Why does your business exist in the first place?

In our experience working with small business owners, this is often the point where ideas start to become real or fall apart. Many entrepreneurs start with a product, a skill, or an idea. But when they reach this section, they pause. Suddenly, the question becomes bigger than just what they sell.

A mission statement isn’t about sounding impressive. It’s about being clear. And that clarity matters; not just for your business plan, but for every decision you make as your business grows.

What Is a Mission Statement?

A mission statement explains the purpose of your business. At its core, it answers three simple questions:

• Who do you serve?
• What problem do you solve for them?
• Why does that matter?

In one or two sentences, your mission describes the change your business creates for your customers. Think of it as a compass. When opportunities come your way, your mission helps you decide which ones align with your business and which ones don’t.

Why a Mission Statement Matters in a Business Plan

When advisors, lenders, or partners review your business plan, the mission statement is often one of the first places they look. Why? Because it quickly answers one critical question: Is the entrepreneur clear about what they are building?

What Makes a Strong Mission Statement?

A strong mission statement is:

• Clear: Anyone reading it should immediately understand what your business does.

• Focused: It should reflect your core purpose, not every service you offer.

• Customer-centered: It should highlight the impact on your customer, not just your business.

• Short is good. Clear is better.

Weak vs Strong Mission Statements

Let’s look at a simple example: Our mission is to provide the best products and services to our customers while delivering excellence and innovation.

This sounds polished, but it could apply to almost any business. It doesn’t tell us who the customer is or what problem is being solved. This is a weak statement.

Here is a stronger mission statement: Our mission is to help busy families enjoy nutritious meals by providing ready-to-cook meal kits made from locally sourced ingredients.

Now we understand who the customer is, what the business offers, the outcome for the customer. That level of clarity makes the business easier to understand and easier to support.

If you’re not sure where to start, use this structure:

• We help [target customer]
• to [solve this problem or achieve this outcome]
• by [how your business delivers the solution].

This simple structure works because it forces you to be specific and specificity builds clarity.

• Who benefits most from your business? (Be as specific as possible.)
• What problem are you helping them solve?
• What change or result do they experience because your business exists?
• How do you deliver that solution?

Once you’ve answered these, combine the key ideas into one or two clear sentences. Don’t worry about getting it perfect on the first try.

Common Mistakes to Avoid

Over time, a few patterns tend to show up when entrepreneurs write mission statement

• Trying to sound impressive instead of clear

Words like excellence, innovation, and world-class service sound good but they rarely communicate anything meaningful. Clarity always wins.

• Making it too long

If your mission statement reads like a paragraph, it’s trying to do too much. Aim for one or two sentences that capture your core purpose.

• Listing everything your business does

Your mission is not your full list of services. Focus on the main value your business creates.

• Confusing mission with vision

These two are related, but different:

• Mission: Why your business exists today
• Vision: The long-term impact you hope to create

Your mission should stay grounded in your present purpose.

Using AI to Help Refine Your Mission Statement

If you’re struggling to put your ideas into words, AI tools can be a helpful starting point. For example, after drafting your mission, you could ask: “Can you help me make this mission statement clearer and more concise while keeping the meaning the same?” AI can help you refine language, simplify wording, and explore variations. That said, the core thinking should come from you. The strongest mission statements reflect a real understanding of your customer and the problem you care about solving.

Remember: Your Mission Can Evolve

Many entrepreneurs feel pressure to get their mission statement exactly right. But your business will grow. Your understanding of your customer will deepen. Your direction may sharpen. And your mission may evolve with it. That’s not a problem, it is progress. The goal isn’t perfection. It’s clarity.

A clear mission statement helps guide decisions, communicate your purpose, and keep your business aligned as it grows.

If you’re currently working on your business plan, taking the time to craft a thoughtful mission statement is a valuable step. It brings your idea into sharper focus and sets the foundation for everything that follows. And often, entrepreneurs realize something important in the process: The mission was already there. They just needed the words to express it.

The post How to Write a Mission Statement for Your Small Business appeared first on WeBC.

For entrepreneurs who are building their presence in a competitive market, this shift is a huge opportunity. AI doesn’t just provide a list of websites; it delivers direct answers, highlighting a few businesses that best match the request, and has now begun guiding users straight to specific webpages.

That means if your business information isn’t set up correctly, AI tools may skip over you. But the good news? With a few easy steps, you can help AI “see” your business and increase your chances of being recommended to potential customers.

What is the difference between a Google search and an AI search?

AI assistants work differently from traditional search engines. While Google scans millions of websites and shows you a list of options, AI assistants try to summarize the best answers for you conversationally.

For example, if someone asks: “What are the best women-led coffee shops in Vancouver?”

An AI assistant will not only consider Google results but also business directories, reviews, and trustworthy online mentions to create its answer. Businesses that appear consistently across platforms and show trust signals (like reviews, credibility, and local presence) are far more likely to be included.

How AI Chooses Which Businesses to Recommend

AI doesn’t “think” like a human, but it does weigh information from multiple places. Key factors include:

• Business Listings: Google Business Profile, Yelp, TripAdvisor, and local directories.
• Reviews and Ratings: Strong, recent, and authentic reviews across platforms.
• Website Content: Clear, relevant, and easy-to-understand text.
• Local Authority: Mentions in news articles, blogs, and local organizations.
• Consistency: Matching business name, address, and phone number (NAP) everywhere online.

This is why visibility isn’t just about having a website anymore. It’s about being findable, trustworthy, and consistent across AI’s data sources.

Step 1: Make Sure Your Business Basics Are Online and Accurate

Have you done the most elementary task of claiming your Google business profile yet? If you haven’t then this is your number one priority. AI assistants often pull data directly from Google Business Profiles. Make sure yours is:

• Verified and complete (business hours, address, website, services).
• Updated regularly (holiday hours, promotions, new photos).
• Engaging (encourage happy customers to leave reviews).

One key “mistake” that many folks make us to not keeping their information consistent across directories! If your website says “Suite 101” but Yelp/Google says “#101,” AI may treat that as two different businesses. Audit your listings and keep your Name, Address, and Phone number (NAP) identical everywhere.

Also, while you are at it, don’t forget to register in local and industry-specific directories. In British Columbia, valuable directories include:

• Local Chamber of Commerce directories (e.g., Vancouver Board of Trade, Surrey Board of Trade).
• Tourism BC directories if your business is in hospitality, food, or attractions.

These listings give AI multiple “signals” that your business is legitimate and active.

Step 2: Speak the Language of AI (and Your Customers)

The idea is to use natural language and FAQs on your website. AI tools are designed to understand everyday, conversational questions. That means your website should reflect the way real customers ask for information. An easy way to do this is by creating a simple FAQ page. Think about the common questions you hear from customers, such as:

• “What’s the process to book an appointment?”
• “Do you offer delivery or local pickup?”
• “How much does your service cost?”

By writing out these questions (and your answers) in plain language, you make it easier for AI to connect your business with someone searching for the same thing.

Beyond FAQs, aim to write blog posts, product descriptions, and even social media updates that provide clear, straightforward answers. For example, instead of saying: “We deliver holistic culinary experiences for local communities.”

You could say: “We provide healthy, ready-to-eat meal kits for families in Vancouver.” That kind of clarity makes your business easier for AI and people to understand.

Step 3: Optimize for Both Search Engines and AI Assistants

Here is another important question to ponder: does SEO still matter in the AI Era?

Even though AI is growing, it still relies heavily on traditional search engines like Google. That means basic SEO keywords, titles, and meta descriptions still matter.

Don’t overcomplicate your keywords. Think of keywords as the questions people ask AI or Google. Use natural, everyday phrases that sound like something your customers would type or say, such as:

• “Where can I find eco-friendly clothing in Nanaimo?”
• “What’s the best place to get freshly-baked croissants in Kelowna?”
• “How do I book a mobile hairstylist in Surrey?”

By weaving these kinds of real-world questions into your website and content, you help AI connect your business to the customers who are looking for exactly what you offer.

Another great idea for creating conversational content for chatbots is writing in a Q&A style. Imagine how you’d answer a friend’s question about your business and put that into words on your website.

Step 4: Build Trust Signals That AI Can Recognize

Did you know that customer reviews and testimonials are gold? Encourage satisfied clients to leave reviews on Google, Yelp, or Facebook. AI assistants scan these reviews, and a business with strong ratings is more likely to appear in results.

Look for opportunities to partner with local organizations and ask for a mention. Links from reputable local organizations are very helpful. If your business is mentioned on a university blog, nonprofit site, or government resource, AI considers you more credible.

Step 5: Keep Your Business Active Online

Posting regular updates on social media and websites goes a long way. AI tools look for signs that your business is active. An updated blog, a new Instagram post, or a recent news mention all help.

Continue to share educational content and success stories. Ensure to highlight customer success stories, tips for entrepreneurs, or updates about your industry. This positions you as an authority, which AI notices.

Some Common Mistakes to Avoid When Making Your Business AI-Searchable

• Ignoring your Google Business Profile.
• Using inconsistent business information across platforms.
• Writing only for humans, not for AI (forgetting to include FAQs or conversational content).
• Neglecting reviews and online mentions.
• Assuming a one-time setup is enough. AI prefers businesses that stay active

FAQs on Getting Your Business Found by AI

Q1: Do I need a website, or is a Google Business Profile enough?

A website gives you more control and credibility. Ideally, you should have both.

Q2: How do reviews impact AI recommendations?

Reviews are one of the strongest signals. More positive, recent reviews = higher chance of being recommended.

Q3: Is social media activity important for AI searchability?

Yes. Consistent, recent activity shows that your business is active and relevant.

Q4: Do AI tools cost money to list my business?

No. Most AI assistants pull data from existing free directories, search engines, and reviews.

Q5: How often should I update my business information?

At least quarterly or any time your hours, services, or location change.

Q6: Can small businesses really compete with big brands in AI searches?

Yes! In fact, AI often prioritizes local and specific results, which is a big win for small businesses.

Getting AI to find your business isn’t about complex technology; it is about being clear, consistent, and visible online. By keeping your information accurate, using conversational language, and staying active on trusted platforms, you give AI the right signals to recommend your business.

For entrepreneurs in BC, this is more than just a marketing trend; it’s a chance to make sure your business stands out, reaches new audiences, and competes on an equal playing field. The future of business discovery is here, and AI can be one of your strongest allies if you set yourself up properly.

The post Will AI recommend YOUR business? Here’s how to make sure it does. appeared first on WeBC.

What is Secondary Market Research?

Unlike Primary Research, which involves firsthand data collection (such as surveys or interviews), Secondary Research allows you to access valuable insights from sources like trade publications, Chamber of Commerce directories, and market reports.

For example, an entrepreneur opening a retail tea business might analyze industry reports on tea consumption trends. They may find that more consumers are drinking tea at home, which could inform their product selection. Similarly, a human resources consultant could use industry publications to research hiring trends and competitive offerings before launching their services.

Why is Secondary Market Research Important?

Conducting thorough Secondary Research can help answer crucial questions about your market:

• Is there a demand for my product or service?
• Who are my competitors, and how do they operate?
• What industry trends might affect my business in the future?

Using credible sources like government databases and trade journals ensures that your insights are based on real data. In some cases, Secondary Research may reveal surprising insights—perhaps the market is oversaturated, or consumer preferences differ from what you initially assumed. This knowledge can help refine your business model and target audience.

Best Practices for Conducting Secondary Research

To make the most of your research, keep these best practices in mind:

1. Organize your findings – Track key information by category, such as industry trends, competitors, and market size.
2. Identify reliable sources – Use reputable trade publications, Chambers of Commerce, and government reports.
3. Look for themes and patterns – Be open to discovering new insights, even if they challenge your initial assumptions.
4. Avoid confirmation bias – Don’t just seek data that supports your ideas; consider opposing viewpoints to gain a well-rounded perspective.
5. Respect copyright laws – Properly credit sources and ensure compliance with usage rights.

Get Started with Your Own Market Research

Want to apply these insights to your own business? Sign up for our free self-paced course, Step-by-Step Market Research: Build a Viable Business, and work through a step-by-step process to conduct your own Secondary Market Research. Gain clarity, spot trends, and make confident business decisions—without the guesswork!

Ready to get started? Enroll in our course today and build a business backed by solid research >>>

The post How to Use Secondary Market Research to Spot Business Opportunities appeared first on WeBC.

The Power of Primary Market Research

While secondary market research gathers existing data, primary market research involves collecting fresh insights directly from your potential customers. The advantage? You gain real-time, specific data tailored to your unique business idea. Here are some of the most effective methods:

• Observations: Gain firsthand insights by watching customer behaviors. If you’re opening a café, visit similar locations to track foot traffic and peak hours.
• Informal Interviews: Speak with industry experts, suppliers, or potential customers to gather qualitative insights about trends and needs.
• Online Surveys: Quick and cost-effective, surveys help you understand your audience’s preferences—perfect for testing pricing strategies or product features.
• Live Test Markets: Sell your product on a small scale, like a pop-up shop, to gauge customer interest and tweak your offerings.
• Focus Groups & In-Depth Interviews: Gather deeper feedback through structured discussions, ideal for fine-tuning your product or service.

Take Action: Start Your Market Research Today

The research methods you choose depend on your goals, audience, and available resources. The good news? You don’t have to navigate this alone. Our free self-paced course, “Step-by-Step Market Research: Build a Viable Business,” walks you through each step, helping you design a research plan that works for your business.

Ready to get started? Enroll in our course today and build a business backed by solid research >>>

The post Choosing the Best Primary Research Methods for Your Business appeared first on WeBC.

Developing a solid, well-thought-out business strategy and plan of action can prevent the overwhelm that comes with running your own business, no matter what stage you’re in. 

Strategy-building identifies the best possible course of action and the most efficient ways to achieve your desired results, using a combination of critical and creative thinking.

Before we go any further, let’s break down the differences between these two thought processes: 

Critical Thinking

• A form of self-directive, problem-focused thinking
• Analytical and logical views 
• A way of using historical data as a benchmark
• Skillful conceptualization

Creative Thinking

• “What if” thinking
• Innovative and clever ways to improve things
• Solution-focused thinking
• Focuses on opportunities and new possibilities

So, how do you create a winning strategic plan in turbulent times?

Consider these great strategy tips for entrepreneurs: 

#1. Identify the Moving Targets

The moving targets may be existing or non-existing customers, new emerging markets, a change in how you need to operate your business or a combination of the above. 

Creative thinking will help you identify all of the moving targets, including those that you may not be considering. Critical thinking will help you identify the facts, what you already know and may have stopped paying attention to. 

Identify the key strategies that will help you use this information to generate new business. This way, your time and money is well spent.

#2. Make Small Shifts

Making small shifts is the best way to take your ideas for a walk and test some of those hunches you have floating in your head. You probably already know what you should be doing and where those shifts should take place.  

• Consider diversifying and concentrating on 2-3 new options
• Explore new revenue streams
• Look for collaborations and partnering opportunities
• Start a pilot program or beta-test a product

#3. Leverage Your Resources

Strategy-building will help clarify where and how to make the most of any additional funding or human resources you might have obtained. 

Remember, it’s not about working longer hours, it’s about managing your time and energy effectively. Strategy makes all the difference, especially during turbulent times when every dollar spent and hour matters. 

Don’t look too far ahead, or put all your eggs in one basket. After all, things change quickly in a crisis! But, having a strategy in place can help prevent stress and keep you focused and confident about every decision you make.

The post 3 Strategies to Help Your Business in Turbulent Times appeared first on WeBC.

We’ve all heard the phrase, “Aim for the stars.” While having ambitious goals is essential, it’s equally important to recognize that the path to achieving them is not just aspirational but includes hard work and preparation. Having good systems in place is another key to helping you succeed in all areas.

Imagine a running race. Every participant has the same goal—to cross the finish line first. Yet, there is only one winner! And the winner is the one with the best execution plan for the required prep work—a rigorous training regimen, nutrition plan, etc.

Similarly, your business success isn’t merely a function of goals, mission and vision statements. It’s also the underlying systems and processes that dictate how effectively those goals are achieved.

So, what exactly are systems?

Systems are the repeatable, structured processes that guide your actions. They’re the frameworks that ensure consistency, efficiency, and accountability. For example, a sales system may consist of a lead generation process, sales pitch, and follow-up. A marketing system could include content creation, social media scheduling, and analytics tracking.

Creating a business process involves a number of steps.

• List all activities: First and foremost, make a list of all the activities being done every day. Think of this as a data-dump!
• Identify critical processes: Look for patterns and pinpoint the core activities that drive your business.
• Document procedures: Break down the process into individual tasks and activities. Specify the sequence in which these tasks should be performed including decision points, people needed, responsibilities and accountability.
• Establish standards and criteria: Set performance standards and criteria for each step of the process. Be specific! What you might consider ‘good customer service’ could mean something different to someone else. Is this the amount of time spent with the customer? Response time? Number of touchpoints? This helps in maintaining quality and consistency.
• Document the process: Develop detailed documentation that includes process maps, step-by-step instructions, and any necessary templates or forms. This documentation serves as a guide for employees and a reference for future improvements.
• Utilize tools: Leverage technology to automate tasks and streamline workflows.
• Include metrics and KPIs: Define key performance indicators (KPIs) and metrics to measure the effectiveness of the process. Metrics might include cycle time, error rates, or customer satisfaction scores.
• Continuously review and refine: Use the established KPIs and metrics to monitor the process’ performance regularly. Look for areas where the process is meeting or falling short of expectations. Collect feedback from employees and other stakeholders on the process’ effectiveness. Identify any challenges or areas for improvement.

Remember: Your systems are the foundation upon which your business is built. By investing in comprehensive systems, you’re not just setting yourself up for success; you’re ensuring that your goals are achievable, and the business can adapt to changing needs more quickly!

Now Live: On-Demand Operations Course

Our “Mastering Business Operations” On-Demand SMART Program is now available. The program helps you define your goals and set up the systems to achieve them. Sign up to learn more today.

The post Ambition Meets Execution: Why Systems Are Key to Achieving Your Business Goals appeared first on WeBC.

Before you start your business, ensure you have a well-crafted customer acquisition plan that outlines the strategies and tactics needed to bring in more paying customers to your business. It should have the following:

1. Target Market Definition

• Identify your ideal customer: Get as specific as possible on who your ideal customer is. Use age, socio-economic, geography, gender, lifestyle, etc. as parameters to describe your customer. Go forward and even give them names! 
• Understand their needs and desires: What drives them? What are their pain points? What are they passionate about? What do they hate?

2. Customer Journey Mapping

• Visualize the customer’s path: Track the steps your customers take from the minute they get to know your business till the time they purchase from you.
• Identify touchpoints: List all the channels and points where your brand interacts with customers at each stage.

3. Value Proposition

• Define your unique selling proposition (USP): How do you differentiate your business from your competitors? What are you doing different and better than them?  
• Communicate your value: Clearly articulate the benefits your product or service offers to customers. Why will a customer choose to buy from you?

4. Marketing Channels

• Choose the right channels: Select the platforms and channels that best reach your target audience (e.g., social media, paid advertising, physical/brick-and-mortar places).
• Optimize your presence: Make sure your brand is visible and engaging on these channels.

5. Content Strategy

• Create valuable content: Develop relevant content that resonates with your target market. It should fulfil their needs or solve their problems or address their fears. Your messaging must be on point!
• Optimize for SEO: Ensure your content is easily discoverable through search engines. You cannot sell a secret.

6. Lead Generation

• Generate leads: Design resources to gather contact information from potential customers (e.g., landing pages, forms).
• Nurture leads: Build relationships with leads through email marketing, personalized content, and targeted promotional offers.

7. Sales Process

• Define your sales funnel: Outline the steps customers take from initial contact to purchase.
• Train your sales team: Equip your sales team with the skills and knowledge to effectively engage with potential customers. If you have an AI bot, then feed it adequate information to help customers navigate more efficiently.

8. Customer Acquisition Costs (CAC)

• Calculate your CAC: Calculate the average cost of acquiring a new customer. This is often overlooked but can help optimize ad-spend.
• Track and optimize: Monitor your CAC and adjust improve efficiency.

9. Customer Lifetime Value (CLTV)

• Estimate CLTV: Calculate how much a single customer is likely to spend with you for as long as you serve/engage with them.
• Prioritize high-value customers: Focus on acquiring and retaining customers with a high CLTV.

10. Analytics and Measurement

• Track key metrics: Monitor key performance indicators (KPIs) to measure the effectiveness of your customer acquisition efforts.
• Make data-driven decisions: Use analytics to identify areas for improvement and optimize your strategies.

Whether you’re a startup looking to make your mark, or an established business seeking to revitalize your customer base, understanding and executing a well-crafted customer acquisition plan is vital. By carefully planning and executing your customer acquisition plan, you can effectively attract new customers, drive revenue growth, and build a sustainable business.

The post How to Write a Customer Acquisition Plan appeared first on WeBC.

So, have you thought of the following?

Why: Your Purpose

• Define your mission: What is the core purpose of your business? Why do you exist?
• Identify your values: What principles guide your business decisions and interactions?
• Articulate your vision: What is your long-term goal for your business?

What: The Problem You Solve

• Identify your target market: Who are you trying to serve?
• Define the problem: What specific pain point or need do you address?
• Articulate your solution: How does your product or service solve this problem?

Who: Your Customer Profile

• Create buyer personas: Develop detailed profiles of your ideal customers. Use parameters like age, location, salary, lifestyle preferences, gender, hobbies, etc. to define them in detail.
• Understand their needs and desires: What motivates them? What are their concerns?
• Segment your market: Can you identify different customer segments with distinct needs?

Where: Where Can Your Customers Find You

• Choose your channels: Determine where your target customers are most likely to spend their time (e.g., online, in-store, social media).
• Optimize your presence: Ensure your brand is visible and accessible on these channels.
• Build relationships: Engage with your customers and foster a sense of community.

When: Your Timelines for Success

• Set realistic goals: Break down your long-term vision into achievable milestones.
• Create a timeline: Establish deadlines for key tasks and projects.
• Track your progress: Monitor your performance and make adjustments as needed.

How: Your Competitive Edge

• Identify your unique selling proposition (USP): What sets you apart from your competitors?
• Leverage your strengths: Highlight your unique advantages and capabilities.
• Continuously innovate: Stay ahead of the curve by adapting to changing market trends.

By answering these five (plus 1) essential questions, you’ll have a clear roadmap for building a successful business. Remember, it’s not just about having a great idea; it’s about effectively executing your plan and delivering value to your customers.

The post Want to start a business? Think of the 5Ws (Plus One Important ‘H’!) appeared first on WeBC.

“Oh, I’m not good with numbers.”
“I’m not sure… My bookkeeper takes care of all the money stuff.”
“We just got last year’s financials from the accountant (now 11 months old), let me see if I can find them…”

Answer: A lot! It’s the equivalent of the client putting their fingers in their ears and yelling, “LA LA LA LA LA!”

And yes, I get it. Not everyone went to business school, and it can be intimidating to try to learn more about your finances. You’ve got more important things to do, right? Like increasing sales, dealing with suppliers, and handling a staffing shortage—you know, running your business? 

But here’s the thing—If you don’t know the numbers behind your business, you’re not really running a business, it’s running you.

It’s nearly impossible to grow your business without knowing the financial nuts and bolts as you scale up because you don’t know what you’re working with. It’s like trying to make something for dinner without knowing what’s in the cupboards. 

In today’s business skills post I am going to cover some key reasons you should make an effort to understand your financials, how often you should review them, and how you can put a plan into action. 

For more on the actual nitty-gritty details on how to improve your financial knowledge, check out our guide: Financial Management for Small Business.

Why should you make an effort to understand your business finances?

Data entry vs. financial management

Some entrepreneurs are pretty hands-off when it comes to financial management. They rely on their bookkeeper to enter the expenses and revenues into accounting software and rely on their accountant to prepare the financial reporting and taxes and review it with them once a year. 

These activities are important pillars of your business, but if you limit your financial management to this level of data entry and annual reporting, it can leave a giant gap. What really makes your data meaningful is when someone actually looks at the numbers on a real-time basis, analyzes them, and uses that information to inform decision-making and business strategy. 

This is the difference between data entry and financial management. The good news is, you don’t need to be a numbers whiz to understand your numbers. You just need to be curious and have the right people to help.

Why you need to make time for financial management

Okay, so you know you should be spending more time watching your finances. Here are some (hopefully) compelling reasons to invest the time.

It will give you information for decision-making:

Financial management can help you:

• Track your margins: Over time, your expenses can start to creep up (especially in today’s inflationary environment). By watching your finances, you will have a better idea of how much profit you are making from each unit you sell, which will help you decide whether you need to increase your prices.
• Monitor trends: Sometimes it can be easy to go into autopilot with some things, like paying invoices and signing off on payroll. If you look at your financials regularly and compare them to past performance, you can monitor trends and identify when a change is needed. Perhaps your ingredient costs are way up? Or has your phone bill increased? Catching this earlier will give you more time to react and adjust. Likewise, maybe you notice from your reporting that certain times of the year are busier than others—how can you capitalize on that trend for next year?
• Understand your ability to make new investments: Perhaps you are dreaming of opening a new location or hiring another staff member. Before you take the leap, your financials will be a great source of information to tell you if now is the right time.  

It will help you understand your cash needs:

Arguably, the number one financial issue faced by most entrepreneurs is balancing cash flow. You may have had a record month in sales, but if you also just placed a big inventory order and paid your taxes (oh, and don’t forget you had to fix a leak in the ceiling), you may find yourself out of cash. 

This is one of the main reasons entrepreneurs should make time for financial management. By reviewing your actual and forecasted cash inflows and outflows on a regular basis, you can plan for future cash crunches and make arrangements to bridge the gap in advance (like calling your lender for a business loan or line of credit).

It will help you stay friends with your lender

Having your financial information at your fingertips will help you maintain good relationships with the partners you want good relationships with. For example, if you want to apply for a loan, your lender is going to expect up-to-date financial statements. 

If those aren’t available, you might have a hard time accessing financing. Likewise, once you do get a loan, your lender will expect regular reporting—and it’s always a good idea to stay in your lender’s good books.

It will help you manage payables and receivables

Staying on top of your finances will also help you keep strong relationships with other partners, such as your suppliers. By reviewing your finances regularly, you can monitor payments to your vendors that have gone unpaid and strategize on how to settle the account. You can also keep on top of who owes you money and can follow up to inquire as to when you can expect payment.

How often should you review your finances?

Most entrepreneurs already do an annual review—but aside from that, how often you review your finances will depend on the nature of your business and the timing of your revenues and expenses. Every entrepreneur should be sitting down to review the books at a high level at least every month, with a deeper dive on a quarterly basis, and a very deep dive on an annual basis. 

Here are some other considerations:

• Weekly review: If you are a volume-based business like a restaurant or retail store—you absolutely should be looking at your sales on a weekly basis. If you’re working with cash and credit cards, you will already be doing settlements at the end of each day—so find a way to track that information. Your point-of-sale system may already provide reports for you, so use them! Also, be sure that you understand what’s included in your reporting. Does it include shipping and GST? That’s not revenue, so take that into account.
• Monthly review: On a monthly basis, all businesses should take the time to make sure all revenues and expenses are up to date and prepare a report that tracks your most important metrics. Many of your fixed expenses will be paid on a monthly basis, so this level of reporting will give you a full view of that month’s performance. This review doesn’t have to take a lot of time, and the more you do it, the faster you will get at doing the monthly review.
• Quarterly review: The next level of review is quarterly. This is the time for you to meet with your accountant (if you have one) to discuss higher-level trends and results and decide whether the results necessitate a change in strategy. Go back to your goals for the year—are you on track based on how things are going so far? If not, what are the highest potential opportunities to get back on track?

How can you get started to improve your financial management today?

Compile your data

Good financial management starts with good financial data entry. Maybe you are great at entering your revenues and expenses into an excel sheet already, or maybe you keep all of your receipts in a file somewhere for entry by your bookkeeper. That is a great start! However, for you to get the most out of that data, you also need a way to compile and look at the data in a way that is timely and meaningful. 

Use accounting software

This is why it’s so critical to consider using accounting software—AND (crucially) to learn how to pull reports from it.  If you are using excel, you are probably missing out on the powerful ability of software to slice and dice and compile your data. It can handle all the arduous tasks that you might be doing by hand. And how much money are you saving by not having a $20 subscription? How much is your time worth?

If you are working with a bookkeeper, chances are they already have you set up on accounting software. That’s great! That means that you can start using the software too. Ask your bookkeeper to walk you through the process and pick a few key reports to look at. Make a calendar date with yourself to pull these reports, and then look at them. This investment in time will be well worth it.

Choose your financial advisors wisely

Lastly, the most important resource you will have on this journey are your financial advisors, so choose them wisely. Before you choose a bookkeeper or accountant, make sure they have an understanding of your particular industry—this can make a big difference. 

Make sure you feel comfortable with them—you should feel okay asking a ‘silly’ question, and they should be able to communicate with you without using too much finance jargon. You also want to make sure that they will be available to you when you need them. Some financial professionals focus on working with small and medium-sized businesses, which can be a better fit than going with a large firm that may not be able to provide the support you need.

The most important thing is to get started! I hope this information helps give you the confidence to take a more hands-on approach to your finances. Just remember to stay curious!

The post Financial Management: Learn the language and get in tune with your business appeared first on WeBC.

That’s where insurance comes in.

Small business insurance is a critical safeguard for entrepreneurs. It provides financial security, legal support, and risk mitigation. Whether you run a cozy coffee shop or a tech startup, having the right insurance ensures that you won’t face crippling costs due to property damage, liability claims, or unforeseen disasters. Without the right insurance coverage, these expenses could be devastating for your business.

When setting up your venture, prioritizing comprehensive insurance is important to protect your company and gain peace of mind. But navigating insurance can feel overwhelming. Why is small business insurance essential? How can you decipher the maze of policies?

To help you better understand the process, WeBC has asked Melanie Zikatano and her team at BCAA to compile answers to the top questions that keep small business owners up at night. Buckle up as we demystify the complexities and empower you to protect your business effectively.

1. What is small business insurance?
2. Why is small business insurance important?
3. What are the main kinds of insurance coverage for small businesses?
4. What should you look for in an insurance provider, and what should you make sure is included in your policy?
5. What is Commercial General Liability and what does it cover? What does it NOT cover?
6. I need to provide proof of insurance to my lender. What kind of theft or fire insurance do I need?
7. I’m doing leasehold improvements in my office. What kind of insurance do I need to have during construction?
8. I recently incorporated my business. Do I need to change my insurance policy?
9. I run my business out of my home. Do I still need small business insurance or does my home policy cover me?

*Please note: The material in this blog is provided for general informational purposes only and does not, and is not intended to, constitute legal or insurance advice.

Common Questions About Small Business Insurance 

1. What is small business insurance?

Purchasing a small business insurance policy is a preventative measure that can be done to ensure a business and its associated operations are protected during unforeseen circumstances. Small business insurance can protect a business owner in scenarios where damage is caused to others, theft and damage is caused to a business or income is lost due to an insured incident.

Each business may require different types and amounts of coverage based on its industry, size, location and specific risks. It is recommended for small business owners to consult with an insurance professional to determine the appropriate coverage for their unique needs. However, although there are multiple providers that offer small business insurance, the type of product that they offer may vary. With BCAA Small Business Insurance, business owners can customize their policy with 30+ coverage options so they can feel confident that they’re protected.

2. Why is small business insurance important?

Although insurance may not be mandatory for running a business, having a policy in place allows you to operate with peace of mind so you can focus on managing and growing your business without constant worry about potential financial setbacks. A small business can face a lot of risks and volatility, especially in the early years, so having insurance can often be an integral part of a company’s long-term success. The annual cost of a premium is often minimal compared to the potential expenses of a lawsuit.

From a customer’s or investor’s viewpoint, having an active insurance policy also creates the perception of credibility since it shows that risks will be mitigated. This could be the deciding factor on why a customer may choose your business over a competitor’s.

3. What are the main kinds of insurance coverage for small businesses?

Included in every BCAA Small Business Insurance policy is Commercial General Liability Coverage. This coverage helps cover the cost of medical bills, legal expenses, lost income or repairs if someone injures themselves at your location, or you cause damage to someone else’s property. However, since every business is unique, the type of additional coverage required will vary.

If you operate your business out of a fixed location, Property Insurance may be important to ensure you have coverage for replacement or repair of your building, upgrades and contents in unfortunate circumstances such as fire, water damage or theft.

If you have equipment in transit or stored at a site that could get stolen or damaged, the Off Premises Coverage/Floater will help with replacement or repair.

Unfortunate circumstances, such as fires, can occur. If one closes your shop for an extended period you’ll be thankful if you have Business Interruption Insurance to ensure you can get back on your feet by covering the income you’d typically be receiving while you work on reopening your business.

These are just a few examples of how small business insurance can play an important part of your daily business operations in a variety of different scenarios.

4. What should you look for in an insurance provider and/or what should you make sure is included in your policy?

Your insurance provider should be someone you trust and you know will be available when you need them. That’s why BCAA Small Business Insurance has a 24/7 Claims Team and Advisors available to help answer any questions you have about your business or your policy. Each policy will vary in the types of coverage included, but it is important that you have sufficient limits in place to protect you in event of a claim.

Here are a few tips to ensure you’re protecting yourself and getting the most out of your policy:

• Take pictures of your receipts and store them on your hard drive or in the cloud. If an insured incident occurs, such as theft or fire,  your items could be stolen or damaged beyond recognition, but you can very easily prepare your claim without overlooking details if you have photos on hand.
• If you want coverage for lost profits in case your business shuts down, talk to your accountant and show them your insurance policy so they can be aware of what you are covered for. It will be much easier for them to work with your insurance provider when a settlement is being calculated.
• Take a picture of your workspace that shows your business equipment, tools, supplies, etc. That way you can easily see what you had if there is a claim where a lot of items are stolen/damaged.

5. What is Commercial General Liability and what does it cover? What does it NOT cover?

Commercial General Liability (CGL) is included in every BCAA Small Business Insurance policy. This coverage helps cover the cost of medical bills, lost income or repairs if someone injures themselves at your location, or you cause damage to someone else’s property. However, every policy may have specific exclusions as part of its CGL. A few common ones are listed below:

• Although a CGL may help cover injury to others, it doesn’t cover injury to yourself or your employees as that would fall under WorkSafeBC.
• A CGL would not cover the cost required to redo work because of a customer complaint.
• Many types of damages are covered under a CGL, but if you make an error which causes financial loss to a customer, this would likely not be covered. In this scenario, you would need Professional Liability/Errors and Omissions.

6. I need to provide proof of insurance to my lender. What kind of theft or fire insurance do I need?

Fire and Theft are typically included under an All Risk or Broad Form type of Property Coverage. We recommend providing a copy of your lender’s contractual requirements to your insurance advisor to ensure that you have proper coverage. A Certificate of Insurance can also be requested at any time. This is a document that proves the coverage you have in force under your policy. 

7. I’m doing leasehold improvements in my office. What kind of insurance do I need to have during construction?

It depends on the scope and length of the project. It is best to advise your insurance provider of the type of work that will be done and the estimated length of the project so they can confirm if your current coverage would extend to cover this work. It is also important to ensure that all the contractors working on this project have their own Liability and WorkSafeBC policies in place. Your provider will then be able to let you know if a separate policy is required, such as a Course of Construction or a Wrap Up Liability policy.

8. I recently incorporated my business. Do I need to change my insurance policy?

Yes, when you transition from operating under your personal name to an incorporated entity, you will need to inform your insurance provider so they can amend the “named insured” on your policy to the name of the corporate entity. A certificate of incorporation may be required to serve as evidence of the newly formed entity.

9. I run my business out of my home. Do I still need small business insurance or does my home policy cover me?

Home insurance covers personal property, and injury or damages to others, but the limits are often too low to fully protect a business, even a small one. If you’re an accountant, for example, and someone falls in your home while picking up a tax return, basic home insurance may not provide enough coverage to protect you if you’re sued.

Many home and renter’s insurance policies also have specific exclusions in place to prevent you from submitting a claim if it pertains to your business. It is highly recommended you consult with your personal lines insurer as well as an insurance advisor to see what type of coverage is available, and if necessary, purchase an additional small business insurance policy that provides the coverage you need.

If you’re a BCAA Member, you can save up to 10% on your BCAA Small Business Insurance policy. To learn more about small business insurance, visit bcaa.com/smallbusiness or email smallbusiness@bcaa.com.

The post 9 Things You’ve Always Wanted to Know About Small Business Insurance appeared first on WeBC.

So, you’ve decided that you want to grow your business. Will you do it by increasing sales; increasing profits; or both?

Only you can thoroughly assess your situation and decide which strategies are best for you or create unique ones based on you and your business, but here are some ideas.

If you want to increase profits…

Here are five common strategies you may want to consider:

1. Reduce overhead costs and operating expenses

This means more profit for the same amount of effort and sales.

This is a group of expenses that are necessary for your business to stay functioning, but cannot be directly associated with any one product or service (like rent, utilities, accounting fees, advertising, insurance, interest, supplies, taxes, telephone bills, travel costs, and so on).

2. Reduce direct costs

Direct costs are those that can be linked directly to your product or a service, such as materials that go into your product.

You may be able to reduce your direct costs by negotiating better terms with your suppliers, especially if you propose the reduced fee-per-item based on an anticipated increase in sales as you grow.

Try to negotiate rates based on certain threshold amounts.

3. Nurture your best customers and say no to your worst

Do you know who your best and worst customers are?

You’ve surely heard that 80% of revenues come from 20% of clients – but also remember: 20% of your clients create 80% of your problems!

Good customers know that your products and services provide value for their money. They become a great sales force for you by referring others.

You want to nurture these clients because they add more profit than new clients who cost you time and resources to attract and win.

On the other hand, you may not want the business of some customers, and it is OK to hold your ground on your terms and conditions. As women, we often have trouble saying no. But it’s not true that the customer is always right.

4. Eliminate lower margin products or services

It may not seem possible to grow your business by selling less, but it is.

Products or services that have lower profit margins take up the time and resources that you could be channeling into higher-profit areas.

You may find that you are actually losing money by carrying certain products and services, so by eliminating them you may actually increase profits!

5. Increase the price of your products and services

If demand for your product outstrips supply, consider increasing your price to increase profits. If you keep your costs and production the same, you should make a bigger profit.

You may want to increase the quality or features of your products and services so customers see more value to match a higher price.

A word of warning: Make sure increased price doesn’t reduce your sales so much that your overhead costs are now higher per-product or service, thereby eliminating any profit – or, worse, even reducing it.

This is an adapted excerpt from the free downloadable Growing Your Business Guide by WeBC.

The Growing Your Business Resource Guide provides an overview of the important factors you should consider when growing your business, so you can decide where to strategically invest your time and money.

Download the guide >>

The post 5 Strategies to Increase Profits appeared first on WeBC.

1. Look at your assets

• Review your inventory management system. Is there room to tighten up, so you’re not sitting on large amounts of inventory or carrying inventory over long periods of time? Remember, inventory that sits represents cash you don’t have to invest in another part of your business.
• Consider leasing instead of buying. This means there will be less cash tied up in fixed assets.
• Carefully monitor your Accounts Receivable and ensure they are collected in a timely manner.

2. Look at your payables

• Send your invoices promptly. Do your customers have monthly cut off dates for payments? Time your invoices so they arrive just before the cut off versus just after.
• Call your customers and charge late fees when their payments are not received on schedule.
• Pay bills only on the due date unless there is a significant (net gain) discount for early payment.

3. Think about your pricing and sales terms

• Are there ways you can increase profitability by increasing prices and/or reducing operating costs?
• Offer cash discounts to customers who pay quickly (selectively).
• Establish written credit policies and consistently enforce these policies.
• Re-examine your credit policy. Is it possible to tighten the credit terms you offer your customers?
• If volume discounts are offered by your suppliers, take them only if it does not negatively impact your company’s cash flow.

Other Resources to Further Your Financial Knowledge

“Financial Fitness” is one of our most popular training series, and now it’s available On-Demand! Part of our SMART Program series, these free courses are designed to help you understand key concepts, work through interactive case studies and complete activities that apply the learning to your own business. Learn more >>>

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