Planning ahead

Many business owners are already thinking and planning for 2012. One important thing is to have a business plan.

Developing an annual business plan will guide you on a charted course and bring cohesion to your venture. There's nothing worse than being in the middle of a lake in a dingy with holes in it. In order for the plan to succeed, there are several key components that need to be included.

Key elements to successful business planning:

  • Create company overview
  • Develop financial plan
  • Implement a market and industry analysis
  • Create an operations plan
  • SWOT analysis: Strengths, weakness, opportunity and threats
  • Marketing plan: risks, investments
  • Financial projections
  • Personal development
  • Long term projects and strategies

Having these elements in place and following up on them annually will ensure your business runs smoothly. But keep in mind, a solid contingency plan will also assist you if obstacles appear on the roadway.

Click here to read article on cash flow management and how to avoid certain risks as a business owner.  

Budgeting for the holidays

There's no shortage of items to purchase during the holidays, and children (sometime adults) want them all. Budgeting is essential if you want your finances to go a long way, without disappointing the toddlers and not feeling the pinch in the New Year.

According to reports, 23% of Canadians said they would use their credit cards while 4% would cash in on their investments to purchase gifts. It's easy to get caught up and accumulate debt that will be difficult to pay off.

"Canadians are in this financial trouble because most subscribe to the 'I see it, I want it, and I buy it' philosophy of holiday and everyday spending," Jeffrey Schwartz, executive director of Consolidated Credit, told the Globe and Mail.

To avoid debt, you need to have a plan

Have a set amount of money you want to spend.Make a list of gifts and don't feel bad if you left someone out develop a price list and see if you can afford the itemsSeek out on-line deals and use couponsBuy only what you need, and not what you wantDon't leave shopping until the last minute, that tends to lead to compulsive purchasing. Click here for a great website for more holiday shopping tips.

Beware of the Grinch

Every year as holidays roll around, so do scams. Nobody wants their hard earned money to go into the hands of the Grinch.

Everything from charity scams, fake auction sites to carolling has been marred because of the Grinch's greed. As consumers, you need to vigilant, and we've provided you with a website outlining different scams and how to avoid them, Click here.