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FINANCES
How do you manage your business finances during uncertain times?
Whether you know your way around a balance sheet or you’re a budgeting beginner, the past two years have been a challenging time for staying on top of business finances and forecasting for the future. For many entrepreneurs, it’s the part of our To Do List we let pile up while we focus on getting stuff out the door — but you can’t solve uncertainty by ignoring it. There are plenty of resources available to help (like BDC’s comprehensive learning hub for managing finances); we’ve cut through the clutter to bring you advice that’s simple, timely, and targeted for small businesses.
here's where you get started
The best advice for right now
Invest effort and time into monitoring your financials.
Take action to improve on your financial performance.
Understand how to access and use external financing.
- Discover if you have a good understanding of cash flow
- Get tips to better manage your working capital
- Find out if you are effectively planning to avoid a cash crunch
Our Expert: Siobhan McManus
Senior Account Manager, Women’s Entrepreneur and Client Diversity Champion, BDC
thought-starters FROM OUR expert
Questions to ask yourself
What is cashflow? Why is it so important? How can I manage it instead of worrying about it or feeling intimidated by it?
Do I understand my financial statements? What do they tell me about my business? How can I use them as a tool for success, and feel comfortable talking about them?
Do I have the basic financial understanding I need to effectively run my business, to respond to challenges and opportunities, and to think long term about what’s possible for my company?
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You might also try...
Get what you need with less cash through barter networks.
Do you have excess inventory or some spare time? Is cash flow tight (or are you trying to keep it from getting there)? Could you use a new channel to reach potential customers? Bartering could be the solution for you.
- If that conjures up images of making trades on Craigslist, read this quick explainer on modern barter networks to see how they operate and the benefits they offer »
- The International Reciprocal Trade Association, IRTA, is a non-profit organization with a global member directory that can help you find a network that suits your needs »
- Before you get started, make sure you understand the tax implications for bartered goods in Canada »
- From the US? There's tax there too »
Use technology to make financial management easier.
Are you ready to tackle financial management with more than what a simple spreadsheet can offer? Are you looking for ways to gain efficiency and increase accuracy? Check out a right-sized solution for your invoicing, bookkeeping, and accounting.
- Think accounting software is just for tracking history and paying taxes? Here are 5 ways it can boost your cash flow »
- Like to weigh all the options? Here's a review of 19 software solutions and tips for selecting the best one »
- Too many choose from? Here's a ranking of the best 8 accounting software solutions for small business »
- Only interested in invoicing help? Check out these 8 invoicing software solutions »
- Still stuck? Ask yourself these 3 questions to narrow it down »
Finances 101
Learn the basics
WATCH
Accounting & Finance Basics with Leila Gharani
This YouTube Playlist covers everything from cash flow to balance sheets, offering quick and simple explainers of key topics. Leila is a great teacher, and if you like her style, check out her expert tips on Google Sheets, Microsoft Excel, and other Office products »
Learn about your financing options
Watch this panel discussion (or read the detailed event summary, with key quotes and top tips) to get an overview of financing options, and see what suits your needs best »
READ
Understand Your Financial Statements
Get a full picture of your business’ financial health with this guide to financial statements »
Analyze your financials to set the right price
With a clear picture of your company’s profitability, you’ll be able to make better operational decisions and further grow your business »
Take control of your cash flow
Discover proven ways to better manage your cash flow and gain more peace of mind knowing you can take on any challenge or opportunity »
Monitor your business performance
Discover how to build financial processes to keep your business on track with this ebook »
Improve your chances of getting financing
This resource hub is easy to navigate and features articles on everything from how to determine what kind of financing you need to direction on how to get it »
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