BizAssist Newsletter - February 2010

Heading into the full grip of the Canadian winter, one question has virtually every Canadian business owner held in rapt attention: how will the HST affect my business, and what can I do to avoid being caught off-guard? Depending on what you read, the HST could mean boom or bust for small business owners, but it really depends on what type of business you run and where you compete for customers.

On the one hand, the HST is expected to help small business owners in the Manufacturing industry eliminate many of the embedded taxes that prevent them from competing on the global stage. On the other, retailers are crying foul that the HST will mean their customers will have to absorb inevitable price hikes that could result in free-falling sales. Regardless of where you stand, BizAssist is one place where you can access information about the HST, share experiences with other business owners facing the same issues and come up with a winning go-to-market strategy.

Getting HST-Ready: the Checklist

Many established business owners think proactively and strategically about impacts like the HST. For many newer businesses, however, it can be challenging to assess how the impacts will affect day-to-day operations and long-term revenue streams. Use BizAssist’s HST checklist to start thinking about the new tax months before its actual effective date (July 2010):

• Pricing Impacts: Do you do business in an industry or retail category that is expected to be hit by the new HST?  For example, health memberships and other subscription-based businesses will now have to apply the harmonized tax to customer fees. Plan to start communicating with customers early so they can be prepared for fee increases well in advance.
   

• Competitive Impacts: If you’re in the manufacturing business and count on export revenues for business, start thinking about how you can take advantage of some positive HST tax reductions. In a recovering economy, reducing your pricing model will have a positive impact on volume sales and you’ll be better equipped to compete on a global basis.
   

• Training & Operations: Are your front lines ready to handle the operational impacts of the HST? Do you know how to go about collecting and submitting it? Is your staff trained on new tax collection procedures and are they equipped to handle your customers’ HST inquiries? Now is the time to put the operational structure in place to ensure your business isn’t disrupted come July 1st.

Feature Article – Will the New HST Threaten Economic Recovery for Small Business?
Keith Briscoe, BizAssist Feature Writer

Just when small business owners are looking forward to positive signs of economic recovery, the ever looming threat of the new HST (Harmonized Sales Tax) is causing many to fear the worst. At a time when consumers and small businesses need incentives to renew spending, the HST could serve to throw a wet blanket on new capital purchases and service contracts…Read article.

Expanding Your Profile: Getting More Out of BizAssist’s Networking Features

Last month we reviewed BizAssist’s new expanded Member Search function as a way to capitalize on customer acquisition and partnership opportunities. The other side of that coin is ensuring that you are using BizAssist’s expanded profiling features to provide more in-depth information about yourself, your business and what you’re seeking to achieve with BizAssist. While building online profiles is never at the top of our list, the more you invest in creating a complete, informative online profile, the easier it will be for valuable customers and partners to find you. For more information, please login and select Edit My Profile to expand your current profile.  Let us know more about you!

The Savings Get More Attractive for BizAssist Premium Members!

One of the most compelling reasons to sign up for a BizAssist Premium Membership is our expanding range of corporate savings programs. As a small business owner, you know how exhausting it is trying to make your “preferred customer” case with enterprise suppliers. In many cases, it takes months to qualify for points and premium service discounts that will make a dent in your bottom line. For BizAssist Premium members, the road to lower costs is much less onerous. By upgrading  your basic membership to the premium level, you can take immediate advantage of discounted services that include:

• Car rentals

• HR services

• Office supplies

• Wireless plans

• Courier services

• Search marketing and optimization services

• Web hosting packages

To upgrade today, simply log in, then click on 'Upgrade My Membership' in My BizAssist. Take advantage of this month's Winter Wonderland Savings offer and upgrade to Premium membership for only $99 (regular price $149.95)!