The 7 habits of successful business owners

Have processes in place even before your business lands its first client. For example, create a strong bookkeeping process to capture all your eligible business tax credits. Seek a professional to help you build other business processes whether it’s for accounting or human resources. To help create that system, talk to a CIBC Business Advisor. Having a system in place allows you to stay organized with current operations and plan smart for upcoming goals.

Up-to-date financial statements go a long way in helping determine your company structure and then achieving business objectives. Generally, there are three key documents you’ll need to create, track and update: 

I. Balance sheet: A financial snapshot of your business at a given point in time. 

This outlines assets, liabilities and the amount of shareholders’ equity invested in your business. Keep your balance sheet updated on a regular basis. This will help you and your CIBC Business Advisor to keep your business financial health in check.

II. Income statement: How your revenues stack up against your business expenses.

Create a realistic picture of your profits, operating expenses, and cost of goods sold. Doing so will  allow you to learn trends in your operations and plan for sales growth.

III. Cash flow forecast: Allows you to estimate the flow of your revenues and expenditures and adjust your business strategies to fit those patterns.

Cash flow statements are one of the most important elements of your business planning. Estimate your cash receipts and cash disbursements as accurately as possible and organize your money with CIBC Cash Management.

Go digital and get a clear view of your banking, accounting and payroll — all in one place with CIBC SmartBanking^™ for Business. Keep your “paperwork” online to keep an efficient view of your financial health. Generate and track invoices and receivables on-the-go with Smart Banking service providers: QuickBooks, Xero, and Dayforce. You can also collaborate with your accountant, claim expenses and capture costs, and pay your employees accurately, on time and online with these software.