Monthly Archives: July 2011

When you hear the world “web,” what do you think of first?

The two most common answers are a) the Internet and b) Charlotte.

Alright, so not Charlotte’s Web specifically, but a home for an arachnid.

Now apply this to growing your business. To build and run a successful one, you need to develop and maintain a diverse community that is connected and interested in what you’re doing. Much like those options, there are two different “webs” that help your strategy – traditional and modern.

Picture the traditional spider web first. Your business is the centre of an intricately weaved net, which connects and compels prospects, customers, partners, team members, suppliers, mentors and competitors. Historically, small businesses built this web in their own neighbourhoods, schools, churches and local business organizations based on geography.

In today’s world, with the advent of the new Web, physical geography is much less relevant. It’s been replaced by communities who share ideas, interests and relationships regardless of location or distance. Think about it … it’s called the World Wide Web for a reason.

When spidey senses tingle, in historical business development, you rely on traditional tools: face-to-face selling, personal relationships, community involvement, Chamber of Commerce networking, as examples. Relationships were based on direct human contact often in a face-to-face environment.

Today’s web building is done with technology. Social networking, content rich websites, blogs, search engine optimization, e-mail distributions, customer relationship management software, automated lead follow-up campaigns and many other tools and features that are constantly evolving.

While these two approaches seem diametrically opposite, at the base they both build connections. For any type of successful web (and therefore successful business) to work, it must understand the needs of different stakeholders and present valuable information and effective solutions within the right context.

Just like your initial word association with “web,” many businesses stick to one of these community building models.

Diversification and using all available tools is a big key to business success. Both the web and Web should be used together – and feed off each other. It can be as simple as starting a relationship on LinkedIn and meeting that person in person. Or, using search engine optimization to attract new live clients through your website.

By developing useful, valuable content that educates and by delivering it both in a wired and personal way, you’ll develop momentum.

And momentum spins into growth and success.

Play the word association game with the phrase ‘tech firm.’ Most of our answers include Google, Microsoft, IBM, Apple or RIM.

At Silver + Goren, “tech companies” translate to any firm that uses technology well. That means proving themselves, testing limits and having a competitive edge.

Wal-Mart, McDonald’s and Federal Express are prime examples. You could tell me in a heartbeat what their successful products and services are. If you probe deeper, you’ll realize they’ve built technology into their cores and into those successful services—and that helps them stand out among competitors.

A full decade ago, Fortune Magazine highlighted the power of technology for business: “CEOs such as Procter & Gamble Bob McDonald increasingly view technology as a strategic tool for increasing revenue — not just a way to make workers more efficient.” Besides creating new markets, products and services, new technology evolves how business takes place. And it’s happening industry-wide.

Every day, you’re face to face with technology directly affecting how work is performed. Email and Skype allow telecommuting opportunities and inter-office connections that were impossible two decades ago. As you see your colleagues (or yourself) glued to a smart phone, you know that is only the beginning.  The direct plus of all this newfound flexibility? It helps businesses acquire the best talent.

If you still don’t see the options for technology in your business…look harder. We guarantee they exist.

Social media tools such as Facebook, Twitter and LinkedIn are the obvious examples, and they’re full of value. They give great opportunities to communicate effectively with more people than ever—for free.

Social media is just the start. Try analyzing your business’ telephone system, point-of-sale equipment, job costing, time and billing, customer relationship management, or enterprise resource planning, for a start.

Many small businesses are worried about the price tag on new technology. We at Silver + Goren believe costs can only be evaluated properly when you look at them in context of the potential benefits. Our business plan services can help you push boundaries for industry leadership – and make sure that cost analysis is done right.

Any Canadian business, from a bakery to a bike store, needs to follow government rules. Keeping everything straight takes a lot of time and a lot of patience…and if you slip up, it takes a lot of money. The government is quick to collect on interest and penalties.

That first paragraph sounds like a thinly veiled sales pitch to let Silver + Goren set you straight in the area of government compliance. It’s true – using our team means less stress and more time to pay attention to your business. Plus, odds are we’ve done it a few thousand times more than you.

If you want to go it alone – or at least know where to start – I tell people to remember the LETR of the law.

Legal form- A new business must pick the most appropriate legal form. Choices include proprietorship, partnership or limited company.  Each of these has its own advantages and disadvantages and needs to be considered carefully.

Employees – There are a few extra rules if you hire employees. You must specifically register your business as an employer. That number lets you remit payroll withholdings to the government. At the end of the year, you need to summarize and report all payroll information with a T4 form.

You will also likely need to register with the Workers’ Safety Insurance Board.  The contributions you make to the Board help fund payments to your employees should they be hurt at work. Your insurance cost is determined based on the nature of your industry.

Tax – Can’t have a government list without the T word, of course! In Ontario, we’re talking about the harmonized sales tax, and most businesses have to pay up. That means collecting tax from every customer transaction as well as paying HST on anything you buy. You must remit the difference between these two amounts to the government on a regular basis (quarterly or annually).

If your payroll exceeds $400,000 you must pay Employer Health Tax to the Ontario government. This is a tax of about 2% on your gross payroll in excess of $400,000.

Register – (Really, this should be second on the list, but I like my acronym.) All businesses must register with the government and obtain a business identification number.

Keeping up with the LETR of the law is crucial to avoid strict penalties and keep the tax man happy. We’re happy to help you any step –or letter – of the way.