Top 5 business articles of 2022
3 minutes read
It’s that time of the year, when we offer up the top BDC articles from the last 12 months. These articles are full of honed advice and best practices that have helped entrepreneurs grow their businesses.
Whether you’re thinking about starting a business, or figuring out debt-to-equity ratios, payroll deductions and what platforms are best for managing your finances, this compilation will give you the practical advice you need to start 2023 on a good business footing.
1. The basics of employer payroll deductions
Payroll deductions can be daunting, especially if you’re a new employer. This piece offers vital information on both withholding deductions and the rates for various types of deductions, such as the Québec/Canada Pension Plans and Employment Insurance. And if you’ve been wondering if you have to make deductions when you pay yourself, the answer to that is also in our article.
2. Blog: Stop using spreadsheets to manage your business!
Spreadsheets, such as Excel, may have become the modern-day version of the adding machine, but they are proving to be a less-than-modern answer to sound financial management. They can’t integrate into other business systems and are prone to error. This article makes a case for cloud-based accounting software, which issues invoices, tracks payments, generates financial reports and much more. It also talks up customer relationship management (CRM) software as another alternative to the spreadsheet.
3. How to conduct a competitive analysis
A competitive analysis, as you may know, is an assessment of your competitors’ products, services and sales tactics. It evaluates their strengths and weaknesses relative to your own. There are steps to take to conduct one, from actually identifying your competitors and then gathering information about what they’re doing, and from analyzing their strengths and weaknesses to fully identifying your own competitive advantage. We lay out all that and more.
4. How to calculate the debt-to-equity ratio?
The debt-to-equity ratio measures your company’s total debt relative to the amount originally invested by the owners and the earnings that have been retained over time. And it’s something banks closely examine. This article shows you how to calculate your debt-to-equity ratio, how to record it in a balance sheet and examples of good and bad ratios.
5. Your ultimate guide to starting a business in Canada
We cover the many steps to starting a business. From hiring your first employees to finding that perfect commercial space, not to mention preparing for an elevator pitch and the sources of financing you should be seeking out. Included in the comprehensive guide is a link to our free business plan template that will help get the new business, if not off the ground, then at least down on paper.
Top guide of 2022
Inventory Management: A Guide for Entrepreneurs
If you’re looking to identify gaps in inventory management, the connection between inventory, sales and profits, and symptoms of poor inventory management, this is the guide for you. And it was the guide for many entrepreneurs this past year.
Top tool of 2022
Business performance benchmarking tool
We all want to know how we compare to others in our industry. This interactive tool allows you to do just that, comparing your company’s performance against your industry peers in two specific areas: revenue per employee and profit per employee. Producing more goods or delivering services with fewer resources will give you a better score. If you do see significant gaps between your business and those of your peers, there are BDC tips to help you improve your company’s performance.