Small Business

19/01/202311/07/2024

Over $2 trillion in business assets are at stake as the majority of small business owners plan to exit their business over the next decade

Toronto, January 10, 2023 – Over $2 trillion in business assets could change hands within the next decade as over three-quarters (76%) of small business owners are planning to exit their business, according to a new report by the Canadian Federation of Independent Business (CFIB).

Retirement is the top reason business owners are cited for leaving their business (75%), while 22% are burned out and 21% want to step back from their responsibilities as owners. However, only one in 10 business owners (9%) have a formal business succession plan in place.

“It’s essential for business owners to have a well-planned

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18/01/202311/07/2024

Canada faces mass exodus of small business owners

Most business owners (75%) cite retirement as the reason for leaving their business, while a smaller number plan to leave because of stress, to step back from their responsibilities as an owner, or to move to another business venture, the report found.

When it comes to how owners intend to exit their businesses, the most common approach is to sell to an unrelated buyer (49%), while 24% will sell to a family member and 23% to their employees.

The CFIB and other business advocates had long called for tax changes to remove a disincentive to business owners passing on businesses

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17/01/202311/07/2024

SBA Updates Certification Process for Veteran Owned Small Businesses

The Small Business Administration (SBA) Final Rule on Veteran-Owned Small Business (VOSB) and Service-Disabled Veteran-Owned Small Business (SDVOSB) Certification (the Final Rule) takes effect on January 1, 2023. The majority of the changes made by the Final Rule will be implemented through a new regulatory section in SBA’s regulations, which will be located at 13 CFR § 128. Any business intending to seek government contracts that are set aside for VOSBs or SDVOSBs should closely review this significant Final Rule.

Prior to the Final Rule taking effect on January 1, 2023, entities competing for SDVOSB set-aside and sole-source contracts through

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17/01/202311/07/2024

Canadian workers could see up to $305 drop in pay in January

In less than two weeks, Canadian workers could notice up to $305 less on their annual take-home pay.

Thanks to an increase in payroll deductions beginning in 2023 (yes, that’s in 11 days), every employed Canadian will see their paychecks impacted, even if their employer decides to make up the difference, said the Canadian Federation of Independent Business (CFIB).

The country’s largest non-profit organization dedicated to helping small businesses says employers are bracing for rate hikes for both Employment Insurance (EI) and Canada Pension Plan (CPP) in the new year, and many of these small businesses will “struggle to meet

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16/01/202311/07/2024

9 Ways To Grow Your Small Business Through Social Media Marketing

Opinions expressed by entrepreneur contributors are their own.

Small businesses have increasingly relied on social media marketing to reach customers, create brand awareness and drive sales over the past decade. Whether you’re just starting or have been in business for years, social media marketing can help your small business reach its full potential. You don’t need to invest thousands of dollars in marketing to grow your customer base and succeed with social media marketing — you need to use it strategically and effectively. To help you grow your small business through social media marketing, we’ve put together this list of

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15/01/202311/07/2024

Have a Small Business With a Partner? Key-Life Insurance Needs to Be a Top Priority

One woman packing clothes into shipping boxes while the other checks her laptop at a table in a clothing store storeroom.

Image source: Getty Images

Key-life insurance can protect your small business partnerships.

Key points

Key-life insurance policies pay out benefits in the event that one of the owners of a business dies.
This also allows for a smooth transition of ownership in the event of disability or critical illness.

If you run a small business with one or more partners, what should be your priority? Making sure your operating agreement is set? yourbudget? your business plan? While these are all important, many business partners don’t realize that key-life insurance should be at the top of your priority list. This type

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14/01/202311/07/2024

Free Online Coaching Clinic – PHE America

To Register for FREE: https://forms.gle/WAzijkF4qMmxcdCC6

Don’t miss Georgia Southern Coaching Education’s next FREE online coaching clinic on Thursday 1/19/23 at 7pm eastern in partnership with the Minority Coaches Association of Georgia.

SPEAKERS & TOPICS:

SaJason FinleyMS, SCCC, USAW-II, RPR-I, FMS, PN-I
Role: Head Strength and Conditioning Coach at Central Phenix-City HS
Topic: 4 Pillars Mindset, Movement, Nutrition, Recovery

Bridget MeltonEd.D., CSCS*D, TSAC-F*D, CEP, cPT, FMS 2
Role: Professor at Georgia Southern
Topic: Concepts of Improving Upper Body Mobility

Joseph Myricks, M.Ed, USAW Level 1
Role: Head Strength and Conditioning Coach at Alexander High School
Topic: Do The Most:

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14/01/202311/07/2024

Third of Vancouver small business’ inventory stolen in parkade break-in

A Vancouver small business owner says one-third of her inventory was stolen from her car in a parkade break-in on New Year’s Eve.

Elaine Li is a model, influencer, and owner of Livelite Athletica — an activewear brand she designs herself. Li had packed a suitcase full of pieces for an upcoming trade show and someone smashed her back window and stole it out of her parkade.

Some of Elaine Lie’s pieces from her Livelite activewear brand. (Submitted)

“I wanted to warn other people to never leave anything important to them in their cars here,” Li said. “I don’t want

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