For most, the idea of being a part of a reality TV show to grow
and propel your businesses is not a focus. However, a lot can be
learned through TV shows like CBC's Dragons' Den.
Here are four great tips to make sure you are ready to take that
Know your Dragons. Whether you are
approaching one of the major banks, your local credit union, the
Business Development Bank of Canada (BDC) or an equity investor,
they will all have their own specific questions as to why they
should be investing in your business. Do your research before the
first meeting to anticipate their questions so you can provide
thoughtful, informative answers.
Don't limit your approach. The road
to taking your business to the next level may not be an easy one
and if you find yourself turned away by one investor, be ready to
approach another. Banks, credit unions and the BDC all have
strategic investment plans. Your business may not be a fit
for what they are investing in at the time, but it may be a perfect
fit for their competitor.
It is important to find the right investor fit for you and your
business. Finding the right match is important to promote
future communication and your company's ultimate growth.
If it's not the right fit, don't be afraid to
Be business plan ready. Prepare a
thorough business plan. Include a concise description of your
business, highlighting your passion and enthusiasm to entice the
investor's appetite to know more and read on. Within your
plan provide a detailed analysis of your market, customers,
competition, marketing strategy, operational plan and key
employees' knowledge and skills.
Crunch the numbers. Too often, an
investment is overlooked by an investor because the numbers to
support the proposal have not been provided or are not considered
reliable. Be sure to provide historical and projected financial
statements to show your plan has merit.
The path to business growth may not have all the lights,
cameras, and glam that TV shows do, but there are definitely new
and exciting opportunities for your business. Make every
opportunity count and have your Crowe MacKay advisor review your
plan and ask the tough questions that are often overlooked. We can
add significant value to your proposal so you can be assured that
key details will not be missed in providing clear and
useful financial information.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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Under the Income Tax Act, the Employment Insurance Act, and the Excise Tax Act, a director of a corporation is jointly and severally liable for a corporation's failure to deduct and remit source deductions or GST.
Under the Income Tax Act, the Employment Insurance Act, the Canada Pension Plan Act and the Excise Tax Act, a director of a corporation is jointly and severally liable for a corporation's failure to deduct and remit source deductions.
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