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Accountant or Bookkeeper.
Which does your business need?
Many new business owners have the daunting task of compiling and interpreting the financial records of their company. If the business owner is skilled in accounting or bookkeeping, this may be a rather simplistic endeavor. For those business owners who do not know the first thing about managing their financial records, turning to an accountant or bookkeeper may be the answer. It is important to find a credible candidate to fill the role of accountant or bookkeeper within your business. It is also important to understand what role you need to fill. There are some fundamental differences between the two roles. They are as follows:
If you are interested in discussing some of your Accounting needs and questions with a Certified Accountant, The Small Business Centre offers an Accounting Advisory service on the first Tuesday of each month. Please call for details or to book your appointment. (519) 659-2882.
For those interested in learning a basic bookkeeping program, there will be a Bookkeeping Seminar held at the Small Business Centre in March of 2008. We will keep you posted with information on this seminar in upcoming newsletters.
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Next Session Starts February 15, 2008. |
| Cash Flow Management Business Seminar |
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On February 27, 2008, our community economic development partner TechAlliance is offering a seminar on Cash Flow Management.
TechAlliance is a membership-based organization that exists to represent, support and accelerate the growth of emerging and established businesses in information technology, the life sciences and advanced manufacturing.
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Dear Friends,
Hello and welcome to the February 2008
issue of the Small Business Centre Newsletter.
In this issue, we will give you updates on networking opportunities, seminars, and an editorial piece on choosing an accountant and/or a bookkeeper.
We will start this month off with our Networking Wednesday on Feb 6, followed by the Entrepreneur's Club Breakfast Meeting on Feb 13.
What steps are you taking to grow your business? The third round of The Growth Program will start on Feb 15. There are couple more spots available.
Don't forget, it's official! The third Monday of February (Feb 18 this year), has been proclaimed a "Family Day" in Ontario. Is your business going to be affected?
This is also the time of the year when we receive many tax related inquiries. Don't miss our Income Tax and Small Business Seminar on Feb 27.
Finally, if you are looking for information on how to build an effective website and drive traffic to it, we have a special seminar coming up on March 4. See details for EBusiness 101: Getting Your Business Online below.
Business Information Advisor/ Newsletter Editor
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 Clients in the News...  The following clients have recently been featured in the local media. Congratulations!
Where: London Free Press, Enterprise Section by Christopher Clark
When: Monday, January 7, 2008
Who: Louise Maxwell of SoulfulEncounters.com
SoulfulEncounters.com began as a dating service, but it's users quickly transformed it into a community of individuals looking to form friendships in cyberspace.
Where: London Free Press, StartingUp Section
When: Monday, January 7, 2008
Who: Chris Edgar of Executive Edge Virtual Assistant
Executive Edge Virtual Assistant offers senior-level freelance secretarial and law clerk services to law firms and their expert witnesses, small businesses and individuals on a pay-as-you-go basis or on retainer. You can contact Chris at 519-659-4004.
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 Networking Wednesday Wednesday,  February 6, 2008
Time: 5:30 PM - 7:30 PM
Location: Elgin Middlesex Oxford Local Training Board
Address: 705 Consortium Court, London (Print Map)
Cost: $5 (at the door, please register)
Draw for a 7" portable DVD player compliments of the Local Training Board.
Pre-registration required as space is limited. Please call 519-659-2882 x0 or email info@sbcentre.ca
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 ABS Seminar:
Income Tax & Small Business
Wednesday,  February 27, 2008
Time: 9:15 AM - 12:15 PM
Location: Small Business Centre
Cost: $25.00 (Includes GST & handouts)
Presented by Nancy Sauro of H&R Block
Topics Covered Include:
» Understanding the Procedures For Reporting Income For Your Business
» The Allowable Criteria For Deducting Various Expenses
» Which Penalties You Can and Must Avoid
» The Appeal Process and The Fundamentals of Tax Planning
Pre-registration required.
Seating is limited. Please call 519-659-2882 x0 or email info@sbcentre.ca |
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EBusiness 101: Getting Your Business Online 
Tuesday, March 4, 2008
9:00 AM - 3:30 PM
» How do you build an effective website and drive traffic to it?
» What are some of the legal issues you should consider?
Speakers:
Early sign up special $45 including lunch($55 after Feb. 22).
Sponsored by the Ministry of Small Business and Consumer Services and hosted by the Small Business Centre
Space is limited, pre-registration required.
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 On Tap with The Entrepreneur's Club... 
Each month, members of The Entrepreneur Club meet to learn from seasoned professionals, share knowledge and skills, and develop valuable business relationships. Last month, during our roundtable discussion we talked about how we can inspire our staff, contractor workers, etc. to reflect our business image - Read More
Are you interested in becoming a member of The Entrepreneur's Club? Attend a Water Cooler meeting to find out what we're all about. All you have to do is pay for breakfast. You can attend two meetings without obligation and then we'd love to have you join us regularly.
Join us for our next Water Cooler meeting:
Wednesday, February 13, 2008
Time: 7:00 a.m. to 8:30 a.m.
Location: Cora's Breakfast & Lunch
Address: 395 Wellington Road South at Commissioners
Check us out and pay only for your breakfast.
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 Did you know? Key Small Business Stats.
How many businesses are there in Canada?
As of June 2007, there were more than 2.4 million business establishments in Canada, compared with 2.3 million establishments in June 2006. About half of all business establishments are called "employer businesses" because they maintain a payroll of at least one person; the other half are classified as "indeterminate" because they do not have any employees registered with CRA. Of the 1,086,487 employer businesses, 3,250 or about 0.3% have 500 employees or more; the vast majority of employer businesses (98%) have fewer than 100 employees, 75% have fewer than 10 employees and 58% have only 1 to 4 employees.
Each year, approximately 139,000 new small businesses are created in Canada.
How many jobs do small businesses create?
For six years, in 1996 and 1997, from 2000 to 2002 and in 2006, small businesses made the greatest contribution to net job creation. In 2006, micro-businesses created more than 19,000 jobs in three of the four quarters.
How many people are self-employed?
In 2006, there were 2.5 million self-employed workers, representing around 15% of all employed workers in the Canadian economy. The number of self-employed in the third quarter of 2007 reached an all-time high of 2.65 million.
Highlights
Survival
Failure rates for small businesses in Canada are high for the first three years and decline over time. About 70% of small businesses that enter the marketplace survive for one full year; half survive for three years. Approximately 25% of small businesses are still operating after nine years. The number of bankruptcies in Canada fell by 50 percent between 1996 and 2006.
Exporting
Small businesses are responsible for about 20% of Canada's total value of exports. Small businesses in Canada tend to export to a broader range of countries than larger firms.
E-Commerce
The overall rate of Canadian firms selling online was 7% in 2005, while the overall rate of firms buying online was 43%. In both categories, small firms lagged behind large firms: only 6% of small firms sold online compared with 16% of large firms; online purchases were conducted by 40% of small firms, well below the 68% of large firms purchasing online. Summarized by Shelley McBride of Canada Ontario Business Service Centre (COBSC) from Key Small Business Statistics, Industry Canada, January 2008.
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Advertising Section 
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Reach over 1,000 Small Businesses,
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