the time of year, you don’t want to be selling summer season items in winter.
  • If the items are appropriate for your location – there is no point in trying to sell mitts and scarves in somewhere like Florida or Southern California, they need to be sold in colder climates.
  • Timing – whether your customers will have money to buy early in the season or they are most likely to spend when they get their Christmas bonuses.  You could consider a layaway plan for larger ticket items so they can be paid for over a number of weeks.
  • What you want to have in stock for after Christmas sales when people have more time to shop and likely have more cash and gift cards to spend.
  • Following what other retailers in your industry do if it is a good decision for your business.  It is always a good idea to know what your competition is doing but don’t start your holiday sales earlier because they do if it does not make business sense for you.

Starting your Holiday discounting too early although beneficial to some customers to others it is confusing.  Two months of constant big sales makes it difficult for them to know when to buy to get the best deal, it can also sap any sense of urgency and deter them from making major purchases on Black Friday and Cyber Monday.

Blow Your Competition Right Out of the Water

By Randall Orser | Home Based Business , marketing strategy , Small Business

No matter what sort of business you start, you're likely to face competition from other businesses like yours. You need to figure out ways to stay ahead of the competition as well as blow them out of the water.  Here are 12 ways to gain the competitive advantage that you seek.

  1. Run your business for longer hours or during times when your competitors are closed. If you run a  daycare, for example, you might extend your hours to include evenings and weekends to accommodate parents who are taking night classes or who are shift workers.
  2. Go the extra mile. It's amazing how little things make such a big difference. Send thank-you notes,   birthday or Christmas cards to your customers or clients.
  3. Offer your loyal customers special discounts or start a loyalty program.
  4. Always be honest and upfront with your customers. If you messed up, admit it and take immediate steps to rectify your mistakes.
  5. Treat all of your customers with courtesy and respect. That doesn't mean that you have to like every customer or client that you deal with, but you do have to treat each one with professionalism and common courtesy. 
  6. If you cannot perform a certain service or do not stock a particular product that your client or customer has requested, be upfront about it. Better yet, refer them to someone else who has the product or service that they need.
  7. Strive to provide excellent customer service. Customer service can make or break your business.
  8. Study your competitor's advertisements to see which products or services they are promoting.       Get your hands on all of their promotional materials and look for a way you can improve on what they have already done.
  9. Better yet, buy your competitors product. How does it compare to yours? Are there any areas that you can improve on?
  10. Do informal surveys of your target market, both online and offline. This will help you to uncover exactly what the needs of your target market are so that you can more effectively meet them.
  11. Test a product or service similar to that offered by your competition by offering your customers or clients a free consultation or product in exchange for honest feedback.
  12. Send business to your competition. This isn't as crazy as it sounds, and the payoff can be huge. If there is a service that you don't provide and you know of a competitor who does then refer the customer or client to them. Ask your competitor to so the same for you.

Pick the idea that you like the best from the ones listed above and spend some time implementing it in your business and set yourself apart from your competitors.

Do You Look at Your KPIs?

By Randall Orser | marketing strategy , Small Business

What is the purpose of your business?  What do you need to do absolutely correctly in order for you business to succeed?  What are the activities that you absolutely cannot screw up without losing significant amounts of business?

These questions are answered by examining your Critical Success Factors or CSF’s.  Critical Success Factors are defined as those activities that a business undertakes that allow it to succeed.

It’s more than just the numbers on your financial statements.  Some CSF’s relate to measures of quality, customer satisfaction, and how efficiently you are using your resources.

However, before you can do any analysis on your company’s Critical Success Factors, you need to examine your business strategy.

Ask yourself the following questions: Why is my business better than my competitors’? What do my customers tell me that they like about my business? What don’t they like? What action could I take that would make my customers go elsewhere?

Note that two of the four questions relate to your customers’ perception of your company, not your impressions on what they think.  It’s an important distinction as your customers may have a very different view on you and your business than you think.  How do you know what your customers think?  Ask them!  Set up a procedure where they are asked to fill out a feedback form when they purchase your product or service.  Ask them what they like and don’t like.  Ask why they might choose to shop elsewhere.  Ask what you are doing well and what you could be doing better. You may be surprised by the results.

The answers to the four questions above give you a list of those activities that you need to make sure your business is doing regularly and consistently.  Review your list.  You will most likely find that the items on it relate more to your customers’ perceived value in your product or service, not just its cost.  Companies that compete only on cost will always suffer in the long run as there will always be someone else that can do it cheaper. 

Now that you have defined your Critical Success Factors, you need to be able to make sure you are on track.  But how to measure them, especially when some are non-financial?

The measurements of Critical Success Factors are called Key Performance Indicators or KPI’s.  To recap the jargon, Critical Success Factors are things your company must do to thrive, and Key Performance Indicators are the measures of those things. 

Here is a typical list of Critical Success Factors:

Personal service-making sure the customer gets to speak with a staff member when the purchase is made.

Product quality-making sure the product does what you say it will do and is durable.

Quick problem resolution-making sure all customer complaints are handled quickly and in a manner that impresses the customer.

Same-day shipping-making sure that your product gets shipped out to your customer the day the order is received.

All four of these CSF’s can be measured, even though some of them are non-financial.  

Those are some of the ways that non-financial indicators can be measured and tracked.  Once the measures have been determined, it’s important to set your expectations to measure against.  For example, if your target is to ship 100% of your products same-day, then you would gauge the actual against the standard (100%).

What would happen if your Key Performance Indicators start to slide?

Let’s say you’ve been tracking your key performance indicators for months and this month, several of the indicators seem to show problems. What do you do?

When this happens (as it inevitably will), you need to discover the source of the problem.  A business could face many problems that would impact its key performance indicators including employee illness, cash flow crunch, breakdown in processes, and inattentiveness to customer needs.  If the problem is short term, such as employee illness, there is no need to take drastic action.  However, you will want to see if there is a way to make your operations less vulnerable to the illness of a single employee.

If the problem seems to be in the underlying processes, it’s time to put new procedures in place to make sure the critical success factor is being met.  Have there been changes in the external business environment?  New competitors in the industry?  Quality control problems with the inventory?  These are all situations that need a rethinking and reformulation of your business plan.  If you can see the icebergs, you will have a much better chance of being able to steer around them.

How do You Measure up on Making the Hard Decisions?

By Randall Orser | Budget , Business Income Taxes , Employees , marketing strategy , Small Business

Running your small business can be one demanding enterprise. Your dilemma is that you have control, but that is both a blessing and a curse. You have the joy of deciding how your company grows and develops, but you are also answerable for everything that happens, good or bad. If you let it, this kind of pressure can douse the flames of passion. You can make things mentally and emotionally easier for you to deal with by using the following in your approach to decision-making.

Limit Your Options

The old adage analysis paralysis can easily set in. That’s why you should look at having your offers have as few options as possible. The more choices the customer has to decide on then the less likely they are to make any choice at all.

The more options you have available to you, the harder it will be to take a path. Your best bet is to limit options is to raise or refine your standards. The more specific your needs or desired outcomes, the less options you’ll have to pick from.

Use Your Numbers

Not sure which way to go, then your best to approach the issue objectivity. Rather than just go with your gut, check your numbers. Focus on the measurable metrics and forget what isn’t quantifiable. 

While this can take more time and slow down your decision-making process, it also makes your decision more tenable as well as improving the quality. As an example, you have two manufacturers to choose from and it’s a hard choice, however, go to the numbers and which one gives you a better deal when it comes down to brass tacks.

Think Long Game

Fear is one of the biggest barriers to quick decision making. The idea that your business can be hamstrung by a single mistake is a common one, fortunately it’s not an accurate one. Although a single mistake can hurt, it’s not the death knell you may make it out to be.

Some decisions won’t always expose their true nature early on. What’s working now for your small business won’t necessarily work in the future. On the other hand, that bad decision you make today that negatively affects your business may not necessarily do so in the future. Don’t focus too much on your mistakes or their immediate effects. They’re not necessarily representative of how things will turn out.

Manage Decision Fatigue

Nothing withstands constant pressure. Exercise one muscle frequently in a short period of time, and it’ll fatigue, no matter how strong it is. The same effect happens on your brain when making a lot of decisions, fatigue. Deciding what to have for lunch, which is a simple choice, can add to the barrage of stress bearing down on your brain.

By delegating those small-impact decisions to other people can keep that stress at bay. You need to focus on the big decisions. If you can reduce something to a habit or pattern, do so. Save your energy for important choices.

Not Your Problem

You can easily miss the forest for the trees when you’re deep in the woods, and that’s where you’re at when trying to solve your own problems. Especially challenging decisions can leave you lacking perspective. Taking a step back and removing yourself from the situation can be the best thing to do. Pretend it’s not your problem.

If you had a friend facing this decision point, think about what advice you’d give them. That seems silly but pretending that it’s someone else’s problem to resolve can jar your mind enough to recover your perspective.

You must nurture decisiveness as it’s a key trait to decision making. You won’t be able to run your business if you can’t make decisions quickly. It will take a lot time, practice, and effort, but it’ll be worth it if it makes you a leader who can make choices without freezing.

Seven Things You Need to Look at for Financial Success

By Randall Orser | Budget , Business Income Taxes , marketing strategy , Small Business

You’re a small business operator, managing your business by the bootstraps -- literally! Money is tight, your expenses are on the rise and your competition is nipping at your boots.

Maintaining a thriving business is challenging enough but advancing it may seem downright impossible. One important way you can conserve your resources is by employing multiple money-saving strategies. We’re serving up seven, each designed to help you come to grips with your bottom line.

Just ask

That 13.4 percent rate you’re paying on your business credit card has you losing sleep. Get some sleep after you contact your credit card issuer and ask for a lower rate. You just might get it. You can do the same with your telecommunications company and with any other business that offers rate flexibility.

Share your office

Perhaps you have more space for your business than needed. You may not be able to get out from underneath a lease, but your landlord might allow you to sublease part of your office to someone who can share some of your expenses. An empty cubicle or back office might be desirable to a freelancer who works at home.

Freeze or cut your salary

When things are tough, cut back on what you pay yourself. Then tell your team what you did. Don’t expect your team to offer to do likewise, but they might step up their game in appreciation for you taking a hit on behalf of the team.

Get rid of your merchant account

You’re paying high fees and had to buy or lease equipment for your merchant account. Get rid of that account and use online PayPal instead. Avoid statements and monthly fees, paying a flat rate for each transaction instead.

Buy online

Shopping online can yield big savings, but you need to carefully find the right suppliers to serve your needs. Online shopping typically offers two other advantages: no payment of sales tax and free shipping.

Use independent contractors

Before you consider hiring an employee, use independent contractors to do the work for you. Keep you overhead costs low by outsourcing your accounting, advertising, website and marketing needs to people who charge a flat rate or by the hour.

If possible, barter

Exchange goods and services with a company without exchanging cash. Find a business that needs your service and likewise, developing an even plan to exchange services. Read CRA Interpretation Bulletin 490(even though it’s archived it still has good information in it) to stay within the good graces of the tax man.

There are other ways for you to cut expenses including joining a business association where members offer each other discounts, reducing your insurance costs, making use of open source software and sharing your advertising costs with another business; though stay away from ‘free’ accounting software as it’s just not worth it. With a mind to save, you’ll find savings in virtually every area of your business, money that will benefit your financial statements.