Marketing Your Way to Success: June 10th, 2022

Hello All,

We know that every small business needs a marketing strategy. Whether you provide services (like myself) or products or a combination of both, the most important thing you need to know is how you are going to bring in customers.

When I first started, I tried numerous strategies. Among other things, I reached out to my network, I worked for start ups (for “experience”), I advertised on Craigslist (which was good for local services) and I started my blog to improved my website’s search performance. I didn’t have a cohesive plan per se, but as I started to see the results of my efforts, I was able to glean clarity and focus in on what was working.

Of course every business is different and has access to varying budgets (which are usually limited when starting your business). Also, every business owner’s skill set and personality are unique. These factors will inform the direction that you take. Some, like me, will throw everything at the wall and see what sticks in the early stages (especially if you have the luxury of time). Others will have a more methodical and focused approach. Regardless of the journey, we all want to arrive at the same place which is a successful business that people know and love.

Whatever stage of business you are in, you want to allocate your dollars wisely. The key to successful marketing is gaining an understanding of your audience, their wants and needs, and building a brand that captures their interest (and also aligns with your values and vision). The number of ways in which you can market your business can be overwhelming so it is important to focus on what you think will give you the best bang for your buck. And while it can be gratifying to have thousands of followers, it is only people that buy from you (either now or in the future) that really count.

As promised in my last newsletter, I have written a new blog post about the types of marketing expenses that are deductible, some CRA restrictions, and guidance on setting up your chart of accounts.

I have also included an older post which might give you some ideas on how to market your services.

Don’t hesitate to let me know if you have any questions or if you would like to see something added.

Small Business Articles/Tips

More ideas for your Marketing! A fairly comprehensive guide and good insights from Hubspot on what to keep in mind when choosing an advertising strategy for your small business

Also, this article from BDC gives some insights into average marketing budgets for small business.

Tax News:

The deadline to file your unincorporated small business/personal tax return, for those of you who are self employed or have small businesses, is June 15th, 2022. Remember the form to use is a T2125 and can be accessed through most online tax software as a schedule on your personal tax return.

If your net income was less than $105,000 for 2021, and you live in Quebec, you should have received a $500 one time tax credit. This can be seen on your 2021 notice of assessment from Revenue Quebec and may explain why your taxes were lower (or refund higher) than anticipated. If you haven’t filed your taxes for 2021, this is one more reason to do so.

QuickBooks Tip - Import Lists

Further to my blog post about marketing expenses, you can set up sub accounts by going to accounting on the left hand side and selecting chart of accounts. You would then create a new account, chose the type, detailed type, name the account and then you will see a tick box to designate it as a sub account of a master account that you also select. This can be very useful if you want to see your total expenses for an account but also the breakdown by type. For example, you might advertise on Facebook, Google, and Newspapers. You would set up a master “Advertising” account and then create sub accounts for each type.

Books and Resources

Small Business Tax Facts(Sole Proprietorships/Registered Businesses/Self Employed Workers)

This book helps you have a better understanding of tax (brackets, tax rates, deductions etc), how it applies to your unincorporated small businesses and how to do your own tax return (or at least understand what your accountant does). It also includes a comprehensive breakdown of deductible expenses, by category with special sections on more complex deductions such as home office, vehicle and capital cost allowance.

FastStart Your Corporation(Corporations)
A step by step guide to starting your small business corporation, including what you need to know about incorporation, setting up your accounting and tax considerations.

QuickStart your QuickBooks(Sole Proprietorships and Corporations)
A comprehensive guide that takes you through the many features of QBO and gives you step by step instructions on how to setup and work with QBO day to day. It is ideal for beginners who have never used QBO before and also for those who are currently using it, but have questions or need guidance.

FastStart Your Business (Sole Proprietorships)
A step by step guide for anyone who is planning to start a Canadian business or become self employed (and does not want to incorporate) and wants to know what they need to do or simply has questions.

Small Business and Your Dividends (Corporations)
For incorporated small business owners who want to know more about small business dividends, the differences between salary vs dividends and which is better and step by step instructions on how to file your own dividend declarations (T5s).

Use discount code “special” to save 20% on any (or all) book(s) when you purchase from the website.

Please note that all books on my website are in PDF format.

If you prefer a print version, all books are also available at Amazon . Note that print versions purchased on Amazon include a complimentary PDF - you just need to email me and include proof of purchase.

Free Resources

Business 2022 Tax Deadline Calendar
Starting A Corporation Checklist
Start Your Business Checklist
Dividend Declarations Checklist
Small Business Tax Return Checklist
QBO Set Up Checklist.
Small Business Calculators
Previous newsletters.

Consultations

I also provide consultation services where I can answer your specific questions relating to your small business and/or finances, provide clarity and give you guidance. Additional details can be found here and here.

Note that I no longer provide ongoing accounting or tax preparation services.

Reviews/Feedback

• I would love to hear your comments on my current blog posts, topic ideas for new blogs, book feedback or anything else that you want to talk to me about. You can use my feedback form or email me directly at ronika@montrealfinancial.ca.

• For anyone who has purchased my books through Amazon or directly and found them useful, I would be very grateful for a review on Amazon (to leave a review you only need to have an account with Amazon even if you did not purchase the book from there).

• Finally, if you think anyone would benefit from this newsletter, you can send them to my subscribe link.

Wishing everyone a very happy weekend!

Ronika