Top 5 business articles of 2023
It’s quickly becoming a tradition. Every year, as we close off the calendar year, we look back at some of the advice and information we have been offering entrepreneurs over the past 12 months.
This compilation showcases the breadth of business and financial resources on BDC.ca. These five touch on greenhouse gas reduction, business licensing, financial management and business planning.
As a bonus, we threw in a client story to highlight the amazing work that Canadian entrepreneurs do every day of the year.
Everything you need to know about vendor financing
Vendor financing is a form of debt that allows you to hold back a portion of a business’s purchase price as a debt to the vendor. This article explains how it can help you close a deal when purchasing a business. Vendor financing is usually part of an acquisition financing package that includes the buyer’s investment, a bank loan and mezzanine financing and typically amounts to 10% to 15% of the transaction amount.
Net profit margin calculator
The net profit margin measures how much each sales dollar remains after paying all expenses. To calculate it, divide net income by net sales. This article explains why the net profit margin is essential and how to use it to gauge your business’s financial health. You can also use the net profit margin calculator to measure your profit for the year.
SMART objectives
SMART is an acronym for a set of goals and objectives for managing your staff or a company. It stands for specific, measurable, achievable, realistic and time-bound. Learn how each of the criteria works. For example, under the “specific” measure, it’s crucial to clearly state what you want to accomplish, who is involved, where and when it will happen, and why it is important. The article also provides examples of SMART objectives for different business functions, such as sales, marketing, operations and finance.
Retrofit your building to reduce its energy use
Lowering energy use and reducing environmental impact have become priorities for Canadian businesses. Read this article to learn how retrofitting a building’s systems or structure can help reduce your carbon footprint. You’ll also get tips on creating and implementing a plan and evaluating your results. The article also lists the benefits of building retrofits.
When does a business need a license, permit or registration?
Does your business need licenses, permits and registrations to operate? Find out what you may need at the municipal, provincial and federal levels and the rules on tax registration for federal and provincial consumption taxes. You’ll also get resources to learn more about licences, permits and registrations.
Bonus
Client story
Calgary Aggregate Recycling
Meet Travis Powell, an Indigenous entrepreneur revolutionizing the construction industry by recycling contaminated soil. The owner of Calgary Aggregate Recycling is recycling waste materials from construction sites and turning them into top-quality products.