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has social responsibility a long way in come the last 10 years. Once a term used by large companies as a marketing tactic, there was for businesses of all shapes and sizes big leaps forward have been that community embrace that they in work.

brought this growth in popularity with a whole new vocabulary of terms that are difficult to distinguish from each other. In an effort to demystify the social world, we have listed below the common terms used when discussing social innovation to and how they are applied.

Social Enterprise

Social enterprises are enterprises whose main purpose is to serve the common good. You know what they do, who they want to help and how they plan to do it. You sell or produce goods or services to generate income, which is used to achieve its social objectives. All profits and assets are used to give back and are not distributed to shareholders. Instead, success of the measurement of profit, they measure the Triple Bottom Line, a balanced relationship between the two social and financial values ​​

. Example: Potluck Café and Catering

Potluck Café and Catering are a good example of a social enterprise. Beginning in 01, this Small Business BC Awards nominees was to help original vision, the lives of people in Vancouver Downtown Eastside transformation of jobs and food for those in need. Today, they have over 16,0 free nutritious meals per year and employment, training and life support for Vancouver's most vulnerable residents. Known as a leader in social business both in Vancouver and abroad, they have received many awards received for their community programs.

Triple Bottom Line

Often shortened TBL or 3BL, the Triple Bottom Line is an accounting measure concept of social, environmental and financial impact of a company. It is a framework that is used by for-profit and not-for-profit organizations alike

. Example: Eclipse Awards

Small Business BC Best Green Business Award winner, Toby Barazzuol the journey applies Bottom line theory to its business and employees. Eclipse Awards have has built on their sustainable journey since 04 Toby an inspiring and healthy workplace with his team that he believes that a part of what motivated his team coming back and bring their best. never compete Vowing about the price, press instead the value of their products and how they relate. for their community

Social Entrepreneurs

Social entrepreneurs are individuals who recognize and use them to find their entrepreneurial skills to create a program or business process, a solution is a social problem. While often associated with the non-profit sector, they are only limited

in this sector. Example: Mark Brand

One known from BC Social Entrepreneurs is Mark brand. With a show on the Oprah Network and TEDTalks under his belt, its mission is to share the importance of sustainable business models. After opening in 2011, a number of restaurants, clothing labels and breweries in BC, he began his biggest project to date, when he (DTES) bought Symbol Downtown Eastside to store meat. After restoring back its prime, the building, he went on the Community Rejuvenation in resided, more than 65 employees who live in the community. The company now has a meal program that serves 450 people a day, seven days a week.

Social Innovation

Social innovation is used to describe the type of initiative, product, process or program, the social landscape has been improving, developed. It is the idea of ​​social entrepreneur understands that the social enterprise to build

Example :. Lunapads were

Lunapads Madeleine Shaw, fashion designer, who wanted an alternative to disposable pads and tampons. After discovering how they made her feel like she trying to start a company to share this gift with others. She met Suzanne Siemens, have access to better health four years later and together made a plan women around the world to help them donate their pads women in nations by their Pads4Girls campaigns and Imagine1Day group to develop the girls who otherwise missing school would help to be delivered due to lack of sufficient menstrual.

Social Finance

Non-profit organizations, which are often financed by government grants and philanthropy. Today social enterprises are to find financing from traditional business investors with financial and technology backgrounds, the new financing structures develop triple bottom line returns to recognize. As a result, investment has become much more available than ever

Example :. Vancity

on values-based banks. They focus on customers who are looking to improve their social, ethical and environmental performance in their community. You agree in turn to their own environmental sustainability and ethical business practices, education, and financial literacy programs.

Social Shopping

The companies are not only always aware of the impact their business has on the community, but what impact the companies who choose to buy from also. Social buying is to procure the process elements for your business, based on environmental, social and ethical implications and value for money

. Example: Soil-Mate

Matt Gomez founded Floor Mate, press the message 'local buy'. He believes in the importance of health, community and sustainability, and that is to know how our food is grown established, where and by whom. His message is simple: Know your farmer, know your food. His goal is for the communities to be as self-sustaining as possible and connect with their surroundings.

The growing world of social innovation

The results of social innovation are all around us everywhere. Self build homes, community gardens, consumer cooperatives, holistic health, medicine and social purchasing portals. We live in an innovative province where these new ideas can be applied to the communities we do in a better place to live.

you have a great idea for a business and the support of all your friends and family. But before you invest your time, capital and resources, you need to find out whether it is a viable business venture.

Viability measures your company's ability to begin to grow and survive. It factors in the target markets, competition, procurement and overall financial potential. The creation of a business plan will help you determine whether your business makes sense.

We have one of our Business Advisors Josh asked Ludgate, some frequently asked questions Business viability we hear at Small Business BC, so that you can start your process to ask the right questions.

How will you know if people are buying your product or service?

your business needs people to buy your product or service so that you can operate profitably. You can see if you use the right audience of test marketing, have selected test samples and test sales. This helps you to confirm that your product for Community through greater are paid.

For example, produce a limited batch of the product, and then view it to your target market and, if there is interest. Evidence of sales is better than any theoretical plan, if you test viability.

What kind of a competitor, and how do I compete with them?

If you're evaluating how profitable your business is, you are asked who your competitors are, and why people will choose over another company. To answer these questions, it is important to be able to tell the difference between direct and indirect competitors, and how to learn more about your competition to find out

In business, there are two types of competitors. Directly and indirectly. For example, if you are a cafe in a food court, your direct competitor would be another café. However, they are also indirectly with all other objects in the competition, as there are consumers only a limited number of lunch.

basic research, to find out who your competition is, and then the consumer go Towns and talk with them. This information will tell you how to make your business stand.

How to determine the financial viability of the business concept?

The most effective way that your business is to make is financially viable to go through the development of a business plan. Developing a business plan gives you insight into the decisions you make in your business, the cost and / or create will be incurred revenue. If you know these decisions and their financial consequences, you can determine whether your business can financially support themselves.

It's okay, if your decisions are not always perfect. Just go back and watch some of your decisions, and then adjust your finances to reflect this. Re-evaluate and repeat if necessary. It will never be perfect - but it must be appropriate

How can you make the viability in a business plan.?

to find out whether you have a viable business is a learning process. There are a lot of trial and error, so experiment to find what is the best approach for you. go back to find a more effective solution for problems that can on you always come.

If you decide your business is viable, bring everything together in the form of a business plan. But do not stress -. A business plan is just a way to argue that the company is a viable model that the market can support it, and that the right person, that business to operate

Relax, and it remember that the viability of the provision is only the beginning. Thereafter, the actual learning and validation begins!

Want to know more?

Take advantage of the Small Business BC wide range of seminars for entrepreneurs and small to medium business owner? Space is limited, so do not miss your chance to register today.

And if you want to answer specific questions for your business, make an appointment with a Small Business BC Business Advisor or Small Business BC Business Plan fulfill Advisor now.

1. Not jargon.

Use simple language and get straight to the point. Be clear, logical and concise. Use pictures, charts, tables and graphics only when necessary. The business plan should be professionally published desktop, packed and tied securely.

2. Do your homework.

Yes, that is research! Use secondary research initially by free access to resources (for example, your local library or online databases to Small Business BC), then supplement your results with primary research such as interviews, surveys and focus groups. Become an expert on every aspect of your business: products and services, competitors, the demographic you as marketing are also the market conditions which will affect your business. The more you know about your industry, the better you can plan for success.

3. Market for all.

Make sure you have a well-defined market that you know well. Know your customers. Who are you? Can you age to define buying habits, or any other criteria? Which product / service do you want? As they are currently being serviced? By identifying your customers' needs and meet them more effectively than the competition, you can find your niche in the market.

4. Be realistic. to explain

sources of income and annual sales and justified. Be honest. Ask, revenue forecasts and break-even points are realistic safely.

5. Do not forget about your business plan.

Once you have written your business plan, visit them regularly. Their plan is a working document; Use it in your business to monitor progress, and revise it accordingly.

Most small business owners only sell their business once the sale.

involved the steps in selling your small business is a complex process. Your goal as an entrepreneur is your business to sell quickly and get the most amount of money in your pocket at the end of the day. Do not fall for these common myths that could affect the sale of your business and ultimately the financial security of your family

Do these sound familiar ...

Myth # 1 -. I can my Sell Small Business myself

entrepreneurs how to do things themselves. Many feel that they are qualified business without the help of professionals to sell. This way of thinking can be a major challenge for the successful sale of the company. Just because an owner, a product or service for sale, does not mean that they represent their company and sell.

There are three important questions if you want to sell the business itself.

1. If you want to sell your small business, confidentiality is lost. What will your competition if word gets out that you are selling?
2. What are your customers, employees and suppliers think if they know that you want to leave the company? Will your company be dropped? If your credit be redefined by the bank?
3. Would you like the time? There is a lot of work to do if a business for sale. You must create the marketing materials, the collection, display advertising buyers and determine whether they are serious or tire tread, and facilitate due diligence. Additionally, you need to focus on the company's growth, so that a buyer will not go due to lack of sales.

When it comes time to sell your business to keep you focused on running the business and the increasing need your sales. You must focus your efforts on questions that assume for a potential buyer not care to new challenges

Myth # 2 -. I'm going to sell my small business, when I'm ready

is certain it is important to be ready emotionally to sell. However, personal preparedness is only one factor in the sale. There are economic factors to consider also.

The price of your business for sale can be affected by the consolidation of the industry, interest rates, unemployment and many other economic measures. Talk to a certified business broker about what it takes your small business for sale, so if you are ready, your company also is

Myth # 3 -. I know what is my business worth

find this one of the most important areas, the owner shocking. Many small businesses have no idea what their business value today in the market. For some entrepreneurs, they rely on the value of the company, what they need for retirement. Others will say they want $ 100,000 / year for "sweat equity." Again use other industry multiples. What if all of these are false? What if the market is not willing to pay you what you think, your small business is worth?

A third party review is a good idea for anyone seriously consider the sale of their business. An external review will encompass a thorough analysis of the company and the market in runs, this a solid understanding of the growth potential of the company, not some vague industry average

Myth # 4. -. Selling a Small Business is like a house

If you are preparing your home to sell it only take a few weeks. Once your home is ready to take it to the market and get the word out everyone that the house for sale. Once you receive an offer that you are satisfied, sign on the dotted line, rotate, move on and the keys.

The sale of a business is much more complex. A successful business sale usually requires a lot of pre-planning, at least one year and perhaps as long as three years to increase sales, develop and key employees, documenting the operations and control costs.

The average house will sell in less than four months, while the average business sale is nine months to one year.

is sold, even after the transaction, the seller can be expected to put a few months in at least, and possibly to help year transitional period, the new owner, to run the business successfully.

get to market with realistic expectations by a professional evaluation and use a professional business broker or intermediary.

These are just some of the myths that entrepreneurs need to be aware of before to sell their business.

For more information talk with your advisor or business broker who help, entrepreneur specializing transition.

you have an idea. Not just a good but a great one. You can use it emanates through your subconscious, feel, to tell your infiltrated every waking thought: "This is not only a fantastic idea, it is a business!"

for facts Search in a mad, you are consumed with the study and to determine the structure of your business plan and your financial capital. As an Entrepreneurial Whisperer, make fast connections and their networks expand. Suddenly everyone wants to be materializing with your company and your vision eventually help. How come all the planets in alignment, you have taken a moment to ask yourself: "Do I really have what it takes to run my own business?"

Yes, a strong belief in your concept and a positive attitude are important to a company for the construction; but as a survivor of a company that once flourished - then flopped - I can tell you that the realities of the early years can make each thick-skinned individual blister in business and bleed. What you have to do is your personal inventory calculate - or what I call personal capital -. Reaching the vital components to a balanced professional and personal life

Support Systems

What support have help in place if you se :.

a) sleep to write due to the many long nights business plans to develop the review finances and leases marketing strategies, accounting, networking

b) sick as a dog and unfortunately it happens more often when you are stressed. I once interviewed CTV hurts with high fever and debilitating body, because I did not want the opportunity to be missed for more media coverage during the recession.

c) Out of Money

d) All of the above

It is very easy to plan for these situations in advance:

• a business mentor contact has to offer their experience and advice in your related industry.
• If in a personal relationship, make sure that your partner is really in your ability to think and is willing to help you along the way, both emotionally and financially. You need to determine how much time and money you can both afford to sacrifice.
• If you want to start a family, or currently have children aged 4, beware, as these formative years are most important for the proper development of your child and a happy and functional family. I say this with good intentions, as I do. During my first year
• If single, talk to your friends and family to see if they can be for you in the days, a total of four days had if you expect are to be simultaneously at three locations.
• Do not try to be a superhero and do it all. Hire good employees or contractors and a good accountant. Get a housekeeper because you can not be expected to wash the toilets at the end of an exhausting 14-hour day.

personal wellbeing

to the current demands and pressures operating a business can affect your physical and mental health if you effectively deal with stress not learn. Have this lifestyle changes you consider to be done: for physical exercise

• Take time to recharge your batteries and your body and mind supple. (Running from your car to Starbucks for that double espresso does not count!)
• Consider. Regular meetings with a business mentor or therapist who can listen and advise appropriately It does not mean you're crazy, it means you are responsible.
• Learn to laugh the ride as much as possible and enjoy.

over the years I have worked with many companies to develop and to help them to market products. Through this process, I have observed that the most successful companies are always those who engage consistently with their clients.

Attributing time and resources to understand your customers before you spend significantly raise the first dollar your chances of success. As obvious as this may sound, it is rarely the case that entrepreneurs do this kind of research. Even the largest companies in the world to get this wrong.

Creating a customer or industry Advisory Board

Getting to know your customers successfully, without exaggerating with your marketing budget? One way is to create a customer / consultant group. Through this group you know which product features or services that are not valued by customers and eliminate those; Reduction of costs as a result. You can also find ways to adapt your product or service offering, or to improve and increase sales without having to go through a comprehensive research. Finally, this group can help you refine your marketing message and communication channels, so that you get more out of your marketing budget.

And should be what kind of people on the board? I suggest the following:

• Current customers. Select a core group of excellent customer that you give regular feedback about your products. Find out more about the lifestyle of the customer and the day to day challenges they face. For a B2B company, position you are in the right direction, if you run enough to know their business.
• potential customers. Find out what they currently use and why they like it.
• agents / distributors. depend on your business model. You can engage your agents or retailers to meet customer needs and insights.
• Professional investors in the region. strategy investors can understand industry trends, which could be useful in detecting customer needs.
• Strategic Alliance Partners. This could be someone else, are in the market segment (eg suppliers) services. This could also be industry consultant (technical and marketing).

learn something new every day

Commit yourself every day a new thing to learn about your customers. In my personal experience I have found that top companies often have at least 0 + key data points on their ideal clients. If you are far from that, do not worry, it's easy to catch up. With this kind of commitment to your customers to understand, you will be surprised how it will increase your bottom line.

The coworking trend has exploded in recent years - after deskmag.com, now used by more than 110,000 people coworking spaces worldwide. BC is not seen no exception to this trend, but many small business owners what coworking is exactly or what coworking options is in their own neighborhood right.

What is coworking and what are the benefits?

a coworking space is somewhere to rent for operators and remote employees a different style of office space, either on a monthly or drop-in basis. If necessary, you can dedicated everything from a common drop-in "hot desk" for rent private offices.

While entrepreneurs in the technology industry have early adopters of coworking trend, these rooms offer many advantages for owners of other types of small businesses as well.

Especially when you first start your business, the cost of renting office space can be prohibitive. At the same time, the kitchen table with or in a local coffee shop as an office can not an ideal environment for you to run your business. For these reasons the flexible drop-in and short-term rental of coworking spaces are offered agreements can be an attractive alternative to traditional office rents for entrepreneurs.

coworking spaces often offer office services such as a mailbox rental, Internet access and even a common receptionist. Many are also conference rooms for meetings.

And while small business owners who exclusively from home may miss the daily social interaction that comes with working in an office, Coworking offers a unique opportunity to connect with other business owners and entrepreneurs make, the other cities drop in. Some coworking spaces with locations in several cities may even allow you to visit their other office space as part of your subscription. start

coworking spaces in your environment

coworking spaces, to pop up across the province. There are a number of general coworking spaces in the Lower Mainland, including network hub, The Hive and Suite Genius. There is also some industry-specific options, such as the multi-use 45WEST Divided Arts Studio (related to art classes, workshops and rehearsals hosting) and Vancouver Hack Space for IT professionals. Kelowna and Squamish also active coworking spaces. can be

Wherever you are, and ShareDesk Deskwanted used Coworking find options in your area. Price structures differ greatly from room to room, so you want to thoroughly explore options and even a tour, remember to try one or committing a space on a drop-in basis before any monthly contracts.

For more information about coworking, visit coworking.com or ShareDesk blog.

If you have a business idea that you are enthusiastic, chances are you have started to write a business plan. There are many online resources that templates provide descriptions available, and reports that you can use in your research. It's really easy to start to write a business plan.

But it is not so easy to stop by far.

expanding the business plan for many entrepreneurs is such a big obstacle that they prefer to start, then reboot, then start all over again, different templates, each one of them hope it will make it easier , But I promise that no template, you help to finish your business plan, to make a) set aside the time to get to do it and b) develop the ability to think like an entrepreneur.

Why isn your business plan 't finished

There are many reasons why people never finish their plans. We often hear whining entrepreneurs that they do not have enough time, the rest of their lives over again in the way, they are stuck on the financials, or they can use the information that they do not need to find to complete the research. Sometimes the entrepreneur recognizes the way through the process, their business model is not working, and they are not sure how to turn it into something that does.

What can you do about it

• schedule to focus two hours a week, every week on your plan until it is finished. No distractions allowed - .. No emails, no children, no Facebook
• take a business planning workshop and a glimpse of other entrepreneurs and an experienced mediator receive
• set a deadline by which complete plan and make yourself accountable by telling your friends and family, which is the deadline.
• Join a mastermind or a peer-mentoring group you get past obstacles to help your business and to answer your questions about the plan.
• Read buy some business books or Business Planning Guide to find inspiration.

If you are not sure what to do next, you start just ask your friends, coworkers, someone you feel comfortable, even if you do not think they can help. You may be surprised to get what insights a view from outside.

How do you know when it's done

The truth is, your business plan is never really finished. To make it useful for your business, you need to tweak and revise them regularly - usually at least once a quarter, especially if you are just starting. So how do you define "Done" is really on what you need to plan for. If you plan to submit it to a bank for financing, then the plan is terminated when all of the bank have concerns address, including risk management, sales forecasting, market research, cash flow and projected gross and net profit.

your business progresses rare as you would have thought it, but that does not not the business plan relevant. these goals and benchmarks has depreciated straight and to refer the analysis of target customers, can help with your decision, as your business grows. really

Selling

If you have created a successful business you are proud to be one of the most difficult, the decision to sell it ever make you. However, all entrepreneurs have an exit strategy in place

You're probably aware that traditional exit options :. A stock sale, to find a strategic buyer, or go for bigger small businesses, and public. Some owners may simply decide to relax their business and their doors

But you have another option completely closed -. It is an Employee Share Ownership Plan (ESOP) called, and you can only have to put the exit strategy available, are rooted your business locally and your staff spent.

simply, ESOPs are a tool retiring entrepreneurs, the company can sell to its employees. ESOPs are gaining popularity around the world, and while Canada is no special tax incentives for operators must accept this model, it can explore other good reasons for this option.

Flexible Exit Timeline

We already know that many members of the generation baby boomers are not the age of retirement 65. Many of their work enjoy and want so long to be able to contribute, as they are healthy and be able to do this. This trend is expected to continue in future generations, as more people see work as an extension of their personal lives.

An ESOP allows owners a significant role in the business have continued, but to start with the flexibility their value to reduce the business by transferring this value to their employees. ensures the longer transition period, and the owner is able to educate mentor and key people in their new roles.

In addition to a flexible departure an ESOP also owners access to retirement savings by the liquidity of the transfer of shares to its employees.

What are you about to start your money out of

allowed All exit plans hinge of an illiquid asset turn (the business) in cash. To shop for employee shares in your company, the company must be professional at fair market value (FMV) rated.

FMV simply means "the highest price in terms of money, or pays money to be available in an open and unrestricted market between informed, prudent parties who are not under compulsion to transact and who are dealing at arm's length."

As long as your company is profitable and likely your employees continue to grow, nothing will mind paying a fair price for the shares. While some owners their employees think their company can not afford, there are a number of financial instruments to facilitate the process. leave

a lasting legacy

The research shows that many small businesses are sorry to sell their company shortly after completion of the deal. In many cases they regret their decision, even if they wanted the selling price they receive.

A major reason for this regret that many exit plans fail the issues of succession or bequest to address. For many owners, it is equally important to know that the culture and the values ​​they instilled in their companies continue after they leave. can

An ESOP help the company to ensuring with people who wear share the previous owners Vision and Values.
What's more, research shows that employee ownership leads to increased business results including improved productivity, retention and engagement.

Is an ESOP Right for You?

Employee share ownership for any small business is not suitable, since it requires a shift towards more participatory management and a willingness to share financial information. But for small business owners, a more flexible exit timeline, want a fair selling price and to leave their legacy intact, ESOPs are worth further exploration.

The truth is, not everyone needs entrepreneurs a complete business plan, but you need at least a strategy guide to help their business. When you think of starting a business, but want to ensure that they have the potential to be viable, you can help business mapping without the time to invest, to develop a complete plan.

What is mapping?

The important thing is to create a business strategy that everyone needs to understand. If there is no understanding, then how can you through them? This is where companies mapping comes into play. It segments your business in nine simple building blocks:

1. Key Partners
2. Key Activities
3. Important resources
4. value propositions
5. client relations
6. channels
7. customer segments
8. cost structure
9. Revenue streams

The focus is simple: how to create added value.

Now that you have identified these categories, you are connected to the answers to the questions with them are commissioned. Which of our customers' problems help you to solve? What needs to satisfy? What is the value you deliver to your customers? How will you reach your customers? Which channels are cost effective? Who are your key partners / suppliers? And who are the most expensive

Think tampered Business Mapping as a prototype of your business ?; something that the essence of what you intend encapsulates to do, but also need to be refined. It is your tool of research and will serve as food for aid to help you explore your new business idea, and everything that could be. It helps you develop raw ideas and to accept or reject fast. It allows you to examine the possibilities before choosing and your ideas, methods and processes to refine. Essentially, it will help you to tell your story and then make intelligent decisions.

as your business benefit?

• Viability. You may have heard for years to scribble on a napkin brilliant ideas, but it is completed only by your business card that you really understand when it makes sense. Will you be able to deliver value at a price that is your market, to pay a price, leave the room for profit?
• Discover your niche. recognize what makes your company stand out from the crowd. The most successful companies have a strong, unique concept and a clear identity. Your Niche understanding will help you define your marketing strategy stronger relationships with your customers, create and decide the location of your business.
• The Business Pitch. If you start your business, there is one thing that you receive, such as the back of your hand to know and that is your business 'elevator' pitch. Whether you talk to a bank, an investor, a supplier or a potential client, you need to have a clear, concise pitch that helps the story of your company tell. You do not want to know you're the next Starbucks or Lulu Lemon or Google, they want to know how you're going to provide value to your customers and how do you make money with it. Your business card offers you the facts to help your story telling.
• Engaging employees. If you will employ a team, they are a crystal clear understanding of the vision of the company and must have such, they can help.
• provoking ideas. you can for your business have talked for a long time about your vision, and have it all mapped out in his head, but to your writing it down, you will not understand how they affect the different areas today. This can be a great thought-provoking tool that had help you generate new and innovative ideas not previously thought

Learn about business mapping

Visit our BUSINESS CORR. DEVELOPMENT A SMART BUSINESS MODEL seminar and learn about all this and more, including business structures, legal requirements and financing options for your new project.

This item and the related seminar are based on the global best-selling book, Business Model Generation, and it is affiliated with Business Model Canvas.