Your business doesn’t grow in isolation. To thrive, you and your business need advice, support, and practical tools— supported by a network of experts who are invested in your success.
We call it an Ecosystem—a system and community of financial support, set up to ensure you can meet your personal and business goals.
Here are some of the key areas your business can focus on when creating your business ecosystem.
Starting a new business, or ensuring the success of an existing one comes with many opportunities and challenges. No matter how financially savvy you are, undoubtedly you’ll have questions, and this is where experts come in. Financial advisors can not only help you put together a strategic plan to account for growth, they can help you raise start-up money or venture capital in your early stages. As well, they’ll inform you on the various tax and insurance payments you'll be required to pay annually, and ensure you account for it in a practical way that aligns with your business goals.
By now we all know it can “take money to make money”. It’s almost guaranteed that you’ll need capital to get your business operational, or continue its success and expansion.
Commercial lending options range from venture capital, capital asset financing, operating loans, to bridge capital financing. Each lending option has its own benefits, and knowing which is right for your business is important. Relying on an expert who has your best interest at heart is important when it comes to making lending decisions.
Protecting your business with a custom business insurance plan is another important step. It can be confusing determining what you need and what you don’t; your needs will vary greatly depending on what type of business you have. From property insurance and content insurance, business interruption insurance and liability insurance there’s a lot to consider. Having an expert in your corner will ensure, you’re well...insured.
Expanding beyond sole proprietorship is a huge accomplishment. It will also come with new and exciting challenges, like payroll. Unless you’re a professional accountant it's probably not a good idea to do your payroll yourself. Overtime, vacation pay, deductions, income tax, employment insurance and federal and provincial pension plans—there’s numerous factors to take into account. Deciding on the payroll structure that is best for you and your employees is a critical step. Ideally, you want to maximize your administrative efficiency, while minimizing costs.
These are just a few of the key parts of a successful business ecosystem. Every business is unique, and your network and plan for success should be too. We’re passionate about helping you build and succeed with the best support system for you and your business.
These articles are made available to you as tools for independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy. All examples are hypothetical and are for illustrative purposes only. Please visit your branch to seek personalized advice from qualified professionals for all personal finance issues.