Left to right: Roanna Haggith, MJ Kronberg, Kimberley Lambert
VANCOUVER ISLAND – With 2024 coming to a close, we want to highlight a few of the business tips our experts provided throughout the year. As you make resolutions in the New Year, we hope they help! Wishing you and your business a prosperous 2025.
What should I keep in mind to get start up financing?
A great first step is to create a well thought out and realistic business plan. Consider including:
- What the market is for your idea
- Whether your idea is profitable enough to live off
- Who your competition is
You may have to pay for parts of your business plan, like market research and data, but having a fully fleshed out plan has value for you. It will help with cash flow projections and break-even analysis. Don’t forget to budget for a loan payment if you want to look for financing!
Based in the Capital Region, Roanna Haggith is a Senior Business Relationship Manager with Coastal Community Credit Union.
How do I choose the right business account and services?
To help you choose, start by determining what your business needs are around things like payments. Ask yourself:
- What are my payroll needs?
- Am I confident in understanding all the payroll rules and requirements?
- If my business is growing, do I need help with easily paying both employees and vendors?
Consider what banking channels you are comfortable using, and what types and quantities of transactions will go through your accounts monthly. The next step is to have a deep conversation with your financial expert to reveal your full financial picture.
MJ Kronberg is Manager Business Services at Coastal Community Credit Union.
How can I help protect my business against a cyber attack?
Business owners need to prepare for more frequent and sophisticated cyber threats. An insurance professional can give you:
- Recommendations on assessing your organization’s current cybersecurity infrastructure
- Guidance on improving employee training and incident response plans
- Cost-effective measures to help mitigate your cyber risks
- Information on a cyber risk policy and business interruption insurance
Kimberley Lambert is a Commercial Insurance Advisor with Coastal Community Insurance Services (2007) Ltd., an affiliate of Coastal Community Credit Union.
