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4 minute read  

With Financial Literacy month coming to a close, and the holiday season quickly approaching, your finances may be top of mind. Black Friday sales are in the rearview mirror, but you still have gifts to buy for loved ones. You might even treat yourself to a gift or two…you earned it!

It can be frustrating trying to keep all your finances in order during the holidays, but taking care of your financial health is an important part of your overall wellness. To help you manage your financial health, we’ve compiled three great resources that can help you improve your financial literacy. With these resources, you can boost both your personal and business finances.

Business Development Bank of Canada (BDC)

BDC is a financial institution devoted exclusively to entrepreneurs. They help entrepreneurs create and develop small businesses across a wide range of industries by providing financing, capital, and advisory services. Along with these services, they also have a database of insightful resources to help entrepreneurs learn more about business planning, finance, and other areas. Here are a few of their handy resources:

  • Entrepreneur eBooks: Whether you’re looking for information on how to get a business loan or how to better manage your cash flow, BDC has a great collection of free eBooks covering a wide range of business topics. These eBooks provide clear tips and tricks to help you flex your entrepreneurial muscles. If you’re looking for some light reading during the holiday season, this is a great place to start. Don’t forget to have your reading glasses ready!
  • Webinars: Is reading not your thing? Would you rather watch moving pictures? Perhaps BDC’s collection of on-demand webinars is more suited to your preferences. These webinars are hosted by experts in business, marketing, and consulting, and they share some key tactics that you can implement in your business to boost productivity and efficiency. Instead of binge-watching Stranger Things on Netflix during the holidays, consider escaping The Upside Down and watch a BDC webinar or two.
  • Business Plan Template: Doing homework isn’t fun, but having a detailed business plan is an important part of being an entrepreneur. Not only is it good to have if you’re looking for some extra financing, it’s also a great way to keep track of your overall business goals and your tactics for success. BDC’s business plan template can help you prepare an in-depth plan, including an overview of your business, sales and marketing strategies, operations tactics, and overall action items. Next time you’re at a holiday party making small talk with strangers, you’ll have something interesting to talk about!

Futurpreneur

Futurpreneur Canada is a national, non-profit organization that provides mentoring, support, and resources to aspiring entrepreneurs and business owners aged 18 to 39. Don’t worry if you don’t fall in that age range, however. Their free online resources are available to everyone and can help entrepreneurs of any age manage their assets. Here are a few of their free tools:

  • Operating Cash Flow Template: Running your own business is a continuous journey full of ups and downs. It’s important to map out how your business is performing and, more specifically, where your business expenses are going. That’s why Futurpreneur has created this free operating cash flow template. This concise spreadsheet with clear instructions can help you manage your business finances in one place. Sure, Microsoft Excel can be intimidating at times, but having a one-stop document for tracking your costs and expenses will help you determine what steps are needed to make a profit.
  • Monthly Financial Performance Tracking: You know how doctors recommend you get regular check-ups to make sure you’re healthy? Well, you should consider doing the same thing for your business on a monthly basis. Regularly tracking and reviewing your business’ financial performance is a great way to identify areas of your business that are running smoothly. More importantly, it’s a great way to find early warning signs of things that aren’t running so smoothly.
    This template can help you track your projected profits versus your actual profits every month. If you make changes to your operations regularly, the template helps you evaluate whether these changes are helping or harming your profits. Is monthly tracking not enough for you? Be sure to check out this annual financial review template. Don’t turn a blind eye on your finance tracking…you wouldn’t turn a blind eye on your health!

 Your go-to resource for protecting your business

The resources listed above can help you improve your financial literacy, boost your personal finances, and manage your business finances. But what about a go-to resource to help you protect your business? Try TruShield Insurance!

No matter what kind of small business you operate, you need insurance to protect your business against all kinds of risk. TruShield offers comprehensive small business insurance coverage for many kinds of businesses, including retailers, consultants, and contractors. Our insurance policies can help shield you from property damage, costly lawsuits, and more. The TruShield Blog also has the latest and greatest information you need to help you protect your business. Don’t forget to subscribe!

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This blog is provided for information only and is not a substitute for professional advice. We make no representations or warranties regarding the accuracy or completeness of the information and will not be responsible for any loss arising out of reliance on the information. Terms, conditions and exclusions apply to coverage. See policy for details.