Setting Your Small Business up for Success
Insight Starting a business can be difficult, but with an RBC small business account, you can set up your business for success.
Becoming a business owner can be empowering and rewarding, and according to the 2018 RBC Small Business poll, more than half of Canadians have thought about starting and owning their own venture. But while turning your big idea into reality can be exciting, good planning and organization are often the groundwork for success —whether you’re ramping up a side gig, dabbling in freelance work, or setting up shop full-time.
For 29 year-old Kenneth Buchanan, there were small but important first steps that helped his business run smoothly from the start and gave him options for future growth. In Jan. 2017, following a surgery that forced him to rethink his career, Buchanan launched Imperium Consultants, a digital marketing firm. Like many new business owners, he had to wear multiple hats including acquiring clients, production, and day-to-day administration. To ease those pain points, it was important that he put processes in place early on. “I created systems to help move things forward more easily and efficiently, such as generating online leads through social media, developing procedures for onboarding new clients, and managing project deliverables,” he says.
But Buchanan also needed a simple and efficient system for invoicing and tracking accounts receivables and payables to reduce administrative tasks and allow him to scale as the business grew. Already a personal banking client with RBC, Buchanan decided that opening a small business account at the bank was the best choice for him, especially when he discovered Wave. The invoicing software service is available to RBC business clients and is easily integrated with RBC small business accounts. Wave offers the ability to automatically import transactions and upload and sync receipts. By doing all of his company’s banking online, Buchanan spends minimal time on invoicing and can focus more on his clients.
A 2018 RBC Small Business poll revealed that most Canadians agree that having capital and the right idea are the biggest hurdles when it comes to starting their business. For millennials, aged 18-34, these hurdles are compounded by a lack of understanding of the fundamentals of business accounting and payroll, and not having access to support and guidance. By alleviating the stress from many of these areas, more Canadians can feel empowered to make the leap to business ownership.