by Justine Lorch | Feb 11, 2024 | Business Resources
4. Planning for Success Start developing a plan Taking the time to map out a realistic plan for your business before you open will pay off in the long run. Many successful entrepreneurs will agree that solid planning, both short-term and long-term, is the key to...
by Justine Lorch | Feb 11, 2024 | Business Resources
5. Four Methods of Getting into Business Getting into a Business There are four basic methods of getting into business; start from scratch, purchase the assets of a business that has ceased operation, purchase an existing operation, or pay the fee for a franchise...
by Justine Lorch | Feb 11, 2024 | Business Resources
6. Types of Business Formations There are four common types of business structures in Prince Edward Island: sole proprietorship, partnership, corporation and cooperative. Each of these structures is described below. The structure you choose will depend on various...
by Justine Lorch | Feb 11, 2024 | Business Resources
7. Developing a Marketing Strategy Like all aspects of business formation, developing marketing strategies requires careful planning. A successful marketing strategy presents a product or service to customers at a price that meets the business’s profit goals and in...
by Justine Lorch | Feb 11, 2024 | Business Resources
8. Market Research Market research is finding out, in an orderly fashion, what your target customer’s attitudes, opinions, needs, wants, likes, and dislikes are. Good market research eliminates guesswork and becomes the cornerstone upon which new business owners can...
by Justine Lorch | Feb 11, 2024 | Business Resources
9. Exceptional Customer Service What is a Customer? Customers can be demanding, irritating and, at times, a total nuisance. Customers are also the lifeblood of every business. Think about the fact that if your potential customers are not interested in buying whatever...
by Justine Lorch | Feb 11, 2024 | Business Resources
10. Business Financing Not having sufficient capital is one major reason why many businesses fail. Underestimating capital needs can quickly drain your financial institution account and leave your business in a cash crunch. When starting any venture, two types of...
by Justine Lorch | Feb 11, 2024 | Business Resources
11. Understanding Financial Statements aWhat are Financial Statements? The basic financial statements used by a small business are the balance sheet, income statement, and cash flow statement. The balance sheet can be compared to a snapshot taken of a business at one...
by Justine Lorch | Feb 11, 2024 | Business Resources
12. Maintaining Business Records The main objective of maintaining business records is to provide useful information which the owner can use in directing business operations. Effective record keeping becomes a very important management tool for the business owner as...
by Justine Lorch | Feb 11, 2024 | Business Resources
13. Cash Flow Projection Projecting Cash Flow All businesses, no matter how small or large, function on cash. Cash is the lifeblood of any business. Ineffective credit and collection policies can create a cash crisis, where you have bills to pay but not an adequate...
