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  • 4 things to know about the market correction | Small Biz Advisor
    you ve got a recipe for investor panic Here are 4 things that help make sense of the current market turmoil 1 Our top dogs are cautiously optimistic Our country s top economist Bank of Canada governor Stephen Poloz has said he anticipated this mess Why does that matter The Bank of Canada is responsible for two things monitoring Canada s economic climate and setting the country s interest rates which it does eight times per year including today These decisions impact the value of the loonie and the country s debt levels since they affect how much it costs to borrow money Today the bank said it expected rough markets in Canada and low oil prices but its analysis shows that global growth will improve this year And provided you don t work in the oil or resource sectors you will likely keep your job says Poloz As a result you and your fellow Canadians will continue to spend money buoying our economy Plus you may remember Prime Minister Justin Trudeau promised to kickstart our economy by building and improving public infrastructure such as roads and bridges Poloz predicts that action will help boost Canada s markets 2 Still it s time for Canada to change PM Trudeau wants Canada to leave its resource dependent economy behind My predecessor wanted you to know Canada for its resources I want you to know Canadians for our resourcefulness he told world leaders at the World Economic Forum in Davos Switzerland today But pivoting will be difficult A fifth of our economy is reliant on oil and other natural resources They directly contributed 15 of Canada s GDP and 900 000 jobs in 2014 says Statistics Canada The sector added another 5 to GDP and 900 000 jobs through indirect impact as workers use their wages to buy homes cars go out for dinner and send money home to unemployed relatives in other provinces Bank of Canada governor Poloz says the drop in oil prices over the past year or so has taken 50 billion out of the country s national income or 1 500 per person And it s not just low oil prices punishing the economy Prices for other commodities are at rock bottom too Canada is the world s top potash producer and Potash Corp has had to lay off hundreds of well paid workers because it can t afford to keep its all facilities open during low prices That s why Trudeau and other political leaders want our economy to diversify The training programs business incentives and other work needed to get that done however will take years 3 especially because this could get worse There are signs that America Canada s largest trading partner is faltering The U S economy has been expanding for 79 months when the average is 58 4 Some economic observers say the U S stock market is behaving similarly to how it did at the beginning of the financial crisis Also troubling

    Original URL path: http://www.smallbizadvisor.ca/your-business/4-things-to-know-about-the-market-correction-4138 (2016-04-26)
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  • Segment your book for a stronger firm | Small Biz Advisor
    cultivate and which to let go How to segment Segmenting a client base will result in delivering services commensurate with a client s value to the firm It s a challenging exercise for even the most sophisticated practices The first step is to decide which services your practice will offer how big your firm will be what kinds of clients do you enjoy working with how to strengthen your relationships with your best clients How you decide to divide your book really depends on what is important to you There are different metrics and qualifications you can use to determine how your clients fit with your business For profitability you can examine your annual revenue per client For growth opportunities you can look at your client s profession or potential For satisfaction and time management you can determine the clients you appreciate and separate them from the headaches who are more difficult to serve Once you have a thorough understanding of your book you can then divide your clients into segments Separate your clients into four groups The top group is the A clients the highest 20 who consistently generate 70 to 80 of total revenue Deliver top end service to these clients Your B clients are those who are not quite your best revenue generators but they have potential and you enjoy working with them Selectively add to this group both high potential clients and clients who are a part of a particular profession or other niche on which you would like to focus The C group is the accounts that don t generate much revenue These households still get quality service but not as often as your best clients This means you have more time to focus on your most profitable segments The fourth group the D clients

    Original URL path: http://www.smallbizadvisor.ca/your-business/segment-your-book-for-a-stronger-firm-4136 (2016-04-26)
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  • It’s the little things when it comes to clients | Small Biz Advisor
    the clients forget sometimes We need to figure out a way to communicate what we do for them in various ways and frequently so we stay top of mind Some of the things are value adds birthday cards or tiffany wine glasses for clients who provide referrals Verch doesn t share those But there are other things she and her team do on a regular basis that they like to share with clients through regular email updates or newsletters For example getting caught up on research staying abreast of market conditions keeping up with continuing education getting accredited all these take up time effort and money she says In a market besieged by pricing and margin pressures Anna Nemeth vice president and senior portfolio manager TD Waterhouse Private Investment Counsel agrees old school investment management sans the planning will make you obsolete easily replaceable It is the relationship management emotional connection and trust that can t be commoditized she says Nemeth focuses a lot of time upfront to understand what keeps her high net worth clients up at night She brings their accountants lawyers and estate planners to the table for true synergy Clients don t care about individual holdings

    Original URL path: http://www.smallbizadvisor.ca/your-business/its-the-little-things-when-it-comes-to-clients-4134 (2016-04-26)
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  • 4 tax tips for small businesses | Small Biz Advisor
    may be too late to get your records into an accounting program for 2015 but owners should get started for 2016 before more time passes Berger says Another reason for keeping good records Owners need to provide financial numbers for potential lenders or investors It s in their best interest if they want to take their business to the next level Berger says Read 10 questions to ask biz owner clients 2 Tax time a teachable moment Many owners don t bother to ask for a copy of their tax returns says Emilio Escandon an accountant with Morrison Brown Argiz Farra in New York That s a bad idea a tax return is like a report card providing a snapshot of how a business is doing he says You should go through that report card and see where you can improve Escandon says Reviewing the return and discussing it with an accountant can also help an owner plan for the future For example if a business suffers a loss it may not be a one year event the loss can also be carried forward Escandon says You should always have a forward looking approach he says Owners should also know that their prior year returns can be amended to take advantage of a loss Read Limited time to recover refundable tax 3 Employees and freelancers Small businesses that hire freelancers need to be sure these workers are truly independent and shouldn t be classified as employees Many companies use freelancers because they don t want CPP and Employment Insurance obligations But under the law freelancers can t be treated like employees in terms of what they do and how much control a boss has over them Freelancers many of whom are small business owners themselves should be sure they get

    Original URL path: http://www.smallbizadvisor.ca/your-business/4-tax-tips-for-small-businesses-4127 (2016-04-26)
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  • Using social media to build relationships | Small Biz Advisor
    dampen many spirits it s also an exciting challenge that could lead to novel and upgraded ways of doing business Sybil Verch senior vice president branch manager and portfolio manager at Raymond James Ltd for example has found a surefire way to get around anti spam legislation and do not call lists social media A lot of advisors still don t understand how social media works It is not intended to replace personal relationships just augment them When used right it enhances and develops many new relationships Verch says She uses LinkedIn Facebook and Twitter to prospect build her brand and raise her profile in her target market women CEOs executives and entrepreneurs Twitter she admits has been a goldmine when it comes to connecting with her intended audience Verch first connects with people she wants to get to know better on Twitter She keeps track of their posts and makes sure to share or retweet them If there s an opportunity to help promote their business a grand opening or launch she does it That piques people s curiosity and helps drive traffic to her website It also makes them familiar with her name and brand Now they feel like they already know me Verch says That makes it easier to send a more personal note or invite the person for a get together or coffee I often get a Yes This past year social media helped Verch connect with close to a dozen people and convert three of them into clients Social media has worked equally to her benefit when it comes to centres of influence You re more likely to get a referral from a lawyer or accountant you ve built a social media presence with Having social media presence is just as important today as having

    Original URL path: http://www.smallbizadvisor.ca/your-business/using-social-media-to-build-relationships-4121 (2016-04-26)
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  • Key risks for businesses in 2016 | Small Biz Advisor
    Validate Text Size T his year businesses will face more than slow economic and revenue growth They ll also face 10 key legal risks says a new BLG report Those include Increased scrutiny from tax authorities There s a global trend towards greater tax transparency says the report which will only make revenue authorities more aggressive in seeking confidential information A rise in privacy concerns Privacy class actions triggered by data breaches are growing in popularity the report says As such there are between twenty and thirty privacy class actions currently pending or already certified Regulatory uncertainty In 2016 the report says We expect that certain initiatives which have taken a long time to enact will impact Canadian public companies But measures such as the CSA s proposed takeover bid regime which was announced in March 2015 have yet to be finalized The impacts of recent trade agreements The report says the Trans Pacific Partnership is considered to be the most comprehensive trade agreement presently in existence Taking into account the Comprehensive Economic and Trade Agreement CETA that Canada concluded with the European Union last year the North American Free Trade Agreement and a growing number of bilateral trade agreements

    Original URL path: http://www.smallbizadvisor.ca/your-business/key-risks-for-businesses-in-2016-4119 (2016-04-26)
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  • What the future of the workplace looks like | Small Biz Advisor
    what s new is that companies are actually taking a step back he said Organizations looking to recruit and retain the best employees are cutting down on overwork he said by managing expectations capping working hours and placing a greater importance on people skills among management Smart organizations realize that it s a problem and in taking care of your people your workers are going to be happier and ultimately the organization will do better as well MORE CARE TAKING And while being on call outside regular hours is putting more stress on employees their jobs are getting more precarious Contract work has surged since the 2008 financial crisis with the number of Canadians aged 25 to 54 in temporary work growing nearly six times faster than overall employment and those short term workers could be in jeopardy as some are predicting the economy is in for another rough patch in 2016 Saulnier said that while the rise in temporary work means more pressure on the pocketbook for some it also means workers have more freedom to leave their jobs in cases of bad management or poor working conditions MORE TEMPORARY WORK Melanie Peacock a human resources professor at Mount Royal University in Calgary said employee happiness was often ignored under older management models focused on maximizing shareholder value or minimizing manufacturing defects and that those top down hierarchical systems don t necessarily foster independent empowered workers Now she said companies are turning more to metrics such as employee turnover the time it takes to fill jobs and absence rates to maintain morale and productivity in an economy of increasingly part time and short term workers The economy isn t going to change overnight she said The question is after things like layoffs how to deal with the people we

    Original URL path: http://www.smallbizadvisor.ca/your-business/what-the-future-of-the-workplace-looks-like-4117 (2016-04-26)
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  • Advisor digital media trends for 2016 | Small Biz Advisor
    may be a temporary fix in the form of a mobile friendly plugin 2 Video helps prospects get to know and maybe even like you Video continues to grow in popularity and will become increasingly important to advisors this year Video is great for sharing insight and ideas while also giving viewers something to help decide whether they want to learn more about you Potentially game changing video tools such as Periscope and Meerkat allow you to live stream video from your mobile device but I m skeptical about their usefulness for most advisors Think of video as a tool for storytelling sharing ideas and communicating your brand Then hire some capable professionals to make you look and sound really good 3 Ignore online security at your peril Gone are the days of ignoring your online security Cyber criminals are looking for soft targets online and even a small security breach can have significant financial and regulatory consequences for you and your practice Strengthen your online security in 2016 by doing any or all of the following develop a security strategy for your business always use strong passwords online communicate no private information with clients via public email train yourself your staff and even your clients on the importance of online security 4 Find and share great content more often to increase visibility Clients prospects peers and competitors are turning to search and social networks like Google Facebook LinkedIn and Twitter to find helpful content and answers Focusing on being a source of relevant and helpful information for your audience not only on financial matters continues to be one of the best ways increase your visibility and build your online network Best practices for sharing are at least 3 times a day on LinkedIn and at least 10 times a

    Original URL path: http://www.smallbizadvisor.ca/your-business/advisor-digital-media-trends-for-2016-4115 (2016-04-26)
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