“I get by with a little help from my friends”

–       The Beatles

Entrepreneurs often credit part of their success to support from friends, family and the local community. They also give credit to sound business advice from key players who have helped them along the way.

In preparation for Small Business Week, we’re sharing some advice from business leaders in our community.

1. Keeping costs low is a challenge for small businesses, start with these energy saving tips.

• Install a programmable thermostat with a built-in timer, reducing the temperature by a few degrees when your business is closed to help you start saving
• Unplug electronics (equipment, computers, monitors, photocopiers and appliances) that aren’t in use – even when electronics are off, they still use electricity.
• Replace older lighting with energy saving technology. Don’t forget to consider replacing traditional exit signs with LED technology.

– Efficiency Nova Scotia

2. There’s financing. And there’s financing.

When starting a business, it’s essential you have sufficient funds. The type of financing you secure will depend on your start up, cash flow and operational requirements. Your RBC small business advisor can help you understand the different types of financing available to meet your specific needs. What cost are you looking to cover? Need equipment? A building? Payroll? The financing options can look very different.
                                                                                                           – RBC

3. Managing Conflict in the workplace: Create clear job descriptions, processes and procedures.

Your employees should know at any given time what they are supposed to be doing, what they are accountable for and who they are reporting to.

Avoid grey areas by clearly defining roles and responsibilities for each position in your company and recording processes and procedures. This will help you deal objectively with disputes when they occur.
                                                                                                            – BDC

4. “Cash is king.  Ensure that you have a good handle on your business’ cash flow budgeting and forecasting.  This will help you throughout the business lifecycle in preserving cash, raising financing and making capital investments at the right time.”

– Darrell Bontes, CA – Partner, Business Tax Advisory, Ernst & Young LLP

5. “When networking, focus on what you can do for the other person, not on what you need. These connections will remember your business savvy and will reach out to you in the future when new opportunities arise.“

– Valerie Payn, President & CEO
Halifax Chamber of Commerce

Join the Halifax Chamber of Commerce in celebrating small businesses in Halifax from October 20-24. We have some great events lined up that you can learn more about by visiting our website and registering online. I look forward to seeing you there!

Register for Small Business Week events by clicking here.