A big part of running a small business in Canada effectively is choosing the right professional advisors to work on your behalf. When a legal need arises, whether by an issue arising that requires resolution, or through day to day activities of your small business, choosing the right lawyer is a lot like picking a medical specialist.
InHouseCFO's Small Business Blog
Tags: Picking a Professional
While there are always technology solutions that are business specific, there are certain ones that all small to mid-sized businesses (SMB's) must have today. At InHouseCFO we see these must-haves falling into 4 main categories:
On the plane this week I read an ad in the Wall Street Journal by IBM all about "Big Data". What they said in the ad, and have dedicated a whole web presence to (IBM Big Data) is that, while available data about a business and its operations is exploding, it's "the analysis and use of the right data" that's important.
I've spoken about emerging things and how to benefit from them in my blogs on investments (see HERE). Now I want to address another very important emerging thing, and how it should and can be capitalized on by small businesses in Canada.
Tags: Cloud Reporting
Marketing and Sales
All businesses, of any size and nature need to start their business plan execution with marketing activities, which, in turn generate leads that turn into opportunities, and hopefully sales. From this, administation, finance, HR, and other stakeholder relations follow.It's a well known fact that identifying the processes that the business should follow in all of these areas in a disciplined way, and memorializing them in an easy to follow manner increases results faster. Our experience, however, has been that small and mid-sized business (SMB) owners, while they have interest, they don't have the time and frankly the training and experience to do this.
Many investors continue to think to their peril that the term emerging markets refers solely to foreign "evolving " economies. You only need to look at the results of investing in most things Africa these days with a whole new meaning to the term political risk, and the folly of that choice (NY Times Egypt News - Revolution and Aftermath).
Management Information Systems, or "MIS" have, with everything else as a result of digital media and the Internet, evolved to a point now where the smallest of businesses can operate like the biggest of businesses gathering key operational data that is relevant, available in real time, and very useful in making business decisions. So much so that for any business NOT to have the information at its fingertips puts it at a very competitive disadvantage.
A big part of running an effective small business continues to be choosing the right professionals to work on your behalf, and that includes choosing your Public Accountant. We provide an 8 point checklist to use in going through the process.
Tags: Picking a Professional