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Business Advice, Business Planning

The 20-Minute Business Plan – Free Business Plan Outline for New Brunswick Entrepreneurs

by Grace Santos
31 January 2024

As you start a business in Canada, one of the more challenging steps is creating a business plan.  What to write, how to write it, what to include and what not to include – it becomes more challenging the more you think about it.

We’ve created a 20 Minute Business Plan template for you. More so, a business plan canvas that you can get done in literally 20 minutes – to kick-start your business, apply for funding, and more.

Download the Free Business Plan Here

The 20-Minute Business Plan

If this hits home for you, take comfort in knowing you are not alone and that there is still time. Time to lay out your ideas for your business, to create a plan, to figure out how you will find the money to do it, and to start applying for those funds. It is not too late to accomplish your business goals for 2024.

But you do have to start now!

Need help getting in the ‘mood’…the entrepreneurial mood, that is! We’ve got you covered.

The Business Model Canvas is just the tool you need to get your small business gears a-grinding. We call it the 20-Minute Business Plan as it will get you thinking and considering all of the most important aspects of your business, its goals and how you intend to achieve them….without getting into all of the nitty-gritty details of a traditional Business Plan.

You can complete your entire canvas on a single page, in just 9 small sections that cover all the key aspects of any business: what the business offers, its team members, its customer-base, its partnerships and revenue streams.

The Business Model Canvas you create will provide focus on what’s driving the business; flexibility to modify and try different things; as well as transparency.

Download the Free Template Now

Download your very own Business Model Canvas and dedicate 20-minutes of your time to achieving your 2024 business goals. Follow the included instructions to properly complete each section of the canvas and reveal the next steps for your small business.

Already have a Business Model Canvas? Get one of our other helpful downloads below:
Small Business Funding Course
Fishing For Funds: A Startup Funding Checklist
Funding Program Fact-Sheet: The Canada Small Business Financing Program
Business Plan Essentials

Ready to start your Business Model Canvas? If you have any questions at any point, feel free to contact us to help you get through it. Good luck!

Business Advice, Business Planning

The Funding Checklist For New Brunswick Entrepreneurs

by Grace Santos
31 January 2024

Download the Canadian Government Funding Checklist Here

The Canadian Government Funding Checklist is a super easy way to follow an exact checklist of items to help you and your small business secure the needed funding via the government of New Brunswick programs and options. Take a moment to fill out the form below to get the free checklist and start the government funding process for your own small business.

Canadian Government Funding Checklist Details

As a small business owner in New Brunswick, or if you are considering getting into business, the one thing that you will likely need, especially in today’s climate, is funding for your business. The Canadian government provides great resources (money), to help individuals start and expand their businesses, in order to boost the economy, to create jobs and to help support the entrepreneurial spirit across the country.

That being said, the process of getting government funding isn’t always simple to understand or follow.

The checklist created here by New Brunswick Startups will help you confirm on 4 key points, to ensure your success with government funding for your own small business:

  • Your business plan
  • The funding needs
  • Starting the funding search
  • The funding applications

Sounds simple; however over 80% of government funding applications are refused, or denied due to issues found within each of these 4 steps.

The checklist that you can download below, will explain in clear detail, the key points surrounding each of the 4 steps, and will guide you to ensure you avoid the common mistakes as you push your way through the funding obstacles – to get funded!

Click here to get instant access to the New Brunswick Government Funding Checklist [FREE]

Business Advice, Business Planning

2024 New Brunswick Grants Guide

by Grace Santos
31 January 2024

As a small business owner or an entrepreneur looking to start a business in New Brunswick, you must be aware of the various New Brunswick small business grants available through the government.

This is a comprehensive guide to understanding all the available government grants for your small business in New Brunswick.

Small business grants in New Brunswick are specific, categorized, and well organized, ensuring that entrepreneurs can find and successfully apply for the right business grant. It’s crucial to know where to find information about these grants, how to utilize the funds effectively, the amounts available, and the application process.

The New Brunswick small business grants currently include options such as environmental grants, agricultural grants, economic growth grants, technology advancement grants, as well as grants for the arts industry, disabled entrepreneurs, and women-owned business grant options.

Download the 2024 New Brunswick Grants Guide

New Brunswick Small Business Grants

The New Brunswick government offers various small business grant programs.

These government grants typically come from local funding agencies focused on the economic development of New Brunswick, but many options are also available from the provincial government and the federal government of Canada, broadening the spectrum of potentially beneficial business grant options.

There are different types of small business grants available:

  • One-time and renewable business grants
  • Partial contribution grants
  • Non-repayable government grants

Read this guide to learn more about the three different types of government grants your small business in New Brunswick may be eligible to apply for.

In addition to small business grants, other government funding options available to business owners in New Brunswick include government loans, tax breaks, and tax credits.

Learn the differences between government grants and loans.

One-Time and Renewable Business Grants

One-time, renewable, or direct business grants are provided to small business owners to cover various startup or expansion expenses. The costs of starting a small business in New Brunswick can be high, and securing additional funding can be crucial.

These grants are generally provided to cover a specific business expense in a lump sum, such as startup costs, renovations, or long-term purchases. Renewable business grants often fund ongoing expenses like training costs, wage support, and other recurring business needs.

Partial Contribution Government Grants

Partial contribution grants are similar to non-repayable grants, but they require the business owner to also contribute financially. For example, if you need $100,000, the government might provide $50,000 as a non-repayable grant, but you would need to supply the other $50,000.

The percentage of your contribution may vary, but it’s often a partnership in funding your business.

Non-Repayable Government Grants

Non-repayable government grants are among the most desirable for business owners in New Brunswick. These grants do not require repayment and are allocated based on specific business needs, provided you meet the eligibility criteria.

All available government grants in New Brunswick and across Canada can be accessed via the Funding Database, where you can see all grants, government loans, and tax breaks.

Applying for Small Business Grants in New Brunswick

To effectively apply for a small business grant from the New Brunswick government, or the federal government of Canada, ensure you have:

  • A solid business plan
  • Financial projections
  • A PitchDeck presentation
  • Knowledge of relevant funding programs

Creating a perfect business plan is essential before applying for government grants. This plan should detail your business model, growth plans, promotion strategies, and specific funding needs.

Financial projections, including a 3-year plan with balance sheets, cash flow statements, and profit/loss statements, are critical for demonstrating your business’s potential success.

A PitchDeck presentation, while not mandatory, can be a valuable tool in summarizing your business model to funding agencies or investors.

Knowing which funding programs to apply for can be challenging. In New Brunswick, there are over 1,500 different funding programs available. You can review all options in the Funding Database to narrow down and choose the best for your business.

For assistance with finding small business grants in New Brunswick, feel free to contact funding experts at 1-800-288-9691.

Before starting your applications, determine how much funding you need based on your business plan. This includes looking at startup or expansion costs and any expenses you can’t cover on your own.

Remember, there are funds available in all industries, including mining, agriculture, energy, manufacturing, biotechnology, creative services, professional services, consumer products, recreation, tourism, and IT and telecom.

Small business grants can cover costs like hiring and training, purchasing tools and equipment, improving cash flow, marketing, and more.

To determine if you are eligible for a government grant program in New Brunswick and to understand what you may qualify for, download the free grants guide PDF below.

Download the 2024 New Brunswick Grants Guide

Business Advice, Funding

Green Business Funding in New Brunswick: Nurturing Sustainable Practices and Innovation

by Grace Santos
29 January 2024

Embracing Sustainability in New Brunswick

In New Brunswick, a growing emphasis on environmental sustainability has led to an increase in green businesses and eco-friendly initiatives. Recognizing the importance of sustainable practices, various funding opportunities have emerged to support these endeavors. This article explores the landscape of green business funding in New Brunswick, offering insights into successful models and practical advice for entrepreneurs.

The Rise of Green Businesses in New Brunswick

The Growing Demand for Sustainability: The demand for environmentally friendly products and services has seen a significant rise in New Brunswick, mirroring global trends towards sustainability. This shift has not only opened new markets but also prompted existing businesses to reevaluate their practices.

Funding Opportunities for Green Businesses

1. Government Grants and Incentives:

  • NB Power’s Energy Efficiency Programs: These programs offer incentives for businesses that implement energy-saving measures, reducing both costs and environmental impact.
  • Environmental Trust Fund: Provides funding for projects that contribute to environmental sustainability in New Brunswick.

2. Private Sector Initiatives:

  • Green Investment Groups: Private investment funds in New Brunswick are increasingly focusing on green businesses, offering financial support for sustainable projects.

Success Stories: Green Innovations in Action

Case Study: EcoTech Solutions

  • Background: A Fredericton-based start-up specializing in renewable energy solutions.
  • Funding Journey: Leveraged a combination of government grants and private investments to develop innovative solar panel technology.
  • Impact: The success of EcoTech Solutions has not only demonstrated the viability of green technologies in New Brunswick but also inspired other entrepreneurs in the region.

Building a Green Business: Strategies and Best Practices

Identifying Sustainable Opportunities:

  • Research the market to identify gaps and opportunities for sustainable products or services in New Brunswick.
  • Stay informed about emerging green technologies and consumer trends.

Developing a Sustainable Business Plan:

  • Outline clear environmental goals and strategies in your business plan.
  • Include a detailed analysis of how your business will minimize its environmental impact and adhere to sustainability principles.

Networking and Collaborations:

  • Engage with environmental organizations, green business networks, and industry groups in New Brunswick to build connections and learn from peers.
  • Consider partnerships with research institutions or other businesses to enhance your sustainability efforts.

Navigating Funding Applications: Tips for Success

Preparing a Compelling Proposal:

  • Ensure your funding application clearly articulates the environmental benefits of your business or project.
  • Highlight any innovative aspects and how your business contributes to the broader sustainability goals of New Brunswick.

Understanding Funding Criteria:

  • Each funding program has specific criteria; tailor your application to meet these requirements.
  • Don’t hesitate to reach out to funding bodies for guidance and clarification.

Green Business – A Future-Focused Approach in New Brunswick

The trajectory of green business funding in New Brunswick is a promising sign of the province’s commitment to environmental sustainability. For entrepreneurs, tapping into these funding opportunities requires a blend of innovation, strategic planning, and a deep understanding of sustainability principles. By embracing green practices and leveraging available resources, businesses in New Brunswick can contribute to a healthier planet while also discovering new avenues for growth and success.

Business Advice, Business Planning

Funding Futures: Government Loans and Incentives for New Brunswick’s Entrepreneurs

by Grace Santos
29 January 2024

For entrepreneurs in New Brunswick, navigating the realm of government loans and incentives can be a game-changer in realizing their business goals. These financial supports play a crucial role in fueling start-up growth, innovation, and expansion in a province known for its vibrant entrepreneurial spirit. This article delves into the various government loans and incentives available to entrepreneurs in New Brunswick, highlighting how they can be leveraged for business success.

Overview of Government Support in New Brunswick

The government of New Brunswick, understanding the importance of entrepreneurship for economic development, offers a range of financial incentives and loans. These programs are designed to support businesses at different stages – from start-ups to established enterprises looking to expand or innovate.

Key Government Loans and Incentives

1. The New Brunswick Small Business Loan Guarantee Program:

  • This program, offered through the Community Business Development Corporations (CBDCs), provides loans up to $500,000 for start-ups, expansions, and modernization efforts.
  • It targets small businesses in various sectors and is particularly beneficial for those who might struggle to obtain financing through traditional channels.

2. The Regional Development Corporation (RDC) Funding:

  • RDC offers various financial assistance programs to support business development, infrastructure improvement, and job creation in New Brunswick.
  • Programs under RDC are often sector-specific, targeting key industries like tourism, technology, and manufacturing.

3. Innovation Voucher Fund:

  • Aimed at fostering innovation, this fund provides vouchers up to $80,000 to help small and medium-sized enterprises access research and development services.
  • It’s a catalyst for businesses looking to innovate or improve their products, services, or processes.

4. SEED (Support to Entrepreneurs for Economic Development) Program:

  • This program offers non-repayable contributions to start-ups and entrepreneurs for activities such as business planning, marketing, and feasibility studies.
  • It’s designed to lower the barriers for new entrepreneurs in getting their ideas off the ground.

How to Access These Loans and Incentives

Understanding Eligibility and Application Process:

  • Each program has specific eligibility criteria related to the type of business, sector, and project scope. Entrepreneurs should review these requirements carefully.
  • The application process may involve submitting a detailed business plan, financial statements, and a clear outline of how the funds will be used.

Preparing a Strong Application:

  • A comprehensive business plan showcasing market potential, financial projections, and a clear strategy for growth is crucial.
  • It’s beneficial to articulate how the project aligns with the broader economic goals of New Brunswick.

Seeking Guidance and Support:

  • Entrepreneurs are encouraged to seek advice from business advisors, local economic development agencies, or the program officers themselves.
  • Support services like the New Brunswick Business Network can provide guidance and help navigate the application process.

Success Stories: Impact of Government Support

  • Business Name: Atlantic EcoTech Innovations
  • Location: Moncton, New Brunswick
  • Industry: Environmental Technology

The Challenge: Atlantic EcoTech Innovations, founded by entrepreneur Sophie LeBlanc, specializes in developing eco-friendly technologies for waste management. Despite having a groundbreaking product and a committed team, the company struggled with the capital needed for research and development, as well as for scaling its operations.

The Turning Point: Sophie learned about the New Brunswick Innovation Voucher Fund, a program offering financial support to SMEs for accessing university research and development services. Recognizing the potential in this, Sophie applied with a proposal to collaborate with a local university on refining their technology.

The Application Process:

  • Preparation: Sophie and her team prepared a detailed project proposal, demonstrating how their technology could significantly impact environmental sustainability in New Brunswick.
  • Collaboration: They partnered with a professor from the University of New Brunswick who specialized in environmental engineering, adding academic credibility to their application.
  • Submission: The application highlighted the potential job creation, the environmental impact of their technology, and the long-term economic benefits to the province.

Securing the Funding:

  • Atlantic EcoTech Innovations was awarded a substantial voucher, which they used to fund a collaborative research project with the university. This project not only improved their technology but also provided valuable data to attract further investments.

Growth and Impact:

  • Product Development: The collaboration led to significant improvements in their technology, making it more efficient and marketable.
  • Expansion: With the improved product, Atlantic EcoTech Innovations attracted additional investors, enabling them to expand their operations and hire more staff.
  • Recognition: The success of the project received media attention, showcasing the potential of government-industry-academic collaborations. Sophie’s venture was hailed as a success story in leveraging government incentives for technological advancement.

innovation.

Government loans and incentives are valuable resources for entrepreneurs in New Brunswick. By providing much-needed financial support, these programs help businesses overcome challenges, seize growth opportunities, and contribute to the province’s economic vitality. For New Brunswick’s entrepreneurs, understanding and leveraging these government offerings can pave the way to business success and sustainability.

Business Advice, Business Planning

Navigating the Venture Capital Landscape in New Brunswick

by Grace Santos
29 January 2024

New Brunswick, with its burgeoning start-up ecosystem and innovative business environment, presents a landscape ripe with venture capital opportunities.

The State of Venture Capital in New Brunswick

New Brunswick’s venture capital scene, though not as large as in some other Canadian provinces, is growing rapidly. With a focus on sectors like technology, clean energy, and biotechnology, the province is attracting attention from both local and national venture capitalists (VCs).

Key Players in the VC Arena:

  • New Brunswick Innovation Foundation (NBIF): A prominent player in the VC space, NBIF provides crucial funding and support to innovative start-ups and research initiatives in the province.
  • BDC Capital: As the investment arm of the Business Development Bank of Canada, BDC Capital plays a significant role in venture funding, particularly for early-stage companies.
  • East Valley Ventures: Focused on tech start-ups, East Valley Ventures has been instrumental in nurturing entrepreneurial talent in New Brunswick, providing both capital and mentorship.

Success Stories: Venture Capital Triumphs

Several New Brunswick companies have successfully leveraged venture capital to scale their operations and make a mark both nationally and internationally.

Case Study 1: Introhive

  • Introhive, a software company based in Fredericton, secured substantial venture funding and has become one of New Brunswick’s notable success stories, showcasing the potential of local start-ups to achieve global reach.

Case Study 2: Smart Skin Technologies

  • Specializing in pressure-sensitive technology, Smart Skin Technologies is another example of a New Brunswick company that has effectively used venture capital to expand its market presence and innovate further.

Strategies for Securing Venture Capital in New Brunswick

1. Developing a Compelling Pitch:

  • Entrepreneurs must craft a compelling and concise pitch that clearly articulates their business idea, market potential, and competitive advantage.
  • Practice and refine your pitch to address potential questions from VCs, focusing on your business model’s scalability and sustainability.

2. Building a Strong Network:

  • Networking is key in the venture capital world. Attend industry events, start-up meetups, and workshops in New Brunswick to build connections with potential investors.
  • Leverage local accelerators and incubators, such as Planet Hatch or Venn Innovation, to gain access to a wider network of VCs and mentors.

3. Understanding Your Investor:

  • Research potential investors to understand their investment thesis, past investments, and industry focus.
  • Tailor your approach to align with the investor’s interests and demonstrate how your business fits within their portfolio.

4. Showcasing Market Knowledge and Business Acumen:

  • Demonstrate a deep understanding of your target market, including customer needs, market size, and competitive landscape.
  • Present a clear and realistic financial model, showing how venture funding will drive growth and generate returns.

For ambitious entrepreneurs in New Brunswick, navigating the venture capital landscape requires a blend of a strong business concept, strategic networking, and a thorough understanding of the investment community. The province’s growing reputation as a hub for innovation and entrepreneurship, coupled with the success stories of local start-ups, underscores the potential for venture capital to transform businesses. By effectively leveraging these opportunities, New Brunswick’s entrepreneurs can secure the funding they need to scale new heights and contribute to the province’s vibrant economic future.

Business Advice

How to Access Government Funding in Canada

by Tyler Bailey
27 November 2023

A crucial key to overcoming these hurdles lies in accessing government funding programs available in Canada. These programs offer essential capital, fuel innovation, foster growth, and aid entrepreneurs in navigating the early stages of their venture. This article presents an extensive guide on how to tap into these government funding avenues in Canada, with an emphasis on options local to New Brunswick.

Conduct Extensive Research on Funding Programs:

Before you embark on the application process, comprehensive research is a must. Familiarize yourself with the various government funding programs available at the municipal, provincial, and federal levels. These include but aren’t limited to, grants, loans, tax credits, wage subsidies, and innovation challenges. Deep and careful research is critical because each funding program has its unique eligibility criteria, application process, and funding limits. Prominent programs in New Brunswick that offer significant support include the Business Start-Up Assistance Program (BSAP), Provincial Nominee Program (PNP), and the Industrial Research Assistance Program (IRAP).

Assess and Identify Your Eligibility:

After identifying relevant funding programs, it’s imperative to review their eligibility requirements meticulously. Each program has specific criteria your business must meet to qualify for funding. These criteria typically encompass the type and size of your business, location, sector, and intended outcomes. It’s noteworthy that certain programs focus on supporting businesses in particular sectors like technology, tourism, agriculture, or clean energy. Ensure that your business aligns with the eligibility parameters to avoid futile applications.

Develop an Exhaustive Business Plan:

A thoroughly developed business plan is an indispensable part of applying for government funding. This document displays your grasp of your industry, market, and competition, and delineates your strategy for success. Your business plan should vividly define your objectives, financial projections, marketing strategies, and specifically how you intend to utilize the funding. An all-encompassing business plan not only bolsters your funding application but also serves as a detailed blueprint for your business trajectory.

Meticulously Apply for Programs:

Having identified eligible funding programs and prepared your detailed business plan, the next step is to submit your applications. Follow the instructions provided by each program with precision and ensure to supply all requested documents. Failure to provide complete or accurate information could lead to processing delays or outright rejection of your application. Be prepared to provide additional documentation like financial statements, market research, or feasibility studies if required.

Seek Professional Assistance:

The process of accessing government funding can be intricate and challenging to navigate. It can be beneficial to engage professional assistance from business consultants or grant writers. These experts can offer valuable advice, review, and enhance your application, and ultimately increase your chances of securing funding. Also, local business organizations and incubators frequently offer resources or workshops aimed at guiding you through the process of accessing government funding in New Brunswick.

Leverage Networking Opportunities:

Creating and fostering relationships with individuals, organizations in your industry, and the local business community, can unlock invaluable networking opportunities. Make it a point to attend workshops, seminars, industry events, and conferences. These networking events offer platforms to connect with potential mentors, partners, and government officials, thereby providing an opportunity to learn about new funding options, gain insights into successful funding strategies, and open doors to cooperation and support.

Adhere to Post-Funding Monitoring and Reporting:

Securing government funding for your business mandates compliance with any reporting and monitoring requirements specified by the funding program. Consistently review the funding terms and conditions to ensure you remain compliant and understand your obligations. This includes keeping accurate records, submitting progress reports on schedule, and effectively managing the funds. Compliance helps maintain a positive relationship with funders and maximize your chances for future funding opportunities.

Explore Other Funding Sources:

Government funding programs, while vital, may not cater to all your financial needs. Exploring alternative funding sources is prudent. These alternatives can include loans from financial institutions, crowdfunding campaigns, or private investments. A diversified funding strategy can offer a financial cushion and provide your business with the flexibility it needs to flourish.

Looking for financial support to kickstart your business idea? Our Funding Database holds the key to over 1500 government grants and loans in New Brunswick. Get started today!

Accessing government funding in Canada, particularly in New Brunswick, can significantly enhance your business’s potential for success and growth. Through exhaustive research, careful preparation, and strategic networking, you can boost your prospects of obtaining the necessary financial backing. Remember, the funding application process requires patience and persistence, as it can be competitive and time-consuming. Utilize the plethora of resources and professional assistance available to give your business a leg-up in the race for government funding.

Business Advice

How Can I Plan and Manage the Cash Flow of My Startup in the Early Stages?

by admin
20 November 2023


In the dynamic entrepreneurial scene of New Brunswick, a startup’s lifeblood is often its cash flow. Money flowing in and out of the business plays a vital role in sustaining operations, driving growth, and ensuring financial stability. Consequently, planning and managing cash flow efficiently, especially in the initial stages of a startup, is paramount. This article provides an in-depth guide on effective cash flow planning and management for startups, with a particular focus on the early stages of the business lifecycle.

Understand the Importance of Cash Flow

Before delving into cash flow management strategies, it is crucial to understand why cash flow is so important:

  • Solvency: Positive cash flow ensures your business can meet its short-term financial obligations, such as paying suppliers, employees, and rent.
  • Liquidity: Having cash on hand provides the liquidity necessary to respond to opportunities or challenges that may arise.
  • Investor Attractiveness: Investors and lenders look favorably upon businesses that manage their cash flow well as it’s indicative of sound financial management.

Develop a Detailed Cash Flow Forecast

The first step in managing cash flow effectively is developing a detailed forecast:

  • Projected Inflows: Estimate the money you expect to receive over a certain period, including revenue from sales, loan proceeds, or investor funds.
  • Projected Outflows: Estimate your expected expenses, such as salaries, rent, utilities, taxes, and inventory costs.
  • Regular Updates: Update your forecast regularly based on your actual performance and any changes in your business environment.

Implement Strategies to Increase Cash Inflows

Boosting cash inflows can significantly enhance your cash flow position. Consider implementing the following strategies:

  • Prompt Invoicing: Invoice customers immediately after delivering products or services. The faster you invoice, the sooner you’ll get paid.
  • Payment Incentives: Consider offering discounts or incentives for early payments to encourage customers to pay their invoices ahead of time.
  • Diversify Revenue Streams: Look for ways to diversify your income, such as offering new products or services or entering new markets.

Efficiently Manage Cash Outflows

Just as it’s important to maximize cash inflows, efficiently managing cash outflows is also key:

  • Stagger Payments: If possible, arrange with suppliers to stagger payments to match your cash inflows.
  • Minimize Expenses: Regularly review and control your expenses. Look for ways to cut costs, such as finding cheaper suppliers or reducing overheads.
  • Inventory Management: Avoid holding too much inventory, which can tie up cash. Adopt a just-in-time inventory system if possible.

Maintain a Cash Reserve

Having a cash reserve can be a lifeline for your startup, helping you weather lean periods and unexpected expenses:

  • Emergency Fund: Aim to set aside enough cash to cover at least three to six months of operating expenses.
  • Reinvestment: Once you have a sufficient cash reserve, use excess cash to invest back into your business to fuel growth.

Use Technology to Your Advantage

Use technology to streamline your cash flow management and provide real-time insights:

  • Accounting Software: Use cloud-based accounting software to track cash inflows and outflows, send invoices, and monitor due payments.
  • Cash Flow Management Tools: Consider investing in a cash flow management tool that provides real-time updates and predictive analysis.

Managing cash flow effectively, particularly in the early stages, is vital to the survival and success of startups in New Brunswick. By understanding the importance of cash flow, developing accurate forecasts, implementing strategies to increase inflows and manage outflows, maintaining a cash reserve, and utilizing technology, you can ensure your startup maintains a healthy cash flow. Remember, cash flow management is an ongoing process that requires vigilance and regular adjustments based on your business’s performance and changes in the broader business environment. With careful planning and diligent execution, you can keep your startup financially robust and set it on the path to sustainable growth.

Business Advice

How Can I Ensure My Business Is Financially Sustainable After Receiving Initial Funding?

by Tyler Bailey
6 November 2023

Starting a business in New Brunswick is an exciting venture filled with possibilities. The process often begins with an innovative idea, followed by meticulous planning, gathering resources, and securing initial funding. However, once the startup capital is in place, it’s important to shift the focus toward the sustainability of the business. This means ensuring your business can meet its short and long-term financial obligations while also continuing to grow and develop. In this article, we will explore strategies to maintain financial sustainability after acquiring your startup funding.

Develop a Robust Financial Plan

A robust financial plan is at the heart of a sustainable business. It outlines your company’s revenue generation strategies, projected expenses, cash flow management, and profitability forecasts. Consider the following points while creating your financial plan:

  • Revenue Sources: Identify diverse income streams, including sales, services, or other offerings that will drive your business income.
  • Expense Forecast: Estimate operating costs, including rent, wages, utilities, marketing expenses, and other overheads, and create strategies to manage them effectively.
  • Cash Flow Management: Develop a cash flow projection to understand when and where your money comes in and goes out. This will help you avoid potential cash crunches.
  • Profitability: Calculate break-even points and set realistic profitability targets. Ensure that your revenue exceeds expenses to maintain business sustainability.

Implement Effective Cost Management Strategies

Effective cost management strategies can help you keep your business expenses in check, directly contributing to financial sustainability. Here’s how you can manage your costs effectively:

  • Regularly Review Expenses: Conduct regular reviews of your expenses to identify areas where you can reduce costs without impacting the quality of your products or services.
  • Optimize Operational Efficiency: Implement lean methodologies to streamline operations, reduce waste, and improve productivity, leading to cost savings.
  • Negotiate with Suppliers: Build strong relationships with suppliers and negotiate for better pricing, credit terms, or volume discounts.

Maintain a Healthy Cash Flow

Cash flow is the lifeblood of any business, and maintaining a positive cash flow is crucial for financial sustainability. Here are a few tips to maintain healthy cash flow:

  • Prompt Invoicing: Invoice promptly and follow up on overdue payments to ensure money comes into your business as quickly as possible.
  • Manage Inventory: Optimize inventory levels to avoid tying up too much cash in stock that isn’t selling.
  • Establish Credit Policies: Set clear credit policies for your customers and enforce them to minimize the risk of late or non-payments.

Diversify Your Revenue Streams

Diversification of revenue streams can cushion your business against fluctuations in the market. This means finding additional ways to generate income:

  • New Products or Services: Consider expanding your product or service offerings to attract different customer segments or meet the additional needs of existing customers.
  • Explore Different Markets: Look at expanding into different geographical markets or targeting new demographic segments.
  • Passive Income: Explore opportunities for passive income, such as investment returns or rental income from business-owned properties.

Regularly Review and Adjust Your Business Model

The business landscape is constantly changing, and so should your business model. Regularly reviewing and adjusting your business model can help you adapt to market changes, thereby ensuring financial sustainability. Here are some strategies:

  • Market Research: Conduct regular market research to stay abreast of industry trends, customer needs, and competitive landscape. Use this information to fine-tune your business model.
  • Pivot if Necessary: Don’t be afraid to pivot your business model if you identify a more profitable or sustainable path.
  • Customer Feedback: Regularly solicit customer feedback and make necessary adjustments to your product or service offerings.

Build a Financial Buffer

Last but not least, building a financial buffer can provide a safety net for your business during hard times.

  • Emergency Fund: Set aside a portion of your profits for unexpected costs or downturns. This can be a lifesaver during slow business periods or unforeseen events.
  • Reinvest in Your Business: Use a portion of your profits to invest back into your business, which can promote growth and increase profitability over time.

Achieving financial sustainability in your business is an ongoing process that requires strategic planning, effective cash flow management, and continuous adjustments based on market changes. By following the strategies outlined in this article, entrepreneurs in New Brunswick can create businesses that are not only successful initially but also maintain financial health in the long term. The path to sustainability may be challenging, but with perseverance, creativity, and a focus on financial management, your business can thrive and grow in the competitive landscape.

Don’t let funding hold you back from starting or expanding your business! Explore our Funding Database and gain access to a wealth of government funding opportunities in New Brunswick.

Business Planning

Are There Community Grants in New Brunswick That Support Social Enterprises or Nonprofit Organizations?

by Maya Mah
30 October 2023

Setting up a business aimed at generating positive social or environmental change can often hinge on accessing the right kind of financial support. For those located in New Brunswick, Canada, there are multiple foundations and community grants available that specifically cater to social enterprises and nonprofit organizations. These opportunities present themselves in various forms such as funding support, mentorship schemes, and additional resources to help visionaries bring their concepts to fruition. This article intends to provide an in-depth examination of some of the principal community grants and foundations in New Brunswick that provide assistance to social enterprises or nonprofit organizations.

Topic 1: Harnessing Opportunities Through Opportunities New Brunswick (ONB)

ONB promotes the growth of social enterprises via initiatives like the Social Enterprise Development Fund. This fund provides grants to social enterprises that propose solutions to pressing issues in New Brunswick communities. It also gives a platform for entrepreneurs to receive guidance and mentorship from the ONB Resource Team. This not only fosters business growth but also ensures that these businesses are aligned with the social needs of the communities they serve.

Topic 2: Co-operating with The Co-operative Enterprise Council of New Brunswick (CECNB)

CECNB, which is primarily aimed at bolstering cooperative enterprises across the province, provides grants and loans to kick-start or extend the reach of cooperative organizations. It also serves as a hub for training, mentorship, and networking opportunities, fostering a spirit of collaboration and shared growth among co-operatives, and providing them with a wider support system of peers and experienced professionals.

Topic 3: Research-Based Approach with The New Brunswick Social Policy Research Network (NBSPRN)

NBSPRN works at the intersection of social policy and research in New Brunswick, offering funding opportunities for innovative projects tackling social challenges. Providing resources and information, it assists organizations in developing evidence-based policies and practices, ensuring a strong foundation for their operations and a better understanding of their impact areas.

Topic 4: Community Empowerment through United Way Central New Brunswick (UWCNB)

UWCNB underpins nonprofit organizations that seek to address community needs and social issues. It provides funding for efforts centered on crucial areas such as poverty alleviation, education, health, and community development. In addition, the organization strengthens the capacities of nonprofits through various initiatives and collaborations, enabling them to serve their communities more effectively.

Topic 5: Business Growth with The Community Business Development Corporations (CBDCs)

CBDCs are grassroots organizations that extend support to entrepreneurs and small businesses, including social enterprises. This support can come in the form of loans, grants, or loan guarantees, catering to different financial needs. In addition, CBDCs offer a plethora of resources, training programs, and mentorship opportunities designed to foster business growth and success.

Topic 6: Local Impact with The Fredericton Community Foundation (FCF)

FCF is a significant contributor to the growth of nonprofit organizations and charitable activities in the Fredericton area. It extends grants and scholarships to organizations and individuals who are making strides in community improvement. Beyond financial support, FCF offers its expertise to help organizations optimize their impact and serve their communities more effectively.

Topic 7: Regional Progress with The Saint John Community Foundation (SJCF)

SJCF supports a variety of charitable initiatives and nonprofit organizations in the Saint John region. It provides grants, scholarships, and leadership awards to both individuals and organizations, fostering an ecosystem of social responsibility and innovation. Further, SJCF provides guidance to help these organizations reach their set objectives.

Topic 8: Nonprofit Success with The Greater Moncton Community Foundation (GMCF)

GMCF focuses on uplifting nonprofit organizations and charitable endeavors in the Greater Moncton area. It provides financial support through grants for community projects, scholarships for students, and bursaries for nonprofits. Additionally, GMCF organizes resource-oriented workshops and networking events to help these organizations flourish in their respective areas.

New Brunswick boasts a range of community grants and foundations, committed to nurturing social enterprises and nonprofit organizations. These organizations offer a wealth of financial aid, mentorship programs, and resources tailored to foster the growth of impactful ventures. If you are in the quest for funding, professional guidance, or networking opportunities, these foundations and grants can prove instrumental in your journey toward driving a significant social or environmental change. By leveraging the Ask An Expert system, you can elevate your chances of success, while making a valuable contribution to the betterment of your community and the province at large.

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