Organizing Your Small Business Finances

The success of your small business will depend to a great degree on how well you plan and manage your finances. This is especially true if you will be seeking financial help, either from a start-up loan, an investor or from a government grant. It is imperative that you have a well-developed financial plan as part of your business plan.

There is an old saying: “No one plans to fail, but many fail to plan.” This is important to remember if you are a new business owner. Starting up a new business can be deceptively simple, but from the very outset you need to be aware that even the most basic business model entails considerable financial planning.

Your financial plan is where you need to prove your numbers and show that your business idea is viable and profitable. As part of your financial plan, you need to have a financial projection. The first 12 months of your forecasts need to be more detailed than the projections you make for the next 3 to 5 years. You need to include in those projections your costs and revenues because this is what lenders and investors want to see.
Your financial forecasts and projections should include:

• Cash flow statements — This is your projected cash balance and monthly cash flow pattern expectations for the first 12-18 months. Your cash flow statements should include working capital, salaries and projected sales.

• Profit and loss projections — This is the level of profit you expect your small business to make, given your projected sales. In it, you need to include the costs of providing goods and services as well as your planned overhead costs such as renting an office or purchasing/leasing office equipment and furniture.

• Sales forecast — This is the amount of money you expect from sales of your products and/or services.
Other things you need to consider when you are creating your financial plan:

  • How much capital do you need, especially if you are seeking external funding?
  • What security can you offer to lenders or investors?
  • How do you plan to repay what you have borrowed and do you have a repayment schedule?
  • What are your sources of revenue and income?
  • Do you have a contingency plan that you have developed to offset any risks?

It is important that you review actual financial results each month against the numbers in the forecast, especially in your first year. This monthly analysis will provide you with vital information about changes that you may need to consider making – such as cost cutting if revenues are substantially below your original forecast.

Once you have developed your financial plan, you will be well served to have an accountant review it before you take it to lenders or investors. A lender or an investor may see merit in your business idea, but if your financial planning is not what they expect, you could be walking away empty handed.

Besides reviewing your financial plans and helping you to plan you taxes, an accountant can also help you with setting up your books. You want your books set up so that it will be simple for you to see your numbers in the clearest way without ant kind of confusion. Finally, if you are planning to hire employees, your accountant can help you set up your source deduction accounts.

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18 King Street East Suite 1400
Toronto, Ontario
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416-574-1112
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18 King Street East Suite 1400
Toronto, Ontario
Canada M5C 1C4
416-574-1112
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Hotels

1. Jennifer Smith
General Manager
The Omni King Edward Hotel
37 King Street East
Toronto, ON
M5C 1E9
Tel: 416-863-9700
Website: www.omnihotels.com/hotels/toronto-king-edward

2. Mark Perry
General Manager
Executive Hotels and Resorts (Boutique)
8 Colborne Street
Toronto, ON
M5E 1E1
Tel: 416-350-2419
Website: www.spazen.ca or www.cosmotoronto.com

3. Emeline Boul
General Manager
Hotel Victoria (Boutique)
56 Yonge Street
Toronto, ON
M5E 1G5
Tel: 416-363-1666
Mobile: 647-574-5832
Website: www.hotelvictoriatoronto.com

4. Omkar Sawant
Reservations Manager
One King West Hotel
1 King Street West
Toronto, ON
M5H 1A1
Main: 416-548-8100
Reservations: 1-866-470-5464
Website: www.onekingwest.com

5. Van Nguyen
General Manager
Cambridge Suites Toronto
15 Richmond Street East
Toronto, ON
M5C 1N2
Direct: 416-601-3757
Hotel: 416-368-1990
Website: www.cambridgesuitestoronto.com

Restaurants

1. Michael Pagliaro
Carisma (Italian)
15 Toronto Street
Toronto, ON
M5C 2E3
Tel: 416-864-7373
Website: www.carismarestaurant.com

2. Patti Shaw
Terroni (Italian)
57 Adelaide Street East
Toronto, ON
M5C 1K6
Tel: 416-203-3093
Website: www.terroni.com

3. Declan
Restaurant 20 Victoria – Michelin guide approved
20 Victoria Street
Toronto, ON
M5C 2A1
Tel: 416-804-6066
Instagram for reservations: https://www.instagram.com/twentyvictoria/

4. Mana
Nami (Japanese)
55 Adelaide Street East
Toronto, ON
M5C 1K6
Tel: 416-362-7373
Website: www.namirestaurant.ca

5. Restaurant Lucie
100 Yonge Street
Toronto, ON
M5C 2W1
Tel: 416-788-9054
Website: www.restaurantlucie.com

6. Niam H
Cantina Mercatto
20 Wellington Street East
Toronto, ON
M5E 1C5
Tel: 416-304-0781
Website: www.cantinamercatto.ca

7. Siva Sathasivam
Uncle Tony’s
38 Wellington St E
Toronto, ON
M5E 1C7
Tel: 416-455-6650
Website: https://uncletonys.ca/

8. Pizzaiolo
104 Yonge Street
Toronto, ON
M5C 2Y6
Tel: 416-860-0700
Website: www.pizzaiolo.ca

9. Robin Singh
Woods Restaurant and Bar
45 Colborne Street
Toronto, ON
M5E 1E3
Tel: 416-214-9918
Website: www.woodsrestaurant.ca

Health and Wellness

1. Thom Tullo
Morpheus8 by Inmode
47 Colborne Street
Toronto, ON
M5E 1E3
Tel: 416-863-6564
Website: www.amanspa.ca

2. Altitude Athletic Training
56 Colborne Street
Toronto, ON
M5E 1E3
Tel: 416-366-3838
Website: www.altitudeathletictraining.com

3. Physioheath Studios
33 Victoria Street, #130
Toronto, ON
M5C 2A1
Tel: 416-368-2525
Website: www.physiohealth.com

Our Amenities

We are by far the most experienced and best coworking team in the market – established in 1980

  • We are the highest Tech centre in the market
  • We have a very modern, high quality, brand new facility located at:

   18 King Street East, Suite 1400

      Toronto, Ontario   M5C 1C4 Canada

    • 18 King Street East is a boutique Class A building – East of Yonge: easy street parking, less traffic, excellent restaurants and lovely parks – St. James Park @ Church & King and Berczy Park @ Wellington East, Scott and Front Streets – Very high energy and engaging area
    • A few steps (a few seconds) to the Yonge Street subway/underground PATH network and streetcar available outside building
    • Building is located in Toronto's vibrant financial district
    • Plenty of parking available in the area including street parking and reserved parking in the 18 King building 
    • Adjacent to the building huge outdoor food courtyard - Beer Bistro www.beerbistro.com and Craft Beer Market www.craftbeermamrket.ca restaurants and bars with onsite catering services
    • Onsite amenities:  Tim Horton's, Beer Bistro, Convenience store and Starbucks across the street 
    • Nearby amenities:  underground PATH network, numerous restaurants, banking, Starbucks plus a wide array of nearby shops and services 
    • New modernized office layout fully furnished with meeting spaces and training rooms plus café lounge area
    • We are leaders in the service of training/meeting rooms with full conference facilities, high quality hot and cold catering
    • Largest training room and conference facilities accommodate up to 60 people classroom style
    • Ultra-high-speed - 1 GIG pipe = 1,000 x 1000 fiber-optic network, which will deliver internet connection speeds faster than most North American services
    • Private shower room
    • Indoor Reserved Parking at the current building rental rate
    • Bicycle parking
    • Rent a space to accommodate your team for meetings, training sessions, corporate events or coworking space or flexible office space for one day, one week, one month or one year, or whatever term suits your business
    • Telsec has over 650 locations in 40 different countries worldwide available for their clients.  Office clients receive up to 8 hours of meeting space per month at no charge at any ABCN member location.  Plus, Office and Virtual Office clients may rent a space from any member location at special member rates which varies depending on the location 
    • King Edward Hotel is located across the street - recently completed a $40 million renovation and boutique hotels close by within walking distance
  • Dining and entertainment at high quality restaurants only minutes away – Carisma, Terroni, Woods Restaurant & Bar and Michelin Rated - Restaurant 20 Victoria. Plus numerous lunch and takeout eateries nearby

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You are welcome to drop-in any-time, a quick call would be appreciated to ensure our availability Vanessa 416-574-1112 or Josie 416-606-4349 or e-mail josie@telsec.net.