Economic Development

Economic Development Updates - Feature Article

From the Strathmore Business Newsletter - January 2022 Edition     Subscribe Here  

Written by Kristen Shima 

Reducing business expenses is a smart way to improve the bottom line. While focusing on increasing sales is a goal, lowering expenses is also important when trying to achieve, maintain, or grow profitability.
Click the + to read more.
 
 

Review Credit and Debit Card Processing Costs

  • Offer alternative methods of payment like direct bank transfers.
  • For high volumes of transactions, see if you can get a bulk discount on your processing fees.
  • Look for alternative card payment services that charge lower fees, although 2.9% + $0.30 is considered the industry standard price.

Claim all Your Deductions

  • An accredited accountant can help you claim ALL the deductions and expenses you’re entitled to.
  • Keep excellent bookkeeping records and receipts – and reconcile your bank accounts monthly. This will reduce the amount of work an accountant has to do and will keep their fees down.

Reduce Loan Charges and Fees

  • Seek out alternative lenders who may be able to move you to lower interest rates.
  • Create a debt schedule in place to know how much you’re paying and when it’s due.
Remember Recurring Costs
  • Did you sign up for a free trial of a software or streaming service? Is there a recurring service fee you’ve been meaning to cancel? Review monthly subscriptions and service fees that may no longer be needed or can be packaged.
Streamline Technology and Communications Costs
  • Review technology and communications. Bundling services can sometimes provide savings. Internet or phone companies may lower your fees to reward loyalty or to help incentivize you to remain with them. Schedule an annual call to review your rates.
Make the Most of Your Marketing Budget
  • Develop a strategic marketing plan to be cost-efficient to ensure your marketing budget will be available for the calendar year.
  • Grow free online advertising account, including social media sites, blogs, and videos.
  • Partner and collaborate with other entrepreneurs and businesses for support and cross promotions.
  • Focus on customer service. Word of mouth referrals are the most valuable marketing!
Review Shipping Costs
  • Seek out alternative shipping providers for lowered costs. There are many available that can be competitive with costs.
  • Review packaging and materials used for shipping. This is a potential savings and unique packaging can also help set your product apart.
  • Pool resources with other businesses.

 

Keep in mind that hidden costs are unique to each business, and may include additional areas like insurance premiums, employee benefits, equipment maintenance, or inventory shrinkage. Getting insight into all your expenses, profits, and losses will help you categorize every expense, both hidden and obvious, so you can work to reduce them. The areas listed above are a great starting point for reducing your small business expenses.
Is there a tip we missed? Feel free to email me at Kristen.Shima@Strathmore.ca and I’ll include it in an upcoming newsletter.

Read the full Newsletter here. 

 Business Recovery Hotline

403-325-0714

 

A direct local hotline for workplace guidance and supports to assist businesses in the recovery affected by COVID-19. 

 

Monday - Friday

10am to 2pm

Economic Development is a collaborative process and we are looking forward to working with our community stakeholders as well as the region to uncover potential and capitalize on those opportunities to elevate Strathmore to one of the top places for business and a balanced uncompromising lifestyle and to be recognized as the gem east of Calgary.

In order to create an environment where economic development can take place, we are fostering a proactive, collaborative and responsive business climate. A balanced and diversified approach to growth in addition to solid support to our current business community is crucial to the Strathmore’s success and increased prosperity of our community.

Our approach is an interlinked net of economic, social and environmental objectives that will set Strathmore apart from other communities. Strathmore is a unique key location that caters to an innovative, self sustainable, balanced, resilient lifestyle where “Quality of Life is the Way of Life”.

Where your business and workplace is supported and thrives is the place to be…it is your place to live and prosper!

Our Economic Development office is offering the following services to business:

  • First stop for business and event ideas to get connected to resources and pertinent information;
  • Provide new businesses with relocation and site selection services;
  • Assisting business with set up, resources and general information, business transitions;
  • Facilitate partnerships, connect opportunities and collaborations;
  • Facilitate introductions to local organizations, connect businesses with local and regional networks;
  • Assist with collaborative marketing and/or grant opportunities;
  • Collaborate to provide business learning opportunities such as workshops, speakers series, and seminars, info evenings/ luncheons;
  • Support current entrepreneurs with sustainability, discussing opportunities, expansion and diversification as well as succession planning;
  • Providing assistance for tourism product and event development opportunities;
  • Promote opportunities and Strathmore as the best choice for business regionally and provincially!

Please note that our services are confidential and not limited to the list above.

Strathmore is open for business and opportunity!

If you have any ideas for a new business or events, would like to discuss expansion, relocation to or investment in Strathmore feel free to contact Kristen Shima at kristen.shima@strathmore.ca or call 403 325 0714. 

View our New Business Welcome Package

View our Economic Development Priorities and Implementation Considerations Report - January 2015

Business Beautification Program

Strathmore Communities in Bloom and the Strathmore and District Chamber of Commerce are pleased to introduce the new Business Beautification Program. This program aims to encourage local commercial businesses to beautify and maintain their storefronts and surrounding property all year round. The Business Beautification Program will provide the opportunity for participants to potentially qualify for some funding available designed to help offset the costs associated with improving the business. Please note that the Business Beautification Program has been postponed until the 2022 year.

Click here to learn more about or to apply to the Business Beautification Program 

Keep in mind that hidden costs are unique to each business, and may include additional areas like insurance premiums, employee benefits, equipment maintenance, or inventory shrinkage. Getting insight into all your expenses, profits, and losses will help you categorize every expense, both hidden and obvious, so you can work to reduce them. The areas listed above are a great starting point for reducing your small business expenses.
Is there a tip we missed? Feel free to email me at Kristen.Shima@Strathmore.ca and I’ll include it in an upcoming newsletter.

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