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Best Small Business Plan Template For 2024 in Canada
Looking to start a small business in Canada – in 2024 or beyond? Or maybe you’re more of a startup founder. In either case, the best way to begin is with our free business plan template. Here’s how to get going.
- What is a business plan?
A business plan is a framework a business owner can complete in order to make starting or optimizing a business easier. Whether you’re working on your business idea or you’re an established entrepreneur, creating a business plan can help you map out your values and overall approach. It’s one of the best ways to develop or refine your business strategy. A well-structured plan includes some financial projection, a marketing strategy, and operational information important for potential investors and your own purposes.
Many beginners get tripped up thinking about how to write a business plan, which is why we created this sample to point you in the right direction.
- How Canadian startups and small businesses can use a business plan template
If you’re a startup or small business owner, there are a few things you can do to make the best use of a business plan template:
- Get started! Whether you already have a business or you’re in the planning stages, working on a real business plan will help you discover aspects of your company that you may otherwise overlook.
- Make sure your business plan is tailored to your unique situation. It’s just a starting point, so feel free to add or subtract sections depending on your needs.
- Stay up to date on changes in your industry. Your business plan should be a living document that you revisit and update periodically.
- Make use of free resources. We have a lot of helpful content on starting and running a business, so make sure to visit some of our other articles for further education.
- Get feedback from someone with experience. Whether this is a mentor or another entrepreneur, external feedback can be critical to a solid business plan.
- How to write a simple business plan
Keep in mind these are only rough guidelines, because there’s really no “wrong” way to fill out a business plan template. That said, there are a few best practices you may find helpful.
- Leave the executive summary and business overview until the end
The executive summary is a high-level overview of your entire plan. It should include a brief description of your company, what you do, and your target market. The business overview takes a more in-depth look at your business, including your history, products and services, and how you plan to make money.
- Include your financials early on
The financial section is one of the most important parts of your business plan. This is where you’ll include your projected income and expenses, as well as your current financial status. Investors will want to see this information, so it’s important to include it even if you’re not seeking investment yet.
- Make sure your marketing and operations sections are fleshed out
Investors aren’t the only people who will be interested in your business plan. It will serve as your roadmap for navigating the twists and turns of entrepreneurship, so having well-defined marketing and operational objectives is key.
- The three main components of a business plan
Other than the executive summary and overview, there are three main sections to a business plan: the marketing section, the financial section, and the operations section.
There are also three different ways of thinking about each section: strategic, tactical, and operational.
Strategic thinking defines your larger overarching plans. An example of a broad marketing strategy is paid media (advertisements).
Tactical thinking defines the individual actions within your strategy. An example of tactics within a paid media marketing strategy would be split-testing your copy and creatives.
Operational thinking is all about what is required for the strategies and tactics to take place. For example, if you want to use paid media but lack the time or skills to create your own ads, you’ll need to hire a paid media specialist. This is an operational concern.
The marketing section should include your overall marketing strategy , including your target market, how you’ll reach them, and what you’ll offer them.
The financial section should include your projected income and expenses, as well as your current financial status. This information is important for investors, but it’s also helpful for you to gauge which marketing and operational initiatives you can afford.
The operations section should include your business’s organizational structure, as well as a plan for hiring and training new employees. This section should also include any documented processes and procedures you plan to use.
- Final tips for creating a business plan
Even if you’re not planning to approach investors, it’s important to have a well-defined business plan. Here are some tips that will make the process easier and more effective:
- Don’t let self-doubt or impostor syndrome stop you . Many entrepreneurs feel like they’re not qualified to write a business plan because they lack clarity around how they want their business to work. Filling out a business plan can actually help you find that clarity, so push through any nagging doubts and put in the work––you’ll be glad you did!
- Understand that the plan can grow with your business. As you evolve, so should your business plan. Keep it updated and track your progress against your goals so you can course-correct as needed.
- Don’t be afraid to make mistakes. Making mistakes is a normal and natural part of being an entrepreneur. What’s important is that you learn from them and continue moving forward.
- Make it your own. The best business plans are the ones that reflect the unique personality and values of the business owner. So don’t be afraid to put your own stamp on it!
Creating a business plan can be a daunting task, but it’s important to have one regardless of your stage in the entrepreneurial journey. The tips we shared will help you create a document that is both informative and reflective of your unique business. Remember to stay flexible as your business grows and make sure to update your plan regularly!
- Download the Canada Starts Business Plan here
This business plan has everything you need to put your best foot forward. Make sure to keep in mind everything you’ve learned, and feel free to add to the template where required. Download the template here .
This article offers general information only, is current as of the date of publication, and is not intended as legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. While the information presented is believed to be factual and current, its accuracy is not guaranteed and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the author(s) as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by RBC Ventures Inc. or its affiliates.
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Create a business plan
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Write a Business Plan
Clarify your idea and get it in writing.
There's a lot of work involved in writing a business plan but it prepares you for the even bigger task of starting a business.
It will help refine your idea, outline goals, and make it easier to explain what you hope to accomplish. This comes in handy when you're looking for money.
Download our business plan template which addresses product and service information, competitive analyses, the financial feasibility of starting up, and more.
Why You Need a Plan
If you're pitching your idea to banks or other financial institutions for a loan, you'll need a business plan because people want to see that you've put serious thought into your idea.
Thinking about the details will help you make decisions about your business, and will open you up to new ideas or approaches you might not have considered.
Writing out a business plan will give you an action plan to work with, but if you need help getting started use our interactive checklist .
Why You Need a Unique Selling Point
One of the most important aspects to consider when writing your business plan is asking why customers would buy your product or service .
Will it be better quality? Better price? Is it backed by a guarantee? Will it have more features? Will you be able to provide outstanding customer service?
Once you establish what differentiates you from the competition, it's essential to communicate it consistently when you go to market.
Use our interactive checklist to define your unique selling point.
Determine Demand & Profit Potential
Once you know (or are reasonably sure) that customers are likely to buy your product or service, figure out if you'll be able to make a profit.
Determine what you need in sales to cover costs plus a profit margin. Also ensure you have capacity - the physical ability to work a certain number of hours in a week or produce the required amount of product.
Use our interactive checklist for more ideas on determining demand and profit including ways to research, test marketing, and future trends.
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Articles on Starting Your Business
Four Steps to Find Out if Your New Idea Will Work
Research, validate, talk to industry insiders, and test your idea to ensure it has what it takes to succeed.
Selling Online and Other Ways to Expand Your Business
Marketplaces, subscription models, drop-shipping, and freemium offers are four ways to expand your business online.
Sources of Small Business Funding
Ways to fund your business include: self-financing, partnering with another business, angel investors, grants.
Breaking Barriers — A series on women entrepreneurs
Get inspired with our first article in a series highlighting successful women entrepreneurs who have overcome challenges to build successful businesses.
Breaking barriers — Spotlighting female entrepreneurs
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Celebrate Pride with Florence Gagnon
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Create a Business Plan
Think of it as a playbook for your goals, priorities and growth opportunities., how to write a business plan.
Creating a business plan can feel like a huge undertaking when you are starting a new business . And while developing one does require careful thought, studies show that entrepreneurs who have a formal plan are often more successful than those who don’t. Keep reading to see how a business plan benefits you and the details you should include.
Prefer to just get started? Start creating your business plan with the RBC Business Plan Builder.
Content in this Article
What is a business plan? Benefits of writing a business plan Information to include in your business plan Create your plan with the RBC Business Plan Builder
What is a Business Plan?
Benefits of writing a business plan.
Writing a business plan can help you in several ways—here are just a few of the biggest benefits:
- Provides a roadmap. A business plan requires you to be thoughtful about the direction of your business, consider the goals most important to you and how you will achieve them. Think of it as your step-by-step guide for success!
- Reveals gaps or risks you need to address. By looking at your business critically, you’ll be able to identify your strengths as well as areas where you may be vulnerable.
- Shows potential investors, stakeholders or lenders that you’re serious. Attract and engage those who may be interested in your business with all the important information they need to know.
Information to Include in Your Business Plan
Create an executive summary Describe the current business environment Outline your marketing and pricing strategies Describe how your business will operate Detail your financing and cash flow needs Describe your team (even if it’s just you) Identify risks and how you’ll protect your business Write a conclusion Include your contact information
Create an Executive Summary
After your cover page and table of contents, include an executive summary. Since this is the first thing readers will see, it should be clear, grab their attention and identify what your business does.
What to include:
- Your industry, target market and how your business is different from the competition
- Your business structure (sole proprietorship, corporation, etc.)
- What stage your business is in
- Your experience and credentials, as well as your team’s, if applicable
- Financial projections for the business (or performance to date, if you’re already operating)
- Calculate your estimated revenue - how to calculate revenue
Tip: Write your executive summary last and keep it to one page. While it’s structurally the first section, it will summarize everything else in your plan.
Describe the Current Business Environment
This should be a detailed history and summary of your business, identifying the product(s) or service(s) you’re offering and how you will solve a problem or need in the market. Be sure to include any pre-market research or testing you’ve conducted that speaks to the viability of your idea.
When you’re starting a business , your bank and potential investors don’t have historical data to review. Your plan must clearly convey your strategy, competencies and the reasons your venture will succeed. (If your business is already established, you’ll want to cover where you started and how you got here.)
- Where you want your business to go—and how you’ll get there. What are your goals? How will you generate sales?
- What your business does. What needs does your business fulfill? Where will you sell your products or services?
- Your business set up. How is your business structured ? Are there other owners or shareholders?
- How you know your business will work. What market research or testing have you done? Are there trends?
Tip: Revisit your business idea by asking yourself these 7 key questions or use our business idea checklist to see the steps you may need to take to get to opening day.
Outline Your Marketing and Pricing Strategies
This is your opportunity to explain how you’re going to get customers to buy your products or services. This section involves identifying your ideal customers, your pricing strategy and more.
- Your products, service and unique selling proposition. What are the features of your product or service and what makes it unique compared to what your competitors offer? How will you draw customers away from competitors?
Tip: Completing a strengths, weaknesses, opportunities and threats (SWOT) analysis may help you write this section. Download a FREE SWOT Analysis Template
- Your pricing strategy. How will your pricing be competitive, but still allow you to make a profit? Check out how to decide on a pricing strategy.
- Your sales and delivery strategy. How will you will generate sales? Will you sell directly to customers or through other businesses? How much will it cost to produce and ship your product?
- Advertising and promotion strategy. Which advertising and promotion tactics (website, digital marketing, social media, email) will reach your audience most effectively?
Tip: Choose a few channels to do well instead of pursuing all of them at once. That way, you’ll be better able to direct your focus and monitor your progress.
Describe How Your Business Will Operate
The operations section of your business plan should describe what’s physically necessary for your business, as well as any partners who help keep things running smoothly.
This section contains four main categories:
- Your stage of development. This should highlight what you’ve done to date to get the business operational, then follow up with an explanation of what still needs to be done.
- The production process. This lays out the details of your day-to-day operations, manufacturing details, inventory, costs, outsourcing and more.
- Getting products and services to customers. What is your supply chain and distribution strategy?
- Partners and allies. Who are the people and organizations that support you? Who are key suppliers and vendors?
Third-party groups may be able to help you in your journey. For example, Futurpreneur serves entrepreneurs age 18-39 who want access to business resources, financing and mentoring.
Detail Your Financing and Cash Flow Needs
Use this section to determine how strong your business is financially. Be realistic about expenses and projected income so you can properly assess your financial health early on and make sure you have enough cash for the first year.
- Startup costs. What are your one-time and ongoing expenses? How will you cover the costs? Check out how to determine your start-up costs and working capital or use our Startup Costs Calculator .
- Profit margin and break-even point. How will you make a profit and calculate margins? What is your break-even point? Suggested reading: The Difference Between Cash Flow and Profit
- Balance sheet. What assets, liabilities and capital do you have at this point in time?
- Financing. What are your sources of financing —savings, loans, grants? What are your repayment terms, if any?
- Cash flow forecast. What is your 12-month cash flow forecast? Estimate it now: Cash Flow Forecast Template
Describe Your Team (Even if It’s Just You)
This section should describe your current team as well as anyone you might need to hire to round out your company.
- Skills and strengths. What skills do you and/or your team have that are critical to the business?
- Management style and structure. How will you manage your team? Who will employees report to?
Identify Risks and How You’ll Protect Your Business
Every business comes with some risk, so it’s better to be prepared for them now rather than be surprised later. Use this section to explore potential risks and how you’ll protect your business .
- Obstacles your business may face. How could the economy, your competition, supply chain or another circumstance affect your business? How do you plan to minimize and handle these and other risks?
- How you’ll protect against losing market share (new competition). Do you have any agreements or vendors you’ll rely on?
- How you’ll prevent critical data loss. Outline what you will do to reduce the impact of data loss, such as backing up all computer data regularly, using cloud providers, employee rules on installing software and other policies.
- How you’ll protect intellectual assets. Will employees sign confidentiality agreements to protect processes, trade secrets and other intellectual property? See How Intellectual Property (IP) in Canada Works .
- Compliance requirements. What rules, regulations and licences will you need to comply with to operate?
- Insurance needs. Does your industry require specific coverage, such as professional liability or other insurance?
Write a Conclusion
This is the last thing readers will see, so you want it to be strong. Use your conclusion to reinforce your goals and objectives. If you need financing, clearly state the amount you need and how it will be used. As with your executive summary, your conclusion should be succinct, clear and leave a positive impression.
Include Your Contact Information
Potential investors and lenders need to know how to reach you. Don’t forget to include your business name, contact information, website and social media presence in your plan.
Create Your Plan with the RBC Business Plan Builder
This comprehensive template will guide you through a series of questions, resources and tips to help you write your plan. Best of all, you can go at your own pace and come back to work on it anytime.
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Free Business Plan Template for Small Businesses (2024)
Use this free business plan template to write your business plan quickly and efficiently.
A good business plan is essential to successfully starting your business — and the easiest way to simplify the work of writing a business plan is to start with a business plan template.
You’re already investing time and energy in refining your business model and planning your launch—there’s no need to reinvent the wheel when it comes to writing a business plan. Instead, to help build a complete and effective plan, lean on time-tested structures created by other entrepreneurs and startups.
Ahead, learn what it takes to create a solid business plan and download Shopify's free business plan template to get started on your dream today.
What this free business plan template includes
- Executive summary
- Company overview
- Products or services offered
- Market analysis
- Marketing plan
- Logistics and operations plan
- Financial plan
This business plan outline is designed to ensure you’re thinking through all of the important facets of starting a new business. It’s intended to help new business owners and entrepreneurs consider the full scope of running a business and identify functional areas they may not have considered or where they may need to level up their skills as they grow.
That said, it may not include the specific details or structure preferred by a potential investor or lender. If your goal with a business plan is to secure funding , check with your target organizations—typically banks or investors—to see if they have business plan templates you can follow to maximize your chances of success.
Our free business plan template includes seven key elements typically found in the traditional business plan format:
1. Executive summary
This is a one-page summary of your whole plan, typically written after the rest of the plan is completed. The description section of your executive summary will also cover your management team, business objectives and strategy, and other background information about the brand.
2. Company overview
This section of your business plan will answer two fundamental questions: “Who are you?” and “What do you plan to do?” Answering these questions clarifies why your company exists, what sets it apart from others, and why it’s a good investment opportunity. This section will detail the reasons for your business’s existence, its goals, and its guiding principles.
3. Products or services offered
What you sell and the most important features of your products or services. It also includes any plans for intellectual property, like patent filings or copyright. If you do market research for new product lines, it will show up in this section of your business plan.
4. Market analysis
This section includes everything from estimated market size to your target markets and competitive advantage. It’ll include a competitive analysis of your industry to address competitors’ strengths and weaknesses. Market research is an important part of ensuring you have a viable idea.
5. Marketing plan
How you intend to get the word out about your business, and what strategic decisions you’ve made about things like your pricing strategy. It also covers potential customers’ demographics, your sales plan, and your metrics and milestones for success.
6. Logistics and operations plan
Everything that needs to happen to turn your raw materials into products and get them into the hands of your customers.
7. Financial plan
It’s important to include a look at your financial projections, including both revenue and expense projections. This section includes templates for three key financial statements: an income statement, a balance sheet, and a cash-flow statement . You can also include whether or not you need a business loan and how much you’ll need.
Business plan examples
What do financial projections look like on paper? How do you write an executive summary? What should your company description include? Business plan examples can help answer some of these questions and transform your business idea into an actionable plan.
Professional business plan example
Inside our template, we’ve filled out a sample business plan featuring a fictional ecommerce business .
The sample is set up to help you get a sense of each section and understand how they apply to the planning and evaluation stages of a business plan. If you’re looking for funding, this example won’t be a complete or formal look at business plans, but it will give you a great place to start and notes about where to expand.
Lean business plan example
A lean business plan format is a shortened version of your more detailed business plan. It’s helpful when modifying your plan for a specific audience, like investors or new hires.
Also known as a one-page business plan, it includes only the most important, need-to-know information, such as:
- Company description
- Key members of your team
- Customer segments
💡 Tip: For a step-by-step guide to creating a lean business plan (including a sample business plan), read our guide on how to create a lean business plan .
Benefits of writing a solid business plan
It’s tempting to dive right into execution when you’re excited about a new business or side project, but taking the time to write a thorough business plan and get your thoughts on paper allows you to do a number of beneficial things:
- Test the viability of your business idea. Whether you’ve got one business idea or many, business plans can make an idea more tangible, helping you see if it’s truly viable and ensure you’ve found a target market.
- Plan for your next phase. Whether your goal is to start a new business or scale an existing business to the next level, a business plan can help you understand what needs to happen and identify gaps to address.
- Clarify marketing strategy, goals, and tactics. Writing a business plan can show you the actionable next steps to take on a big, abstract idea. It can also help you narrow your strategy and identify clear-cut tactics that will support it.
- Scope the necessary work. Without a concrete plan, cost overruns and delays are all but certain. A business plan can help you see the full scope of work to be done and adjust your investment of time and money accordingly.
- Hire and build partnerships. When you need buy-in from potential employees and business partners, especially in the early stages of your business, a clearly written business plan is one of the best tools at your disposal. A business plan provides a refined look at your goals for the business, letting partners judge for themselves whether or not they agree with your vision.
- Secure funds. Seeking financing for your business—whether from venture capital, financial institutions, or Shopify Capital —is one of the most common reasons to create a business plan.
Why you should you use a template for a business plan
A business plan can be as informal or formal as your situation calls for, but even if you’re a fan of the back-of-the-napkin approach to planning, there are some key benefits to starting your plan from an existing outline or simple business plan template.
No blank-page paralysis
A blank page can be intimidating to even the most seasoned writers. Using an established business planning process and template can help you get past the inertia of starting your business plan, and it allows you to skip the work of building an outline from scratch. You can always adjust a template to suit your needs.
Guidance on what to include in each section
If you’ve never sat through a business class, you might never have created a SWOT analysis or financial projections. Templates that offer guidance—in plain language—about how to fill in each section can help you navigate sometimes-daunting business jargon and create a complete and effective plan.
Knowing you’ve considered every section
In some cases, you may not need to complete every section of a startup business plan template, but its initial structure shows you you’re choosing to omit a section as opposed to forgetting to include it in the first place.
Tips for creating a successful business plan
There are some high-level strategic guidelines beyond the advice included in this free business plan template that can help you write an effective, complete plan while minimizing busywork.
Understand the audience for your plan
If you’re writing a business plan for yourself in order to get clarity on your ideas and your industry as a whole, you may not need to include the same level of detail or polish you would with a business plan you want to send to potential investors. Knowing who will read your plan will help you decide how much time to spend on it.
Know your goals
Understanding the goals of your plan can help you set the right scope. If your goal is to use the plan as a roadmap for growth, you may invest more time in it than if your goal is to understand the competitive landscape of a new industry.
Take it step by step
Writing a 10- to 15-page document can feel daunting, so try to tackle one section at a time. Select a couple of sections you feel most confident writing and start there—you can start on the next few sections once those are complete. Jot down bullet-point notes in each section before you start writing to organize your thoughts and streamline the writing process.
Maximize your business planning efforts
Planning is key to the financial success of any type of business , whether you’re a startup, non-profit, or corporation.
To make sure your efforts are focused on the highest-value parts of your own business planning, like clarifying your goals, setting a strategy, and understanding the target market and competitive landscape, lean on a business plan outline to handle the structure and format for you. Even if you eventually omit sections, you’ll save yourself time and energy by starting with a framework already in place.
Business plan template FAQ
What is the purpose of a business plan.
The purpose of your business plan is to describe a new business opportunity or an existing one. It clarifies the business strategy, marketing plan, financial forecasts, potential providers, and more information about the company.
How do I write a simple business plan?
- Choose a business plan format, such as a traditional or a one-page business plan.
- Find a business plan template.
- Read through a business plan sample.
- Fill in the sections of your business plan.
What is the best business plan template?
If you need help writing a business plan, Shopify’s template is one of the most beginner-friendly options you’ll find. It’s comprehensive, well-written, and helps you fill out every section.
What are the 5 essential parts of a business plan?
The five essential parts of a traditional business plan include:
- Executive summary: This is a brief overview of the business plan, summarizing the key points and highlighting the main points of the plan.
- Business description: This section outlines the business concept and how it will be executed.
- Market analysis: This section provides an in-depth look at the target market and how the business will compete in the marketplace.
- Financial plan: This section details the financial projections for the business, including sales forecasts, capital requirements, and a break-even analysis.
- Management and organization: This section describes the management team and the organizational structure of the business.
Are there any free business plan templates?
There are several free templates for business plans for small business owners available online, including Shopify’s own version. Download a copy for your business.
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- How to Apply for a Credit Card
- How to Cancel a Credit Card
- Ways To Pay Off Credit Card Debt
- Why Your Credit Card Was Declined
- How to Get Out of Credit Card Debt
- What to Know About Credit Card Minimum Payments
- What Is a Credit Card and Should You Get One?
- How Do Credit Cards Work in Canada?
- What Are the Different Types of Credit Cards?
- How an International Credit Card Works
- Common Credit Card Terms and Conditions
- Credit Card Fees and Charges
- Credit Card Interest Calculator
- First-Time Home Buyer Incentive
- Tax-Free First Home Savings Account
- Home Equity Loan
- How a Reverse Mortgage Works
- Home Equity Line of Credit
- Mortgage Renewal
- Getting a Second Mortgage
- How to Refinance a Mortgage
- How Does Mortgage Interest Work?
- Realtors vs Real Estate Agents vs Brokers
- Is Canada’s Housing Market Crashing?
- Types of Houses in Canada
- First-Time Home Buyer Grants and Assistance Programs
- Types of Mortgages in Canada: Which Is Right for You?
- How Does a Mortgage Work in Canada?
- What Is an Interest Rate?
- Guaranteed Investment Certificate (GIC)
- Savings Account Guide
- Common Canadian Bank Fees and Charges
- Types of Bank Accounts in Canada
- EQ Bank Review
- Simplii Financial Review
- Tangerine Bank Review
- National Bank of Canada Review
- CIBC Review
- Scotiabank Review
- TD Bank Review
- What Is Canadian Investor Protection Fund (CIPF) Coverage?
- How Capital Gains Tax Works
- Investing for Canadian Beginners
- Understanding Asset Classes in Investing
- Understanding Fixed-Income Investments
- How to Invest in Stocks
- What Are T-Bills
- What is a Bond
- What is Registered Disability Savings Plan (RDSP)
- What Are Mutual Funds
- What is an ETF (Exchange Traded Fund)
- What Is Forex Trading
- What Is Cryptocurrency and How Does It Work
- What Is a Stock
- What is Old Age Security and How Does It Work
- What is Registered Retirement Income Funds (RRIFs)
- How a Life Income Fund (LIF) Works for Retirement
- What Is An In-Trust Account
- What Is a Locked-in Retirement Account (LIRA)
- How Much Money You’ll Need To Retire
- Defined Benefit vs. Defined Contribution Pension Plans
- Can Annuities Fund Your Retirement?
- What Is a Personal Loan?
- Personal Loan Insurance: Do You Need It?
- What Is a Secured Personal Loan?
- What Is a Payday Loan?
- What Is a Pawn Loan?
- What Is a Car Title Loan?
- Small Business Loan vs Personal Loan
- Personal Loan vs. Line of Credit
- Personal Line of Credit vs Home Equity Loan:
- Personal Line of Credit vs Car Loan
- HELOC vs Personal Loan
- Debt Consolidation vs Personal Loan
- Cash Advance vs Personal Loan
- Business Loan vs Personal Loan
- Price Matching Tips to Help You Save Big
- How to save for Wedding
- How to Save Money on Groceries
- Ways to Save on Your Next Family Vacation
- Tips to Help You Save On Gas
- How to Save Money in 8 Easy Steps
- Passive Income: What It Is and How to Make It
Budgeting 101: How to Budget Your Money
- Ways to Make Money Online and Offline in Canada
- How Do Credit Inquiries Work?
- What is the Ideal Credit Utilization Ratio?
- What Credit Score is Needed for a Credit Card?
- How to Get a Better Credit Score
- What is a Good Credit Score in Canada?
- Personal Finance
How to Start a Small Business in Canada: 10 Essential Steps
Starting a business can seem daunting, but getting started on your entrepreneurial journey doesn’t have to be as scary as you think. Here’s a quick and easy breakdown of starting a small business in Canada.
1. Find a business idea
Whether you’re starting a side hustle or have dreams of a multi-million dollar corporation, the first thing you need to do is to come up with a plan or a strategy. Ask yourself: What will you provide, and who are your target customers?
Business experts point to two main tips for those looking to start a business.
- Will your business provide the solution to a problem?
- Do you know the industry inside and out?
If your business idea checks off both of those boxes, it is probably worth pursuing.
2. Create a business plan
Take the time to do the research and create a strong business plan. It doesn’t need to be a 100-page PDF, but you’ll need some figures, estimates and an understanding of your cash flow to back up your proposal. The more realistic and well-researched your plan is, the more likely you are to obtain financial support from the bank or another lender.
3. Choose a name for your business
Chances are you already have some ideas in mind, but there are a few things to consider before you commit to a business name.
- Does the name make it obvious to customers what you are selling?
- Does it reflect positively on the business?
- Is it easy to pronounce, spell and remember?
- Is it unique enough to avoid any potential legal issues?
Once you settle on a business name, you’ll want to make sure it’s available. If the name has already been taken, you can’t legally use it. But legality aside, you also want a unique name to avoid confusion.
You can start with an internet search on your preferred business name but be sure to dig deeper. Search national name databases in Canada, such as Nuans and Canada’s Business Registries , and provincial and territorial databases.
4. Register your new business with the government
You may or may not have to register the name of your start-up, depending on how the business is structured. You don’t need to register if you are the sole proprietor operating under your legal name, like a freelancer. However, if your business is a partnership or corporation, you do need to register the name, and you may also want to register a trademark.
Further registration requirements will again depend on the type of business structure you use, and where you set up shop. The Government of Canada’s website offers links to start-up business support for each province/territory.
5. Apply for any required permits and licenses
The requirements for what kinds of permits and licenses you may need before launching your business vary depending on your location and the type of business you’re running. Still, they may be necessary at all three levels of government.
BizPal has a handy online search tool that allows you to enter your business’s location (municipality) and industry type to find out which permits and licenses you require.
6. Apply for a CRA business number
On top of business permits and licenses, you’ll also want to apply for a business number, used for income tax purposes. You can do this online or by phone through the Canada Revenue Agency (CRA).
Make sure to research the basics of paying taxes when you’re self-employed.
7. Open a business bank account
It’s a good idea to keep your business banking separate from your personal banking, and using a business bank account is the easiest way to do this.
Business bank accounts function like regular bank accounts but often also include features and perks designed for different business types’ varying sizes and needs.
8. Apply for a business credit card
A business credit card is another great way to keep your personal finances separate. The best business credit cards operate like a personal credit card and come in handy when purchasing supplies, meals for clients, gas for company vehicles, and other business expenses.
9. Get financing to fund your business
Launching a new business can be a costly endeavour. So, even if you have some healthy savings set aside for your start-up, you may need some help.
To get funding for your small business, consider asking friends or family to invest in the venture or give you a loan. You can also go the traditional route and borrow money from a bank or another lender. Remember, you’ll need a good business plan to be approved!
It’s worth noting that the Government of Canada also offers many small-business grants, including options for First Nations businesses, new immigrants to Canada and even former military members. Take a look at this Business Benefits Finder to see if anything applies to you.
10. Ask for help
It takes a lot of work to start your own business. Thankfully, however, several resources are available to help you get up and running. Take the time to do your research along the way and, if you like, consider working with a mentor who can guide you through the entrepreneurial process.
About the Author
Hannah Logan is a freelance writer and blogger who specializes in personal finance and travel. You can follow her personal travel blog EatSleepBreatheTravel.com or find her on Instagram @hannahlogan21.
DIVE EVEN DEEPER
A budget is a plan that helps you manage your money so you can spend and save wisely. Learn how to make a budget — and how to stick to it.
Understanding the Main Types of Debt
Debt can be divided into several types: secured and unsecured, good and bad. Other types of debt include credit card debt, student loans, medical bills and mortgages.
Do You Need a Business Bank Account?
A business bank account allows a company or a self-employed person to perform banking transactions under a business name.
What Is a Business Credit Card?
A business credit card is a way to charge expenses related to a company. Size and financial needs of the company should be considered before getting a business credit card.
- Best Business Plan Software In Canada
The Forbes Advisor editorial team is independent and objective. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive payment from the companies that advertise on the Forbes Advisor site. This comes from two main sources.
First , we provide paid placements to advertisers to present their offers. The payments we receive for those placements affects how and where advertisers’ offers appear on the site. This site does not include all companies or products available within the market.
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Best Business Plan Software In Canada For June 2024
Updated: Jun 3, 2024, 12:18pm
Fact Checked
Writing a business plan not only helps you stay on track as you start a new business but it can also help you secure funding. You can create one from scratch with a simple template, but business plan software often has features to make it easier, more nuanced and overall better. It could even make the difference between bringing investors on board and going it alone. So, Forbes Advisor Canada found the best business plan software that has the features you need at an affordable price.
The Best Business Plan Software of 2024
Business sorter, forbes advisor ratings, methodology, how to choose a business plan software, benefits of business plan software, frequently asked questions (faqs).
- Best Project Management Software
- Best Free Project Management Software
- Best Task Management Software
- Wrike: Best overall
- Smartsheet: Best for goal management
- LivePlan: Best for financial forecasting
- Aha!: Best for roadmapping
- Bizplan: Best for beginners
- IdeaBuddy: Best for ideation
- iPlanner: Best for no-frills business planning
- Enloop: Best for automatic business plan creation
- AchieveIt: Best for consultant groups
- Business Sorter: Best for teams
BEST OVERALL
Starting price
Free; $9.80 USD ($13.17 CAD) per user
Team messaging
Roadmapping.
Wrike is a project management (PM) tool that works well as business plan software because it gives you tools to help you gather and compare your data. Wrike makes it easy to start your business plan with its collaboration tools, business plan templates, drag-and-drop interface and goal management features. Another benefit of using Wrike to build your plan is that you see your ideas and goals from multiple views: Gantt chart, calendar or board views.
There are a few reasons why it’s a good idea to use Wrike for your business plan. First, you can map out exactly what your business goals are in a project, invite teammates to collaborate and message business partners to discuss everything. Plus, you can export your data when you’re ready to put all the details into a presentation to hand over to potential investors.
Wrike offers a free plan that’s good for putting your vision down in task and project form, but you may want to upgrade to a paid plan to invite collaborators, get custom workflows and add more views and automations. Paid plan pricing ranges from $9.80 USD ($13.17 CAD) per user, per month, to $24.80 USD ($33.27 CAD) per user, per month, both billed annually.
Who should use it: Wrike makes it easy for any new business owner to create a business plan and collaborate with others on financial and operational goals. Plus, it provides value after you finalize your business plan because it’s a good pick for a PM tool.
- Roadmapping ability
- Multiple views (Gantt, calendar and board)
- Business plan templates included
- Goal management via projects and tasks
- Free plan available
- Affordable plans
- No pitching tools
- No financial tools
BEST FOR GOAL MANAGEMENT
$9 CAD per user, per month
(billed annually)
(added cost)
Using PM software like Smartsheet is a good idea for starting a business plan because it includes all the tools you need to collaborate and plan across multiple teams or stakeholders. It’s especially good for real-time goal management. Get your ideas in place, go over market and competitive research from other teammates and finalize everything together.
Smartsheet won’t help you write your business plan, but it does give you a place to compile all the data and then you can use one of its free business plan templates. As you figure out your milestones, you can invite an unlimited number of viewers to see how it’s going. The only downsides are that Smartsheet doesn’t have a native messaging app (you’ll have to use an integration), only commenting is allowed and there’s no free plan.
Paid plans from Smartsheet cost $9 CAD per user, per month, or $33 CAD per user, per month (billed annually for both). The low-priced Pro plan limits you to 10 editors, but the Business plan allows unlimited editors (but it also has a three-user minimum).
Who should use it: Smartsheet lets you make changes in real-time, so it’s a good option for those who are just starting to piece together a plan and looking for a way to manage ideas and goals before finalizing a business plan.
- Discounts for non-profits available
- Automations on every plan
- Popular integrations allowed on low-tier plan
- 30-day free trial
- No free plan
- Only 10 viewers allowed on low-tier plan
- Three-user minimum on Business plan
BEST FOR FINANCIAL FORECASTING
$15 USD ($20.12 CAD) per month
One of the strongest cases for using LivePlan to create your business plan is its financial forecasting. It isn’t just a single feature, rather it’s a tool that lets you turn your balance sheet and cash flow statements into charts, graphs and what-if situations to help you show possible investors the best- and worst-case scenarios for your business.
There are two plans available: Standard or Premium (there is no free plan). The low-priced plan, which costs $15 USD ($20.12 CAD) per month (billed annually), doesn’t limit your contributors or guests and includes instructions to help you complete a business plan. It even includes financial forecasting features and more than 500 sample plans to get you started.
The Premium plan costs $30 USD ($40.24 CAD) per month (billed annually), but it’s full-featured. You get a milestone planner and industry benchmark data, which can save you research time. Another timesaver: At this plan level, you can integrate QuickBooks or Xero to add your financial data seamlessly.
Who should use it: LivePlan is business plan software that includes prompts and accounting software integrations, making it great for new business owners that want easy financial forecasting.
- Unlimited guests and contributors
- Export finished business plan as PowerPoint presentation
- Includes step-by-step instructions with prompts
- 35-day money-back guarantee
- No free trial
BEST FOR ROADMAPPING
$59 USD ($79.12 CAD) per user, per month
Every business plan starts with strategy and Aha! makes it easier to map out what you plan to do to get from point A to point Z. Aha! is primarily roadmapping software that product teams use to plan features, products or bug fixes. Any business in any industry can use it to shape ideas and strategy into plans and milestones.
Much like product development, business plans have phases and Aha! is ideal for the first few phases of business planning. Although you won’t find a scorecard feature with Aha! Roadmaps, you can score and prioritize your business vision and goals. Finally, you can present your plan to viewers (stakeholders) before you create your official business plan and secure funding.
There are three plans from which you can choose: Premium at $59 USD ($79.12 CAD) per user, per month; Enterprise at $99 USD ($132.75 CAD) per user, per month; and Enterprise+ at $149 USD ($199.80 CAD) per user, per month, all billed annually. The only reason to upgrade to either Enterprise plan is if you want to add on automation, development tools and custom worksheets and tables.
Who should use it: Aha! Roadmaps is a great tool to help you strategize and get your ideas for your business in one place. You can use the presentation feature to share your business’s roadmap on your way to creating your finalized business plan.
- User-friendly interface
- Ability to score and prioritize ideas
- Share roadmaps with others
- Expensive for business plan creation
- Has a bit of a learning curve
BEST FOR BEGINNERS
$20.75 USD ($27.82 CAD) per month
Bizplan is specifically for business plan creation. It offers a guided walkthrough of each section you need for a complete business plan to use for funding or pitching to partners. Plug in the information, from your mission and goals to financial forecasts, and Bizplan will do the math and create the visual charts you need to get your point across.
Bizplan is very easy to use because it includes prompts and questions that take away the manual effort of figuring out what you need, so you can simply focus on providing the answers. When you’re satisfied you included all the data needed, you can invite stakeholders and consultants to look it over and add comments for approval or change requests. A unique feature of Bizplan is it gives you access to Fundable, a crowdfunding platform, on which you can share your business plan to try to generate funding.
Monthly pricing costs $29 USD ($38.89 CAD), but you can opt for annual pricing that averages to $20.75 USD ($27.82 CAD) per month. If you expect to need business plan software for much longer than a year, there’s a lifetime access option for $349 USD ($468.01 CAD) flat. All plans come with all features and access, including business courses, business planning tools and a route to investors.
Who should use it: If it’s your first time creating a business plan, Bizplan is a great choice to help guide you through all the sections you need to include in your plan for potential investors and partners.
- Monthly, annual and lifetime plans
- Unlimited business plans
- Unlimited collaborators
- Step-by-step instructions
- Modular, drag-and-drop interface
- Online business courses
- Access to Fundable
- Financial forecasting
- No roadmapping tools
- Lack of customization
- Only integrates with Xero
BEST FOR IDEATION
Free; $7 CAD per month
IdeaBuddy is a basic business plan tool that lets you start for free, which is great for beginners who aren’t quite ready to create a plan. The idea plan feature is great because it lets you lay out your business plan on one page, giving you an overview. There are built-in sticky notes for brainstorming and custom templates to start you off with a bit of a guide (or just create your own).
Another great feature of IdeaBuddy is the whiteboard, which lets you drag and drop various elements, draw on them and collaborate with others to come up with your perfect business idea. That feature is locked behind the highest tier, so you’ll have to pay $26 CAD per month (billed annually) to use it. However, that plan also gives you up to 10 collaborators and 10 ideas.
Other plans are more limiting: The free plan is for a solopreneur who has a single idea to work on and the Dreamer plan is $7 CAD per month while the Founder plan is $13 CAD per month, both billed annually. The Dreamer plan is also limited to one idea, but you get one collaborator, while the Founder plan gives you up to three ideas and three collaborators. Plus, you’ll get access to the paid plans to export and share your plan with viewers.
Who should use it: IdeaBuddy is just what it sounds like: It’s best for ideation. You can create a full-fledged business plan, but this program is best suited for the very beginning stages of business creation.
- Free forever plan
- Affordable paid plans
- Monthly and annual billing options
- Easy to use
- Export to Word, Excel or as PDF
- Flexible whiteboard feature
- May be too basic for some users
- Doesn’t offer much guidance
BEST FOR NO-FRILLS BUSINESS PLANNING
$59 USD ($79.12 CAD) for one year
Business plan software doesn’t have to be fancy to be effective, and iPlanner certainly fits that bill. It’s been around since 2007 and it doesn’t appear to have updated its look or functions. The browser-based business planning software gives you a place to build out your business model and a business plan.
There are two different software options from iPlanner: Strategy Designer and -Framework. The Strategy Designer costs $59 USD ($79.12 CAD) for three plans, but it’s a one-time fee for the year. Choose it if you want a more condensed and no-frills kind of business plan. You can export it to Word or as a PDF.
Who should use it: iPlanner is best for those who have created a business plan before and don’t need hand-holding or fancy features.
- Business modelling option
- Samples on site for demoing
- Export to Word or as PDF
- No free plan or trial
- Not a lot of guidance
- Outdated interface
BEST FOR AUTOMATIC BUSINESS PLAN CREATION
$11 USD ($14.75 CAD) per month
Enloop is a unique business plan app that generates a business plan for you based on the information you provide. You can edit the text Enloop writes for you to make it more specific or change numbers in your financial forecasts as you see fit. Enloop offers a scorecard that updates as you change things, finish sections and make your business plan overall better.
Then Enloop compares your financial forecasts to industry standards, so you don’t have to do the research. The software shows you up to 16 ratios, such as sales, inventory and payables and then shows you what the average is for your industry as it compares to your financials. Enloop then gives you either a pass or fail so that you can modify your plan before you put anything into play.
Although Enloop doesn’t offer a free plan, there is a free trial for one week so you can see if it’s right for you. The Detailed plan costs $11 USD ($14.75 CAD) per month while the Performance plan is $24 USD ($32.18 CAD) per month, both billed annually. The biggest difference between the two plans is how many financial ratios Enloop analyzes: The Detailed plan only gets three ratios and Performance plan gets 16.
Who should use it: Enloop is best for those who have some experience creating business plans, not necessarily for those who are starting from scratch as there are no brainstorming or strategizing tools included. Use Enloop to create business plans quickly.
- Three business plans for each tier
- Generates a business plan automatically
- Compares your financials to industry standards
- Seven-day free trial available
- Scorecards indicate odds of success
- No messaging team members through app
- Not meant for strategizing
BEST FOR CONSULTANT GROUPS
Contact sales
Not everyone wants to go it alone when creating business plans and consultants are often hired for industry expertise and business plan creation. AchieveIt offers generous plans that won’t limit the number of plans and projects you can create, so you can work on multiple business plans at one time.
Specifically, AchieveIt is planning software meant for medium to large teams to work on projects simultaneously. For business planning, it’s a great option for those strategizing and analyzing a variety of data points with multiple people—all of AchieveIt’s plans have a minimum requirement of 20 users.
Unfortunately, pricing is only available by contacting the sales department. There is no pricing listed on company’s website
Who should use it: AchieveIt is a good choice for large businesses that need planning software and for business plan purposes, it makes most sense for established consultant groups.
- Unlimited plans and projects
- Collaboration tools
- Goal management
- 20-user minimum
- Pricier than most competitors
- Integrations at added cost
BEST FOR TEAMS
$10 USD ($13.41 CAD) per month
When you’re ready to craft your business plan, it can help immensely to have business planning software like Business Sorter. The cloud-based app makes it easy for you to start a plan and kicks off your business planning with a SWOT analysis (strengths, weaknesses, opportunities, threats). Then, you can follow a guide to build your plan with each section divided by areas. After which, you can choose cards to help steer you toward the right objectives and goals for your business.
You won’t find roadmapping tools in Business Sorter, but the card system keeps you on track (and even gives you goals you may not have considered). As you prioritize goals, you’ll find steps you need to take that guide you to completing your business plan. Every plan allows multiple users, so you can collaborate on what takes precedence.
Plans start at $10 USD ($13.41 CAD) per month, billed annually, and allow you to have three users on board. For 10 users, the Medium plan costs $30 USD ($40.23 CAD) per month, billed annually, and if you need 30 users, the Large Team plan will run you $80 USD ($107.29 CAD) per month, billed annually. It’s one of the most affordable business planning apps for teams.
Who should use it: Although Business Sorter doesn’t offer a messaging tool, it’s still one of the best options for teams. You don’t have to pay per person, but you can add multiple people to the account to work on creating business plans.
- Easy-to-use business plan templates
- Free trial available
- Card system helps guide your goal setting
- Create up to 40 business plans
- Plans limit user count
- No messaging in app
- Very limited integrations
| Company | Forbes Advisor Rating | Starting Price | Team messaging | Learn More CTA text | Learn more CTA below text | LEARN MORE | Roadmapping |
|---|---|---|---|---|---|---|---|
| Wrike | Free; $9.80 USD ($13.17 CAD) per user, per month | Yes | Yes | ||||
| Smartsheet | $9 CAD per user, per month (billed annually) | Yes (added cost) | Yes | ||||
| LivePlan | $15 USD ($20.12 CAD) per month (billed annually) | Yes | Yes | ||||
| Aha! | $59 USD ($79.12 CAD) per user, per month (billed annually) | Yes (added cost) | Yes | ||||
| Bizplan | $20.75 USD ($27.82 CAD) per month (billed annually) | Yes | No | ||||
| IdeaBuddy | Free; $7 CAD per month (billed annually) | No | No | ||||
| iPlanner | $59 USD ($79.12 CAD) for one year | No | No | ||||
| Enloop | $11 USD ($14.75 CAD) per month (billed annually) | No | Yes | ||||
| AchieveIt | Contact Sales | No | No | ||||
| Business Sorter | $10 USD ($13.41 CAD) per month (billed annually) | No | No |
| 3 | ||||
|---|---|---|---|---|
| 3 |
Financial, human resources and performance information for the CRA’s program inventory is available on GC InfoBase .
More detailed results and explanations are found in the CRA's Departmental Results Reports .
B. Benefits administration
The CRA’s core responsibility for benefits administration is to ensure that Canadians:
- get the support and information they need to know what benefits and credits they may be eligible to receive;
- receive their benefit and refund payments in a timely manner;
- have avenues of redress when they disagree with a decision on their benefit eligibility.
The CRA uses its federal tax delivery infrastructure to administer almost 200 services and ongoing benefits and one-time payment programs for the provinces and territories, including:
- Canada child benefit
- goods and services tax/harmonized sales tax credit
- children’s special allowances
- disability tax credit
- Canada workers benefit
- provincial and territorial programs
These services and benefits contribute directly to the economic and social well-being of Canadians by supporting individuals, families, children, and caregivers.
The following CRA program supports the core responsibility for benefits administration:
- Benefits – The CRA ensures that Canadians obtain the support and information they need to know what benefits they may be eligible to receive, that they receive their benefit payments in a timely manner, and have avenues of redress when they disagree with a decision on their benefit eligibility.
Supporting information on planned expenditures, human resources, and results related to CRA’s program inventory is available on GC InfoBase
- Planned spending Footnote 4 : $12,294,047,102
- Planned full-time resources: 2,360
For each result related to benefits administration, the following table shows the approved performance indicators, results from the three most recently reported fiscal years, and the targets to be achieved by March 31, 2025.
Table 2: Performance indicators, results, and targets for benefits administration
| 5 | ||||
Internal services
Internal services are the services provided within a department so it can meet its corporate obligations and deliver its programs. There are 11 categories of internal services:
- management and oversight
- communication
- human resource management
- financial management
- information management
- information technology
- real property management
- material management
- acquisition management
- Planned spending: 1,043,543,907
- Planned full-time resources: 7,565
Strategic priorities and plans to deliver
1. deliver seamless client experiences and tailored interactions that are digital first.
The CRA will ensure that its services are delivered in an efficient, timely, and easily accessible manner for all Canadians in the official language of their choice. This is a continuation of its People First Philosophy and key to improving Canadians’ satisfaction with the CRA’s service and key to improving Canadians’ satisfaction with the CRA’s service and their perception of the CRA. Understanding people’s needs, expectations, and experiences remains crucial in helping the CRA create and improve programs and services, which is making a difference in its culture. An internal service culture survey confirmed that clients’ needs are at the forefront of employees’ minds as they conduct their work.
Continuing to improve services for Canadians requires a digital transformation, to keep pace with technological change and evolve into a modern, digital tax and benefits administration. The CRA is using the Government of Canada’s Digital Standards as an essential part of its digital transformation with the goal of making it easier for Canadians to access information, apply for benefits, and meet tax obligations digitally. The CRA is striving to become an organization where people are equipped and empowered to adapt to new ways of working and thinking, where processes are updated, reimagined, and shared within the CRA. It is also working to make sure the technology is designed and adapted through modern, agile, secure and user-centric approaches.
The CRA is making significant investments in modern information technology (IT) platforms and tools. The evidence coming from web analytics, user feedback, and call centre data has helped the CRA improve online interactions and tasks. In May 2023, web content improvements on Canada.ca made it easier to find, navigate, and use information to settle the taxes of a deceased person. Accelerating the adoption of modern application development practices and experimenting with emerging technologies will continue to advance the CRA’s digital transformation journey.
Additionally, the CRA is continuing the transformation of the Scientific Research & Experimental Development (SR&ED) program to further improve the service experience it provides to businesses. This program is the largest single source of federal government support designed to advance research and development in Canada and provides on average $3.4 billion annually in tax credits to over 17,000 businesses. The SR&ED Program is accelerating the use of digital tools that will make it easier for businesses to access tax incentives. Recent results include:
- launching an interactive version of the SR&ED Self-Assessment and Learning Tool (SALT) , and
- adding a new feature for claimants to submit their SALT summary results in My Business Account to request pre-claim services.
This work helped to optimize the CRA’s Web presence and client experience by enabling individuals and businesses to easily access clear, timely, and accurate information about incentives, expenditures and investment taxes and credits on Canada.ca.
The CRA is dedicated to providing a simple client experience that meets Canadians’ service expectations. The CRA’s digital transformation will simplify and streamline tax processes for taxpayers and practitioners, making the application process for benefits simpler and online portals easier to access. For example, intuitive and interactive portals, new chatbots, and online chat services with live agents will make it easier for clients to access a wide range of services and information.
The CRA will also create an internal Accessibility Hub, which will house resources for employees to use to design and deliver programs and services that are easy to access by all Canadians, including persons with disabilities. The CRA will implement a performance measurement framework for accessibility, which will assess the CRA’s overall level of accessibility across all aspects of its operations.
The CRA will work to further integrate service delivery for Canadians. The CRA is supporting the Government’s examination of the ways the full suite of government services are delivered for Canadians. It is working closely with Service Canada to identify opportunities to expand the current range of services offered on behalf of the CRA to make life easier for Canadians.
The ePayroll project is a significant project that will simplify client interactions by making them digital. With the support of Employment and Social Development Canada and the Treasury Board of Canada Secretariat, the CRA has been preparing to build and implement an ePayroll service. The ultimate outcome is envisioned to be a near real-time information service that will modernize and streamline the way Canadian employers provide payroll, employment, and demographic information to multiple departments and agencies of the Government of Canada. This service will improve the speed and accuracy in delivering government services and benefits to Canadians while reducing the administrative burden on Canadian employers and businesses of all sizes. Phase I of the ePayroll project is focused on developing a fully costed implementation plan by March 2024.
Our commitments to Canadians in 2024–25:
- Provide accessible and flexible digital options for Canadians to contact the CRA with expanded chat services.
- Leverage the current direct deposit service through financial institutions’ technology to enable first time filers to sign up for direct deposit.
- Enable clients (individuals, businesses, representatives) to easily track the progress of their requests online through the secure portal and receive electronic notifications of any status changes.
- Provide additional digital notification functionality, on an opt-in basis, within My Business Account.
- Allow claimants of the SR&ED tax incentives to access simplified information and tools, start to build their claim, and track the status of their submitted claims through a Client Portal.
- Improve end-to-end client journeys by enhancing the ways in which CRA collects, responds to and uses client feedback.
One of the CRA’s primary goals is to ensure Canadians are aware of, and receive the benefits and credits they qualify for. The CRA has taken important steps to improve access to benefits for underserved populations and Indigenous communities. This work must continue to recognize the unique challenges some Canadians face. The CRA will intensify its engagement and support initiatives to ensure that Canadians have access to the benefits to which they are entitled.
Through the CVITP, community organizations hold free tax clinics to help modest-income individuals file their income tax and benefit returns. The number of returns filed through the CVITP increased by 15% from 640,000 in 2021 to 738,280 in 2022. The refund, credit and benefits entitlements amounts through the CVITP have increased from approximately $ 1.5 billion in 2021 to $ 1.8 billion in 2022. The CRA is focused on reaching underserved populations and is continuing to work with community organizations to raise awareness about available benefits, and how to access them. For the 2024–25 fiscal year, the CRA plans to increase the number of returns filed through the CVITP by a further 10%.
The CRA has continually worked to help Canadians access the benefits designed to assist them. In 2016–17, the CRA launched the Non-Filer Benefit Letter Initiative to encourage taxpayers (benefit recipients in particular) to file their income tax returns so they can receive the benefits and credits they qualify for. In 2022–23, the CRA sent 197,471 letters, which resulted in 35,673 returns filed, refunds of $21.6 million, and $23.7 million in credits and benefits paid to eligible Canadians.
1B. Improve access to benefits, particularly for underserved populations
- Improve how the CRA measures the take-up of benefits for hard-to-reach populations by leveraging data to better understand the characteristics of the population that is not receiving the benefits to which they may be entitled.
- Offer free tax help and education for small businesses about their tax obligations by increasing awareness of the Liaison Officer service, with a focus on Indigenous people and newcomers to Canada who are self-employed or operating a small business.
- Improve access to benefits for vulnerable Canadians by increasing the number of clients served through the CRA’s CVITP.
- Support reconciliation by implementing the CRA’s Indigenous Strategy (2024–2027), which outlines initiatives that build long-lasting and meaningful relationships with Indigenous communities and tailor services for Indigenous clients.
Many low-income Canadians miss out on valuable benefits and support they are entitled to, such as the Canada child benefit and the guaranteed income supplement. To ensure more low-income Canadians are able to quickly and easily auto-file their tax returns, Budget 2023 announced that the federal government will increase the number of Canadians eligible to use the File my Return service. The CRA will also pilot a new automatic filing service that will help vulnerable Canadians who currently do not file their taxes, to receive the benefits they qualify for.
Since 2018, the CRA has delivered a free and simple File my Return service. This service allows eligible Canadians to auto-file their tax return over the phone after answering a series of short questions. The CRA sends Canadians with simple tax situations and lower or fixed income an invitation letter to use the services. For the 2022 tax filing season, approximately 53,000 returns were filed using this service.
Our commitment to Canadians in 2024–25:
- Ensure more low-income Canadians are able to quickly and easily auto-file by increasing the number of persons eligible for File my Return (SimpleFile by phone).
Perspectives to 2026–27 and beyond:
- Enable individuals and businesses to easily access clear, timely, and accurate information about taxes, benefits, and credits on Canada.ca by optimizing the CRA’s Web presence and client experience.
- Enable secure, two-way, fully electronic communication and service delivery to Canada’s registered plans sector by implementing the Registered Plans Application Suite Portal.
- Identify opportunities to reduce the burden of some government services for Canadians by better leveraging in-person Service Canada centres.
Quality of life impacts
In its role as the administrator of benefits and credits, the CRA contributes to the Household income and Financial well-being of individuals and families’ quality of life indicators. These contributions can lead to poverty reduction, impacting the Poverty indicator, by providing vulnerable populations and Indigenous communities with better access to the benefits and credits to which they are entitled.
The CRA continually monitors its internal and external environments for events that could affect whether it achieves its strategic priorities and objectives.
The CRA has identified that there is a risk that its services and client interactions may not meet the expectations of those it serves, both internally and externally. The rapid growth of digital options throughout the Canadian economy over the past few years has raised clients’ expectations for similarly modern, digital options when they deal with the CRA.
To mitigate this risk, the CRA is leveraging user research, further enhancing its secure online portals, and optimizing content on Canada.ca to enable clients to find information more easily and quickly. The CRA is also continuing to improve telephone services at its call centres by decreasing wait times and offering other service channels to reduce call volumes.
- Gender-based Analysis Plus
A full GBA Plus analysis was conducted for the CRA’s Chat Services Project. As a result of this analysis, there were groups identified who would not be able to fully benefit from the use of general digital services. To mitigate potential impacts, the CRA will maintain the availability of non-digital service delivery channels including phones, paper correspondence and filing, and the Community Volunteer Income Tax Program (CVITP), to ensure the needs of all Canadians are met.
The CRA will also continue to develop and implement comprehensive communications products and strategies related to digital services, and will continue to raise awareness of the support and tools that are available among vulnerable groups of Canadians. Additionally, detailed research into accessibility requirements for persons with disabilities has been conducted and accessibility features will be implemented in the digital services offered through the Chat Services Project.
The CRA performs GBA Plus analysis and applies GBA Plus principles through the development and enhancement of its online portals to ensure inclusive outcomes for Canadians.
The CRA is working toward the following goals when designing its programs and services:
- Inclusive Design Process: using GBA Plus to include persons with disabilities in the design or redesign of programs and services, reducing or removing barriers for inclusive access.
- Accessibility Plan for Client Service: developing an Accessibility Plan for client service to ensure that GBA Plus is applied in creating programs and services, aligning with the priority of delivering seamless digital experiences.
The CRA undertook a GBA Plus analysis and research through an economic study to assess the level of participation in the tax system of Canadians and various segments of the population including Indigenous Peoples. Further GBA Plus factors were explored. The results of these analyses will be used to prioritize outreach activities and communications products.
Sustainable development
The CRA will continue to work with all of its partners to advance Sustainable Development Goals (SDG) 1 and 10 in support of the strategic priority to deliver seamless client experiences and tailored interactions that are digital first.
- The CRA supports the reduction of poverty through the delivery of the Canada Child Benefit, the CVITP, and the Benefits Outreach Program.
- The development of CRA’s first Indigenous Strategy will support reconciliation with Indigenous Peoples and assist in the implementation of the United Nations Declaration on the Rights of Indigenous Peoples Act .
More information on the CRA’s contributions to Canada’s Federal Implementation Plan on the 2030 Agenda and the Federal Sustainable Development Strategy can be found in its Departmental Sustainable Development Strategy .
2. Combat aggressive tax planning and tax evasion
The CRA recognizes that tax evasion and aggressive tax planning are complex issues as they often revolve around secrecy and hiding assets, transactions, income, and wealth. The reasons of these actions can range from deliberate misrepresentation to elaborately coordinated avoidance and evasion schemes. The CRA is aware of the cost of these actions to the treasury and works diligently to ensure that those who choose to break the law face consequences for their actions. Catching tax cheats and ensuring a level playing field is an important driver of Canadians’ perception of the CRA, and their willingness to voluntarily comply with their tax obligations.
The CRA continues to identify and shut down tax schemes and illegitimate tax shelters through increased audits of tax promoters and advisors, improved intelligence gathering, and better communication with taxpayers. Those who choose to participate in or promote these schemes may face serious consequences, including penalties, court-imposed fines, and possibly even jail time. The CRA issues regular warnings about tax schemes to taxpayers through tax alerts, news releases, fact sheets, media advisories, forms, and publications. The CRA received funding in the 2020 Fall Economic Statement to increase audit resources and improve the business intelligence used to identify the highest-risk files within the high net worth (HNW) population. The HNW population is capable of hiding their residency status and their assets offshore, creating significant challenges for the CRA when gathering information. This funding has allowed the CRA to increase its technical expertise, risk assessment data, and to identify the highest risks of non-compliance. With these improvements, the CRA will continue to make efforts to ensure that everyone pays the taxes they owe, and increase the visibility of its compliance activities.
The CRA is continuing its efforts to combat schemes designed to obtain unwarranted GST/HST refunds. Carousel schemes involve complex networks of entities working together to create a fictitious supply chain which are difficult to detect. Through investments, the CRA is implementing measures to better target its resources and expand its business intelligence and data analytics tools to combat these schemes. As part of its multifaceted strategy, the CRA reviews accounts early in the filing history to close suspicious accounts, effectively disrupting schemes early in their lifecycle. Additionally, the CRA collaborates with domestic and international partners to inform its strategy and prevent organized schemes from persisting.
Continued international collaboration through the Forum on Tax Administration (FTA) of the Organisation for Economic Co-operation and Development (OECD) enables the CRA to effectively address non-compliance. Through the FTA, over 50 tax administrations work together on issues of mutual interest to share best practices and improve compliance by putting in place global standards that help to ensure greater tax certainty, transparency, and fairness, as well as prevent tax evasion and avoidance.
With increased transparency and the exchange of financial data under initiatives such as the Common Reporting Standard , Foreign Account Tax Compliance Act , electronic funds transfer data, Country-by-Country Reporting and the Automatic Exchange of Information , it has become more challenging for individuals and corporations to hide assets offshore and evade taxes. New agreements are being negotiated and new tools are being developed to exchange information and support more venues to share best practices. This will give the CRA additional mechanisms to combat these issues.
From Budget 2021, the CRA received an investment of $230 million to improve its ability to collect outstanding taxes; in particular, to collect an additional $5 billion over five years. The targets established, from this investment, for 2021–22 and 2022–23 were exceeded by $274 million, and a total of $1.495 billion in additional outstanding taxes was collected. With the help of this multi-year investment, the CRA will continue to make progress on reducing the tax debt.
The CRA uses a multifaceted and robust approach to combat sophisticated and complex cases of tax planning, evasion, and fraud. The CRA remains dedicated to maintaining the integrity of Canada’s tax system and ensuring that all taxpayers fulfill their obligations. When appropriate, the CRA will refer the cases to the Public Prosecution Service of Canada (PPSC) for possible criminal prosecution. For the five-year period from April 1, 2018, to March 31, 2023, the courts convicted 144 taxpayers for evading the payment of more than $35.1 million in federal tax combined. In 2022–23, all 12 cases referred to PPSC resulted in a conviction. The CRA publicizes criminal convictions and other high-profile enforcement actions through enforcement notifications .
The Government of Canada has made significant investments in recent years to strengthen the CRA’s audit programs. As a result, the CRA has increased its ability to identify and target aggressive tax planning, and increased the volume of its gross audit reassessments. A total of 62,660 audits, excluding all other compliance interventions were completed in 2022–23 which had a fiscal impact Footnote 6 of $14.3 billion. These investments have also given the CRA the opportunity to fund new initiatives and extend existing programs. Some notable initiatives include the GST/HST agile risk assessments and aggressive GST/HST audits, increased audit coverage of the GST/HST Large Business Audit Program, mitigating the risk from the rapid growth in trusts, and strengthening controls in the real estate sector.
Underground Economy (UE) activity negatively affects economic growth in Canada because compliant businesses struggle to compete with those that do not fully comply. These activities can also reduce funding for public programs from healthcare to parks. The 2022+ Underground Economy Strategy puts the CRA in a position to continually identify, prevent, and address UE activities. The CRA does this by monitoring the environment, addressing new and emerging UE-related risks as they occur, and evaluating and improving how it addresses UE activities in Canada.
Following the Minister’s mandate letter , the CRA created its Real Estate Action Plan to expand its capacity to audit real estate transactions. The actions of this plan will help contribute to the Government of Canada’s goal of creating a healthy, competitive, and stable Canadian housing market. This multi-year plan focuses on key activities such as data analytics, increasing the number of data sources used to examine the real estate sector, equipping auditors with tools and training, establishing a program to focus on the platform economy, increasing how many audit activities the CRA conducts, and working with all partners.
- Expand capacity to investigate tax evasion, tax fraud and benefit fraud, both domestically and internationally by continuing to develop new tools, increase resources, improve training and guidance, and build on partnerships.
- Improve risk assessment and screening processes by integrating additional approaches to identify and address potential willful non-compliance in SR&ED tax incentive claims.
- Identify and combat aggressive tax planning arrangements involving charities.
- Recover $250 million in unwarranted GST/HST refund and rebate claims through investments in new analytical tools using new technology, machine learning, and artificial intelligence (AI).
- Combat aggressive tax planning by designing and developing additional teams, tools and methodologies that enhance audit activities of economic entities and non-residents.
- Reduce tax non-compliance in sectors known for UE activity by focusing on various activities that identify, prevent and address transactions in goods or services which are unreported.
- Expand compliance activities regarding real estate transactions by acquiring additional real estate data and more widely disseminating and applying real estate data across the CRA.
- Improve voluntary compliance and tax awareness by expanding outreach and education activities with particular focus on the real estate sector and UE.
The CRA recognizes that voluntary compliance is more cost-effective than enforcement, and that Canadians’ participation in Canada’s self-assessment system is based on their confidence in its fairness. The CRA plays a central role in maintaining tax fairness by administering tax law and regulations impartially, conducting audits, and taking appropriate actions against tax evasion and fraud.
In support of the Minister’s mandate and the CRA’s People First philosophy, the CRA designed the Assisted Compliance Program . This program provides a tailored, client-centric experience by using an education-first approach and addressing non-compliance as early as possible with the appropriate level of intervention. The CRA launched the program in 2022 as a pilot project to bridge the gap between traditional outreach and audits. Since the launch, the program has contacted 2,374 taxpayers.
The CRA is also improving the transparency of the assessment process and tax audits on charities. This work is intended to build trust in the CRA’s work on charities, and to fully demonstrate impartiality in decision-making.
The Canada Emergency Wage Subsidy (CEWS) was introduced at the onset of the COVID-19 pandemic to help businesses keep their workforce by partially offsetting their payroll-related costs. At its height, the CEWS was supporting over 5 million employees across Canada, and it provided $100.3 billion in support to 460,000 employers. One hundred percent of CEWS applications went through an automated prepayment validation and reviews to ensure eligibility. CRA audits conducted of the CEWS amounts claimed show that almost 95% of claims were compliant with the legislation. The CRA continues to conduct post-payment audits of the subsidies paid, and expects that it will audit $16.3 billion in claim amounts. Aggressive non-compliance, such as suspected fraud, will be pursued fully by the CRA. The CRA denied or decreased over $37 million in preparer-linked claims and charged more than $14 million in penalties to these files.
The CRA collects tax and non-tax debts on behalf of the federal, provincial, and territorial governments, as well as for other government departments and agencies. It continues to evaluate new approaches to strengthen and streamline tax collection activities, facilitated by improved IT and data analysis, which allow a more targeted and risk-based approach. During the fiscal year 2022–23, the CRA resolved Footnote 7 a total of $89.1 billion in tax debt. The CRA will continue its robust verification and compliance activities to ensure the integrity of the tax and benefits system for all Canadians.
- Improve the CRA’s ability to use tax gap research and support data-driven decision-making.
- Develop tailored educational products to assist taxpayers in their reporting obligations and prioritize automation in order to minimize administrative burdens by designing the Reporting Fees for Services (RFS) program.
- Ensure compliance with payment obligations by collecting and resolving tax and government programs debt on a timely basis.
- Resolve an additional $1.20 billion in outstanding tax debt as a result of Budget 2021 incremental investments supporting a tax system that promotes fairness.
- Ensure compliance with registration, filing, remitting, and accurate reporting requirements through effective risk assessment.
- Ensuring the integrity of pandemic subsidies by conducting post-payment audits on the CEWS using a risk-based approach, and pursuing suspected cases of willful non-compliance and/or aggressive non-compliance .
- Continue to work towards reforming the international tax system as it applies to large multinational enterprises by engaging with the CRA’s international and domestic partners (including Government of Canada departments, and OECD members) on working towards implementing Pillar One and Pillar Two , and being ready to administer a Digital Services Tax (DST) pursuant to the Government’s longstanding plan for legislation to enact a DST in Canada to ensure that businesses pay their fair share of taxes and that Canada is not at a disadvantage relative to other countries.
- Implement the OECD international framework for the Model Rules for Reporting by Platform Operators with respect to Sellers in the Sharing and Gig Economy .
- Increase awareness of the compliance continuum for charities through publications and promotion of updated web content, as well as targeted messages to the sector.
- Establish and provide training on the management of information for investigations to enhance referrals to the PPSC, and develop new tools and training to ensure investigators and forensic specialists keep pace with sophisticated tax crime.
- Continue to deliver compliance activities focusing on addressing emerging aggressive tax planning and on promoters and advisors in the high net wealth population.
- Modernize risk assessment systems to better manage data and facilitate data-driven decision-making in identifying high-risk files for compliance interventions.
- Develop information technology solutions to provide audit operations with tools that will allow for the ingestion of large volumes of data to help link accounts to complete economic entity audits.
The CRA faces risks as a result of tax practitioners, promoters, and advisors aiding aggressive tax planning schemes, the taxation of crypto-asset transactions, and high net-worth individuals avoiding or evading taxes using aggressive tax planning schemes.
To continue to make sure Canadians trust the CRA to ensure that everyone pays their fair share of taxes, the CRA is taking steps to mitigate these risks. The CRA is engaging with internal and external partners within the tax community to help taxpayers understand how different crypto-asset events affect their tax obligations. As well, the CRA is exploring how to work with third parties to identify crypto-asset holders. The CRA is also performing more audits to better understand the platform economy and ensure that taxpayers are complying with their obligations.
The CRA will continue to use GBA Plus to analyze compliance activities by gender and other diversity factors, where possible, to ensure fair and inclusive outcomes for Canadians. The CRA will analyze algorithms designed through business rules and machine learning to monitor for undue bias. If undue bias is found, the CRA will take steps to mitigate the bias through changes to risk assessment and workload development processes.
The CRA will include descriptive analysis when conducting strategic research. For example, research on the tax gap will include demographic analysis which could expand capacity to report on gender and diversity. The results of this research will be used to make adjustments to CRA programs to improve gender equality, diversity and inclusiveness in order to achieve more inclusive outcomes.
3. Strengthen security and safeguard privacy
The CRA has one of the largest holdings of personal information in Canada and it takes its role in safeguarding this information very seriously. The CRA makes every effort to provide taxpayers with the confidence that it will keep their information safe and secure in a constantly changing threat landscape. Giving Canadians confidence that their personal information is protected improves their perception of the CRA and their participation in the self-assessment tax and benefits system.
Funding from Budget 2021 enabled the CRA to invest in new technologies, tools and resources to proactively monitor internal and external security threats, and it continues to dedicate funding to enhance the protection of taxpayers’ information.
Supported by significant financial investments, the CRA’s IT infrastructure and applications have made sure that its services remain secure, reliable and accessible by design. This includes updating or replacing aging applications as part of the Application Sustainability Program. Since 2009, this program has invested nearly $100 million into safeguarding and securing CRA's applications and has contributed to the CRA's strong application health performance.
More recently, the CRA launched the Application Security Program to proactively and consistently enhance its security posture by investing in secure coding and threat modelling, security tooling, and IT-wide training. This program has already shown improvements to the security of CRA’s software applications, and it is expected that it will continue to bring real benefits as the program matures.
By strategically using financial investments, advanced technology, well-informed and trained personnel, and proactive monitoring, the CRA can significantly strengthen its security and safeguards, fostering public trust in the integrity of its operations.
Safeguarding taxpayer information is not only a legal and ethical duty, but also an essential part of maintaining a stable and reliable tax and benefit system. When taxpayers trust that the CRA protects their personal information, they are more likely to comply with their tax obligations. This is why the CRA has strict measures in place to analyze, identify, and mitigate potential threats, prevent unauthorized changes to taxpayers’ accounts, and protect sensitive data.
In 2022, the CRA created a dedicated Security Branch which centralized its security programs to better integrate security and more effectively respond to security threats and incidents. The CRA is dedicated to maturing this newly established branch through new strategic initiatives. To improve the protection of CRA systems and data against evolving cyber threats, and to foster a strong security culture, the CRA is adopting industry leading technology, enhanced personnel training, and robust policies.
- Further improve the protection of CRA systems, processes and data from evolving threats and vulnerabilities by adopting IT and people focused solutions.
- Strengthen the CRA’s security stance and safeguard the privacy of taxpayer information by improving its guidance on information and data management.
- Strengthen identity protection services by continuing to enhance processes for detection, reporting and resolution of potential identity theft cases for individual and business accounts threatened by increasingly sophisticated methods of fraudulent access.
- Ensure that AI solutions that are developed and used by the CRA to strengthen operations are designed and deployed in a manner that maintains the trust of Canadians.
The CRA supports transparency and accountability in public institutions. Understanding that Canadians expect to receive requested information quickly and securely, the CRA recognizes that it can improve how it processes incoming ATIP requests to ensure they are dealt with in a timely manner, to meet expectations. The CRA is currently on track to eliminate 189 of its oldest backlog files, all of which the CRA received between April 1, 2020, and March 31, 2021.
- Identify opportunities for taxpayers to receive their information proactively through cost-effective channels other than the ATIP program.
- Close all backlog ATIP requests received before March 31, 2022, by March 31, 2025.
- Improve the standardization of the CRA’s identity management practices to both strengthen and simplify identity verification for Canadians.
The CRA and its clients are at risk of having their information exposed to cyber threats. Trust that the CRA is safeguarding private information is vital to Canadians’ participation in the tax and benefits system. With more and more information being communicated online, the importance of safeguarding the information, assets, and systems it holds remain a priority.
The CRA closely monitors all risks related to cybersecurity, privacy, and fraud, and takes steps to mitigate these risks. For example, the CRA significantly enhanced its strategic planning to integrate new technologies and solutions, and design security into new systems from the start. The CRA is fortifying its capacity to monitor, detect, and analyze emerging suspicious account activity and external fraud risks. As well, the CRA is providing employees with the necessary fraud risk management tools and training.
The CRA is aligning itself with the Treasury Board of Canada Secretariat’s strategic direction and policies on ATIP which have integrated GBA Plus philosophies.
GBA plus considerations have been integrated into the CRA’s Directive on AI, and is a component of the AI Stewardship Process.
4. Nurture a high-performing, diverse, and inclusive workforce in a modern, flexible, and accessible workplace
The CRA strives to provide a workplace that is respectful, free of discrimination and harassment, one that values diversity, inclusion, and equitable opportunity. These are at the core of the CRA’s People First philosophy and its four enduring values: collaboration, professionalism, respect, and integrity.
In 2024–25, the CRA will publish its directive on employment equity, diversity, and inclusion. The directive will ensure the CRA establishes equity, diversity, and inclusion in all areas of its business. The CRA will also publish its second progress report on the 2023–2025 Accessibility Plan, in line with the Accessible Canada Act . This progress report will identify barriers to accessibility for employees and clients and help eliminate and prevent those barriers.
The CRA has begun the development of a people strategy, as it looks to the future of tax administration. Aligned with the CRA’s People First philosophy that details how it will provide Canadians with a seamless, empathetic and client-centric service experience, the people strategy will be centred on a thriving employee experience and will help equip employees in a time of accelerated transformation. The employee experience plays a vital role in supporting our aspirations as a world-class organization and achieving the ultimate agency outcome of enhancing the economic and social well-being of Canadians.
As the CRA develops its people strategy, a key focus will be to ensure that all employees are equipped with the essential tools, digital practices, and opportunities for networking, to maximize the effectiveness of the hybrid model of work. With this in mind, the CRA is modernizing by providing a flexible workplace that enables employees to work remotely, on-site, or a combination of both while meeting the requirements of on-site presence. It is a workspace that is supportive, well equipped, and adaptable that strives to meet the needs of its employees. The CRA is using various methods, like surveys, to gain employee insights into employees’ perspectives on the hybrid experience, ultimately informing, and helping to ensure a resilient organization that is ready to meet the challenges of the future. In addition, the CRA plans to review its implementation of this hybrid work model for any effects on diverse groups of employees. The review will show the CRA how to minimize impacts and identify barriers. By nurturing an inclusive workplace, the CRA continues to make progress towards building a fair and representative organization that reflects the rich diversity of Canada.
Applying a structured change management approach to prepare, equip, and support employees through their change journey is instrumental in ensuring project and transformation success. It increases the CRA’s overall capacity for managing change effectively while anticipating and reducing risks and resistance.
The CRA remains devoted to attracting, developing, and keeping a diverse and representative workforce. Over the past number of years, the CRA has increased the diversity of its workforce, and employment equity group members (women, persons with disabilities, visible minorities and Indigenous peoples) are generally well represented within the organization. Within the executive group, the CRA has full representation for women, persons with disabilities and visible minorities. However, areas of underrepresentation exist, particularly for the Indigenous peoples group. Although the CRA has made progress in increasing Indigenous peoples representation within the executive group, its work in this area must and will continue.
To further advance diversity and inclusion, the CRA will keep its focus on removing barriers throughout each phase of the employment cycle. This includes supporting equal access to career opportunities for members of equity-deserving groups. By regularly consulting persons with disabilities, the CRA can confidently take action to address accessibility barriers in a way that is informed by the lived experiences, insights, and challenges faced by those who are most directly affected by these barriers. The CRA also focuses on creating a culture that values and celebrates differences by providing training on unconscious bias and cultural awareness. These initiatives help employees to understand their biases and encourages open dialogue about diversity-related topics. The CRA aims to eliminate national employment equity gaps by 2024.
- Strengthen the accessibility of the CRA’s external and internal programs, services, and operations by delivering upon actions committed to through the CRA’s first Accessibility Plan.
- Implement the anti-racism framework, which is composed of six key elements: engagement, data, anti-discrimination policies, talent management, learning and development, and monitoring at the agency level.
- Publish a directive on equity, diversity, and inclusion to further address systemic and attitudinal barriers surrounding employment opportunities at the CRA.
- Increase the representation of Indigenous peoples within non-executive groups.
- Increase the representation of Indigenous peoples in the executive group.
The CRA is looking at new initiatives that will empower its leaders to inspire, motivate, and drive positive change to elevate a high-performing workforce that has the commitment, competencies and character to lead it into the future.
Continual learning and development help the CRA’s workforce adapt to evolving challenges, embrace innovative approaches, and foster a culture of continuous improvement. Character leadership, which the CRA implemented in 2017, embraces the values, virtues, and traits that lead to excellence of character, and elevates character alongside the technical competencies required to lead. The CRA has since been actively integrating character leadership into its activities. This has included assessing character leadership when staffing executive positions, delivering a character leadership development program for not only current leaders but also employees of all levels, and providing employees with relevant tools and resources.
The CRA has embedded elements of character leadership within all its national leadership development programs, including the Agency Leadership Development Program, the new National Leadership Learning Program set to launch in 2024, and the SponsorMe Plus program. It also includes other programs aimed at developing current and future leaders. By investing in leadership development, the CRA is ensuring that its workforce has essential skills, such as communication, empathy, and strategic thinking, leading to stronger decision-making and better outcomes.
- Create a national leadership development strategy.
- Make it easier for employees to increase their understanding and use of the digital standards by expanding digital training resources, to build a robust and nimble workforce with modern skills and mindset.
- Develop and implement a process to both identify and manage workplace risks concerning well-being for individual employees, teams, and the organization as a whole.
The CRA faces the risk of employees becoming less engaged and productive if it does not continue to address employee health, well-being, and safety. Maintaining positive qualities in a hybrid work model is also important. In particular, technical skill sets are in high demand as the world becomes increasingly digitized, and the CRA must be able to continue to recruit from this candidate pool.
The CRA is working to ensure that its current employees receive the opportunities needed to maintain and upgrade their skills. In addition, the CRA remains committed to providing 24/7 mental health services to its employees and their families. Overall, the CRA continues to work hard to ensure its workforce feels supported by providing guidance to employees and managers about its implementation of the hybrid work model.
To correct any gender-based discrimination for employees in jobs that women hold, the CRA will publish a pay equity plan in line with the Pay Equity Act . This tailored plan will address any gender-based discrimination that may be in the CRA’s pay practices and systems.
The CRA will review its implementation of this hybrid work model for any effects on diverse groups of employees. The review will show the CRA how to minimize impacts when possible and identify barriers that may be affecting the CRA’s goal of advancing diversity and inclusion.
The CRA will continue to work with its partners to advance Sustainable Development Goals (SDG) 10 and 13 in support of the strategic priority for nurturing a high performing, diverse, and inclusive workforce in a modern, flexible, and accessible workplace.
- The development of CRA’s first Indigenous Strategy will support reconciliation with Indigenous Peoples and assist in the implementation of the United Nations Declaration on the Rights of Indigenous Peoples Act . The CRA is also taking action on inequality by applying a diversity and inclusion lens on programs and working to remove barriers for all equity-deserving groups.
- The CRA is working to transition to net-zero and climate-resilient operations by 2050. To do this the CRA will develop a climate change adaptation plan, reducing its greenhouse gas emissions from air travel, and renewing the Sustainable Development Policy with updated practices and policies.
More information on the CRA’s contributions to Canada’s Federal Implementation Plan on the 2030 Agenda and the Federal Sustainable Development Strategy can be found in our Departmental Sustainable Development Strategy .
CRA staffing principles related to a successful staffing program
Staffing is flexible and responsive to the changing circumstances and to the unique or special needs of the organization.
Staffing is planned and carried out taking into consideration time and cost, and it is linked to business requirements.
Staffing is equitable, just, and objective.
Staffing results in the required number of competent people being appointed to conduct the CRA’s business.
Communications about staffing are open, honest, respectful, timely, and easy to understand.
CRA staffing principles related to an effective workforce
The workforce possesses the attributes required for effective job performance.
The workforce and staffing decisions must be free from political and bureaucratic influence.
The composition of our workforce reflects the labour market availability of employment equity designated groups.
Planning for contracts awarded to Indigenous businesses
In line with the Government of Canada’s priorities, the CRA is dedicated to strengthening its economic relationship with Indigenous businesses and communities by providing more opportunities to First Nations, Inuit and Métis businesses through its procurement activities. This supports reconciliation efforts and ensures fair, open and transparent procurement practices that result in a supplier base that is more diverse, inclusive and representative of the Canadian population. To increase opportunities for Indigenous businesses, the CRA is using a proactive approach:
- Internal alignment of policy direction and processes : In 2024–25, the CRA will continue to review and refine its policy direction and strengthen accountability to better fulfill its obligations under the Procurement Strategy for Indigenous Business.
- continuing to direct specific commodities such as IT end-user devices to Indigenous technology resellers;
- continuing to review incoming procurement requirements to determine strategies for increasing opportunities for Indigenous businesses, as applicable (such as those who may not be able to offer national coverage);
- continuing to incorporate a conditional Indigenous clause into competitive solicitations that indicates that if two or more bids are received from Indigenous businesses, only they will be considered;
- reviewing the terms of reference and guidance material for the CRA’s senior management Procurement Review and Oversight Committee to strengthen the committee’s focus on social procurement considerations, including Indigenous procurement.
- Outreach and activities: The CRA will build upon the success of the previous client outreach activities, including the annual Contracting Awareness Month first held in 2022, and will develop and deliver awareness sessions focused on social procurement commitments, including Indigenous procurement.
- Training: All procurement officers, existing or new (including procurement policy and oversight officers) will complete the mandatory course Indigenous Considerations in Procurement from the Canada School of Public Service.
Table 3: Contracts awarded to Indigenous businesses
The following table shows how the department plans to achieve awarding at least 5% of the total value of contracts to Indigenous businesses annually.
| actual result | forecasted result | planned result | |
|---|---|---|---|
Note : The 2022–23 fiscal year was an exceptional year with a higher-than-normal need for certain goods procured from Indigenous businesses.
Refocusing government spending
In Budget 2023, the government committed to reducing spending by $14.1 billion over the next five years, starting in 2023–24, and by $4.1 billion annually after that.
As part of meeting this commitment, the CRA is planning the following spending reductions.
Table 4: Spending reductions (dollars)
The CRA will achieve these reductions by doing the following:
- Implement efficiency opportunities in eligible spending which focus on programs and operations where there might be duplication, lower value for money activities, or a misalignment with government priorities.
The figures in this plan reflect these reductions.
Taxpayer Bill of Rights
The Taxpayer Bill of Rights describes and defines 16 rights and builds on the CRA’s corporate values of integrity, professionalism, respect, and collaboration. It describes the treatment taxpayers are entitled to when dealing with the CRA. The Bill also sets out five commitments to small businesses to ensure the CRA interacts with them as efficiently and effectively as possible.
The CRA integrates the Bill in its core responsibilities and across all its daily activities. Rights 5 and 6, 9 to 11, and 13 to 15 (identified with an asterisk below) are service rights that govern the CRA’s relationship with taxpayers. General concepts such as fairness, transparency, and courtesy influence those service rights. The CRA promotes widespread understanding of those rights to make sure it integrates them into how it delivers programs and services, and interacts with its clients.
- You have the right to receive entitlements and to pay no more and no less than what is required by law
- You have the right to service in both official languages
- You have the right to privacy and confidentiality
- You have the right to a formal review and a subsequent appeal
- You have the right to be treated professionally, courteously, and fairly*
- You have the right to complete, accurate, clear, and timely information*
- You have the right, unless otherwise provided by law, not to pay income tax amounts in dispute before you have had an impartial review
- You have the right to have the law applied consistently
- You have the right to lodge a service complaint and to be provided with an explanation of the CRA findings*
- You have the right to have the costs of compliance taken into account when administering tax legislation*
- You have the right to expect the CRA to be accountable*
- You have the right to relief from penalties and interest under tax legislation because of extraordinary circumstances
- You have the right to expect the CRA to publish its service standards and report annually*
- You have the right to expect the CRA to warn you about questionable tax schemes in a timely manner*
- You have the right to be represented by a person of your choice*
- You have the right to lodge a service complaint and request a formal review without fear of reprisal
Commitment to small business
- The CRA is committed to administering the tax system in a way that minimizes the costs of compliance for small businesses
- The CRA is committed to working with all governments to streamline service, minimize cost, and reduce the compliance burden
- The CRA is committed to providing service offerings that meet the needs of small businesses
- The CRA is committed to conducting outreach activities that help small businesses comply with the legislation we administer
- The CRA is committed to explaining how we conduct our business with small businesses.
Planned spending and human resources
This section gives an overview of the CRA’s planned spending and human resources for the next three fiscal years. It also compares the CRA’s planned spending for 2024–25 with its actual spending for the current year and the previous year.
Future-oriented condensed statement of operations
Human resources.
The following chart summarizes the CRA's planned spending by core responsibility.
Table 5: Planned spending by core responsibility in 2024–25
| 8 | ||
|---|---|---|
The benefits core responsibility includes spending associated with benefits compliance, client service, and program administration as well as $12 billion in forecasted statutory transfer payments related to the distribution of fuel charge proceeds to the province or territory of origin, primarily through the Canada Carbon Rebate, as well as for the Children's Special Allowances which provides payments to federal, provincial and territorial agencies and institutions that care for children.
Actual spending summary for core responsibilities and internal services (dollars)
The following table shows information on spending for each of the CRA’s core responsibilities and for its internal services for the three previous fiscal years. Amounts for the current fiscal year are forecasted based on spending to date.
Table 6: Actual spending for core responsibilities and internal services (dollars)
| 9 | |||
|---|---|---|---|
| 8 | |||
Budgetary planning summary for core responsibilities and internal services (dollars)
The following table shows information on spending for each of the CRA’s core responsibilities and for its internal services for the upcoming three fiscal years.
Table 7: Budgetary planning summary for core responsibilities and internal services (dollars)
| 10 | ||||
|---|---|---|---|---|
| 8 | ||||
A significant portion of the increase in the CRA’s overall budget is attributable to its statutory appropriations, in particular to spending associated with the Canada Carbon Rebate. The CRA is responsible for the administration of the fuel charge in jurisdictions that do not meet the federal carbon pricing benchmark. This includes the delivery of the Canada Carbon Rebate which returns the majority of the direct proceeds from the fuel charge to individuals and families of the province in which the proceeds are raised.
Actual and forecast spending under the CRA’s voted appropriations for fiscal years 2021–22 to 2023–24 also includes technical adjustments such as the carry-forward from the previous year and funding for severance payments, parental benefits, and vacation credits. In 2023–24, a significant portion of the increase in forecast spending is a result of retroactive payments associated with collective bargaining adjustments for employees represented by the Public Service Alliance of Canada – Union of Taxation Employees and the Professional Institute of the Public Service of Canada. The 2023–24 fiscal year also reflects higher spending related to the administration of measures announced in the 2021 and 2022 federal budget and economic statements as well as funding to address the post-pandemic sustainability of CRA contact centres. This is partially offset by a reduction in spending on measures associated with the COVID-19 pandemic.
Over the planning period, the reduction in the CRA’s voted appropriations, from $4.655 billion in 2024–25 to $4.572 billion in 2026–27 is a result of a decrease or sunsetting of funding to implement and administer various measures announced in the federal budgets and economic statements as well as those associated with the COVID-19 pandemic. It also reflects the impact of the CRA’s contribution to the Refocusing government spending measures as announced in Budget 2023.
2024–25 budgetary gross and net planned spending summary (dollars)
The following table reconciles gross planned spending with net spending for 2024–25.
Table 8: 2024–25 budgetary gross and net planned spending summary (dollars)
| 8 | |||
|---|---|---|---|
Planned revenues netted against expenditures represent amounts to be recovered by the CRA for the provision of services to Employment and Social Development Canada for the administration of the Canada Pension Plan and the Employment Insurance Act .
Agency spending 2021–22 to 2026–27
The following graph presents planned spending (voted and statutory expenditures) over time.
Table 9: Actual, forecasted and planned spending trends (voted and statutory)
Estimates by vote
Information on the CRA's organizational appropriations is available in the 2024–25 Main Estimates .
The Condensed Future Oriented Statement of Operations provides a general overview of the CRA's operations. The forecast of financial information on expenses and revenues is prepared on an accrual accounting basis to strengthen accountability and to improve transparency and financial management.
The forecast and planned spending amounts presented in other sections of the plan are prepared on an expenditure basis; as a result, amounts may differ.
A more detailed Future Oriented Statement of Operations and associated notes, including a reconciliation of the net cost of operations to the requested authorities, are available on the CRA’s departmental Web page .
Table 10: Future-oriented condensed statement of operations for the year ending March 31, 2025 (dollars)
| planned results minus 2023–24 forecast results) | |||
|---|---|---|---|
Actual human resources summary for core responsibilities and internal services
The following table shows information on human resources, in FTEs, for each of the CRA’s core responsibilities and for its internal services for the previous three fiscal years. Human resources for the current fiscal year are forecasted based on year to date.
Table 11: Actual human resources summary for core responsibilities and internal services
| equivalents | equivalents | equivalents | |
|---|---|---|---|
| 8 | |||
Human resources planning summary for core responsibilities and internal services
The following table shows information on human resources, in FTEs, for each of the CRA’s core responsibilities and for its internal services planned for 2024–25 and future years.
Table 12: Human resources summary for core responsibilities and internal services
| 8 | |||
|---|---|---|---|
The increase in actual and forecast FTEs in 2022–23 and 2023–24 is largely attributable to the administration of measures announced in the 2021 and 2022 federal budget and economic statements as well as those associated with addressing the post-pandemic sustainability of CRA contact centres. Incremental funding for CRA contact centres was received for a two-year period.
Over the planning period, the reduction in FTEs from 48,714 in 2024–25 to 46,371 in 2026–27, is primarily as a result of a decrease or sunsetting of funding to implement and administer various measures announced in the federal budgets and economic statements as well as those associated with the COVID-19 pandemic. It also reflects the impact of the CRA’s contribution to the Refocusing government spending measures as announced in Budget 2023.
Corporate information
Organizational profile.
Minister: The Honourable Marie-Claude Bibeau, P.C., M.P.
Chair, Board of Management: Suzanne Gouin
Institutional head: Bob Hamilton
Ministerial portfolio: National Revenue
Enabling instrument: Canada Revenue Agency Act
Year of commencement: 1999
Organizational contact information
Mailing address:
Connaught building 555 MacKenzie Avenue Ottawa ON K1A 0L5
Telephone: 613-957-3688
Fax: 613-952-1547
Website: Canada Revenue Agency
Supplementary information tables
The following supplementary information tables are available on the CRA’s Departmental Web page :
- Details on transfer payment programs
- Up front multi-year funding
Information on CRA’s sustainable development strategy can be found on the CRA’s Sustainable Development Web page .
Federal tax expenditures
The tax system can be used to achieve public policy objectives through the application of special measures such as low tax rates, exemptions, deductions, deferrals and credits. The Department of Finance Canada publishes cost estimates and projections for these measures each year in the Report on Federal Tax Expenditures . This report also provides detailed background information on tax expenditures, including descriptions, objectives, historical information and references to related federal spending programs as well as evaluations and GBA Plus of tax expenditures.
Annex A: Strategic Planning Framework
The CRA’s Strategic Planning Framework links the CRA’s strategic priorities and guiding principles to its mission, vision, values, and ultimate outcomes. It directs CRA planning in both the short to medium term, with the Departmental Plan, and also helps set the long-term direction for the organization.
Looking farther into the future, aligned with the direction of the Government of Canada’s Digital Ambitions to develop services and policies that are simple to use and build trust, the CRA is drawing inspiration from the OECD TA 3.0: Digital Transformation of Tax Administration s to chart a course towards a future where the CRA meets people where they are, and make tax and benefits just happen.
A continuation of the CRA’s People First approach, advancing toward this aspirational future requires accelerating the use of digital tools and processes, emerging technology and data to increasingly embed tax and benefit administration into the systems Canadians already use every day. This will provide a more seamless service experience and make it easier for Canadians to comply with their tax obligations and access benefits designed to assist them, in addition to making it harder to shirk tax obligations.
ePayroll, cited in the preceding plan, is a good example of this future state. The CRA is working with public and private sector partners on an electronic payroll information service to provide a seamless experience for employers.
Using modern digital solutions to securely integrate more directly in the payroll systems companies are using, should the Government decide to proceed with the project, ePayroll will simplify reporting of payroll, employment, and demographic information using a “tell-us-once” approach. This approach will enable employers to report information in near real time to one government entity who will then distribute it to various departments for use in their programs and service delivery. This will reduce the administrative burden on employers by eliminating the need to report the same information to multiple departments in a variety of formats, and ensure that the Government of Canada receives the information it needs to process benefit payments faster and more accurately for Canadians.
Strategic Planning Framework
Administer tax, benefits, and related programs, and ensure compliance on behalf of governments across Canada, thereby contributing to the ongoing economic and social well-being of Canadians.
A world-class tax and benefits administration that is trusted, fair, and helpful by putting people first.
- Professionalism
- Collaboration
Ultimate Outcomes
- Taxpayers comply with Canadian tax obligations
- The right tax revenue is secured for Canadians
- Canadians receive their rightful benefits
- Canadians have trust in the CRA
Strategic priorities
- Deliver seamless client experiences and tailored interactions that are digital first
- Combat aggressive tax planning and tax evasion
- Strengthen security and safeguard privacy
- Nurture a high-performing, diverse, and inclusive workforce in a modern, flexible and accessible workplace
Guiding principles
- Apply a user-centric approach to the design and delivery of programs and services
- Enhance enterprise-wide and data-driven approaches to planning, decision-making, and performance measurement
- Drive effectiveness through collaboration and partnerships
Annex B: Strategic Priorities for 2024–25 and their commitments
1. deliver seamless client experiences and tailored interactions that are digital first, 1a. simplify client interactions and advance more ways to interact digitally, 1c. increase automation for better service delivery.
- Ensure more low-income Canadians are able to quickly and easily auto-file by increasing the number of persons eligible for File my Return (SimpleFile by phone).
2. Combat aggressive tax planning and tax evasion
2a. combat the most sophisticated and complex cases of aggressive tax planning, evasion, and fraud.
- Recover $250 million in unwarranted GST/HST refund and rebate claims through investments in new analytical tools using new technology, machine learning, and AI.
2B. Promote a fair tax system
- Resolve an additional $1.20 billion in outstanding tax debt as a result of Budget 2021 incremental investments supporting a tax system that promotes fairness.
- Ensuring the integrity of pandemic subsidies by conducting post-payment audits on the CEWS using a risk-based approach, and pursuing suspected cases of willful non‑compliance and/or aggressive non‑compliance.
3. Strengthen security and safeguard privacy
3a. protect cra and taxpayer information.
- Ensure that AI solutions that are developed and used by the CRA to strengthen operations are designed and deployed in a manner that maintains the trust of Canadians.
3B. Provide timely responses to access to information and privacy (ATIP) requests
- Identify opportunities for taxpayers to receive their information proactively through cost‑effective channels other than the ATIP program.
- Close all backlog ATIP requests received before March 31, 2022 , by March 31, 2025 .
4. Nurture a high-performing, diverse, and inclusive workforce in a modern, flexible, and accessible workplace
4a. advance diversity and inclusion, 4b. enhance leadership development and learning.
- Make it easier for employees to increase their understanding and use of the digital standards by expanding digital training resources, to build a robust and nimble workforce with modern skills and mindset.
Annex C: Definitions
For Departmental Plans and Departmental Results Reports, planned spending refers to those amounts presented in Main Estimates.
A department is expected to be aware of the authorities that it has sought and received. The determination of planned spending is a departmental responsibility, and departments must be able to defend the expenditure and accrual numbers presented in their Departmental Plans and Departmental Results Reports.
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The Best Phone Systems for Small Businesses
Our top business phone systems support multiple communication channels and offer collaboration tools that help businesses grow.
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Why you should trust us.
At Business News Daily, our team of experts spends time researching and analyzing the best business products. Our goal is to ensure that when you need a tool or service, you can trust that we have done comprehensive research to recommend the products and services that are most valuable to businesses like yours.
When choosing the best business phone systems, our team of small business experts attended live demonstrations, conducted hands-on testing and researched the leading solutions on the market thoroughly. We started by examining pricing and plans to determine the best value for each budget. We also considered how complex installation and setup was for each system as well as whether companies offered additional support. Then, we tested the most important features of a business phone system, including omnichannel communications, collaboration tools and third-party integrations. Finally, we analyzed customer reviews to find out what each company’s existing users had to say about their experience.
Staying connected with customers and clients is of vital importance for all businesses. Without reliable communication channels, getting work done can become increasingly challenging. Today’s business phone systems are less phone-related and more unified communications platforms that ensure you can communicate with your customers and employees via whatever channel (phone, video, text) you prefer. The best business phone systems offer a streamlined platform that not only gives you access to each communication channel, but weaves them together in a way that makes conversations simple to follow, regardless of whether they are happening over the phone or via text message. We have spent dozens of hours researching all of the top options to figure out where each excels and where some drop the ball. Below are the systems we find most valuable for businesses like yours.
Today’s business phone systems give users the ability to make and receive calls directly from their computers. Source: RingCentral
- RingEX: Best for Collaboration
- Ooma: Best for Small Businesses
- Zoom: Best for Video Conferencing
- Nextiva: Best for Multisite Retail and Healthcare
- Dialpad: Best for Voice Intelligence
- GoTo Connect: Best for Remote Teams
- 8x8: Best for International Businesses
Voice over Internet Protocol (VoIP) phone systems are becoming a necessary tool in modern business settings, serving as central hubs that unify communications across voice, chat and video. These cloud-based phone systems have largely replaced traditional landlines in business settings thanks to their advanced features, accessibility and cost. Most business phone providers include essential features like a phone number, voicemail, call routing, and unlimited voice calls to the United States and Canada. However, services vary widely, with some boasting advanced features that use artificial intelligence (AI) to automatically prepare and send meeting summaries with action items after each call.
Whether you’re a small business that speaks to a few clients a week or a large business with a sales team that spends most of the day on the phone, there’s a system geared toward your needs. Our best small business phone system reviews below will help you determine which solution is most effective for your needs and suitable for your budget.
How We Decided
Our team spends weeks evaluating dozens of business solutions to identify the best options. To stay current, our research is regularly updated.
Compare Our Best Picks
| Our Top Picks for 2024 | |||||||
| Rating | 9.3/10 | 9.4/10 | 8.8/10 | 9.5/10 | 9.4/10 | 9.2/10 | 8.4/10 |
| Best use case | |||||||
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| Review Link |
- Starting Price: $20 per user/month
- Key Features: Unlimited calling in the U.S., video meetings, AI meeting recaps, online fax and advanced call routing.
- Free Trial: 14 days
Why We Chose RingEx
RingEX (formerly RingCentral MVP) is a UC platform with excellent tools and features to facilitate collaborative work in remote settings. The easy-to-use dashboard is accessible from web browsers, desktop apps and mobile apps, providing open lines of communication across any internet-connected device. As a unified platform, RingEX works as a digital repository where team members can find or share files, previous communications threads and data for shared projects. Aside from the rebrand, big changes to the platform were identified in our review center on RingSense AI, the company’s new suite of AI-powered tools designed to boost efficiency. This time-saving technology includes a real-time notetaker, generative search capabilities, text translator, post-meeting summaries and conversational intelligence with features like sentiment analysis to improve customer outcomes.
Our team was impressed with RingEX’s new AI-powered RingSense tools that help increase efficiency within the platform. Source: RingCentral
RingEX Pricing
| Core | $20 | Unlimited domestic calling, 100 toll-free minutes, SMS/MMS, interactive voice response, single sign-on, real-time transcription, AI meeting summaries, call recording, video meetings, remote desktop control, 24/7 support and many integrations |
| Advanced | $25 | Everything in Core plus automatic call recording, multisite management, complete integration access, internet fax, advanced call routing/monitoring, hot desking, advanced analytics and 1,000 total toll-free minutes |
| Ultra | $35 | Everything in Advanced plus 10,000 total toll-free minutes, video meetings with 200 participants, unlimited communications storage, advanced business analytics and unlimited HD video conferencing. |
RingEX Pros
- RingEX includes AI-powered transcription tools and automated video highlight reels with every business communications plan.
- RingEX has more than 300 prebuilt integrations covering the most popular business applications
- With RingEx, you can host video meetings with as many as 200 participants
RingEX Cons
- With RingEX, you can not mix and match service plan options to fit each employee’s needs.
- Some top integrations, like the Salesforce one, are not included in each service plan.
- Many of RingEX’s premium AI features are limited to “early access preview for select customers” only.
RingEx User Score
Based on more than 400 reviews, RingEX has a 7.7 out of 10 Trust Radius score .
Learn more in our full RingEX review .
- Starting Price: $19.95 per user/month
- Key Features: Unlimited calling in the U.S., digital ring group, video calls, overhead paging, call recording and CRM integration.
- Free Trial: 30 days
Why We Chose Ooma
While many cloud-based phone providers offer tailored solutions for small businesses, we think Ooma has the ideal mix of communications features, ease of use and pricing to make it the best phone system for smaller operations. The entry-level plan comes with more than 50 call management features including a virtual receptionist, music on hold, call routing and virtual extensions—all of the essentials for a professional VoIP phone system. In our review, we scored the platform higher than any other for its usability, which we think is an especially important factor for small businesses without IT staff to help implement or manage new software.
While many cloud-based phone providers offer tailored solutions for small businesses, we think Ooma has the ideal mix of communications features, ease of use and pricing to make it the best phone system for smaller operations.
We found everything to be simple and straightforward when setting up various features and tools within the Ooma platform. Source: Ooma
Ooma Pricing
| Essentials | $19.95 | Unlimited calling in the United States, Canada, Mexico and Puerto Rico, 500 toll-free minutes, 24/7 support, virtual receptionist, ring groups, hold music, digital faxing, mobile app access, call park, extension monitoring, virtual extensions, call forwarding, conference bridge, distinct ringtones, overhead paging, intercom and IP phone paging. |
| Pro | $24.95 | Everything in Essentials plus the complete desktop app, text messaging, video conferencing, call recording, enhanced call blocking, voicemail transcription, Caller Info Match, dynamic caller ID, analytics, Google integrations and Office 356 integrations. |
| Pro Plus | $29.95 | Everything in Pro as well as call queuing, CRM integrations, enhanced video conferencing, video recording, team chat, hot desking, screen sharing, call screening and shared voicemail. |
- Ooma offers transparent pricing without any long-term contracts.
- All Ooma plans come standard with more than 50 calling features.
- We found Ooma especially simple to get started with and use.
- Ooma’s entry-level plan is missing key integrations for Google and Office 365.
- Ooma has yet to integrate as many AI tools as some of its competitors.
- The desktop app does not offer as much functionality to users of the Essentials plan as those using the higher-priced options.
Ooma User Score
Based on 75 reviews and ratings, Ooma has a 7.5 out of 10 Trust Radius Score .
Read our full Ooma review .
- Starting Price: $10 per user/month
- Key Features: Unlimited auto-attendants and IVR, conference calling, desktop and mobile apps, and hot desking.
- Free Trial: None
Why We Chose Zoom
Despite a sea of competition, the brand synonymous with video conferencing remains our favorite for virtual meetings. As part of our in-depth review process, we participate in live video demonstrations with as many phone service providers as possible. During these demos, we found Zoom provided the highest-quality video with easy-to-understand audio, clear visual elements and zero discernable lag. All of Zoom’s phone plans include Zoom Meetings, allowing you to elevate a voice call seamlessly to a video conference or transfer a call to a Zoom Room with the appropriate license. The AI companion available for meetings can provide summaries, action items and answer questions about what was said.
With Zoom, you can easily manage your calls from wherever you are. Source: Zoom
Zoom Pricing
| U.S. & Canada Metered | $10 | Metered domestic calling, metered international calling, domestic SMS/MMS, administrator portal, 24/7 support, toll-free numbers, desktop and mobile apps, conference calls, voicemail transcription, unlimited auto attendants and IVR, call recording, team messaging, hot desking, video conferencing, some integrations, single sign-on and hybrid integrations to legacy PBXs. |
| U.S. & Canada Unlimited | $15 | Everything in U.S. & Canada Metered plus unlimited domestic calling in the U.S. and Canada with an optional paid add-on for unlimited international calling. |
| Global Select | $20 | Everything in U.S. & Canada Unlimited plus unlimited regional calling in one of 48 countries and territories; SMS and MMS are limited in most international locations. |
- Zoom offers pay-as-you-go and unlimited regional calling plans in 48 countries and territories.
- All Zoom phone plans include the company’s high-quality video conferencing tools.
- You can mix and match service plans based on employee needs.
- Software integrations are quite limited at all subscription tiers.
- For the phone aspect of Zoom, AI tools are limited.
- Need a paid add-on for deep analytics.
Zoom User Score
Based on 92 reviews and ratings, Zoom has an 8.8 out of 10 Trust Radius score .
Read our full Zoom review .
- Starting Price: Starts at $18.95 per month
- Key Features: Free international calling, visual plan editor, unlimited auto attendants and ring groups, video meetings and real-time analytics.
Why We Chose Nextiva
In our review, we found the unified communications (UC) platform stood out for its Health Insurance Portability and Accountability Act-compliant features, flexibility across different office locations and ample toll-free minute allowances across multiple plans. Nextiva has designed an especially easy-to-use dashboard with a simple and effective drag-and-drop interface for routing calls. This intuitive dashboard makes it easy for businesses without a dedicated information technology (IT) staff to set and adjust business hours, holiday routing and emergency routing to numerous devices and locations. Retailers and medical professionals working with repeat customers and patients will appreciate the phone system’s ability to integrate with popular customer relationship platforms (CRMs), ensuring fast yet personalized service for incoming calls.
Nextiva’s Threaded Conversations gives users the ability to track all of their communications, regardless of whether it is via phone, text or video, in one place. Source; Nextiva
Nextiva Pricing
| Essential | $18.95 | Unlimited voice and video calling within the U.S./Canada, voicemail, toll-free numbers with up to 1,500 minutes, 24/7 support, desktop and mobile apps, unlimited internet faxing, video meetings, auto attendant, call log reports, threaded conversations, 500 shared contacts, team status alerts, shared lines, call groups and integrations with Outlook and Google Contacts. |
| Professional | $22.95 | Everything in the Essential plan, plus unlimited conference calls with 40 participants, unlimited video conferencing, screen-sharing, multilevel auto attendant, up to 3,000 toll-free minutes, SMS/MMS and CRM integrations. |
| Enterprise | $32.95 | Everything in the Professional plan, plus voicemail transcription, call recording, up to 12,500 toll-free minutes, unlimited video conference recording, single sign-on, unlimited participants on voice conferencing and additional integrations. |
Nextiva Pros
- All Nextiva Business Communication plans include 24/7 customer support via phone, email and chat.
- Nextiva offers flexible mix-and-match voice, video calls, messaging, and call center plans to suit everyone’s needs.
- Nextiva achieves its 99.999 percent uptime reliability with eight points of presence across North America, carrier-grade data centers and around-the-clock monitoring.
Nextiva Cons
- Costs are expensive for businesses with just a handful of employees.
- Nextiva has limited AI-powered features and tools for its business phone system.
- Voicemail transcription is available with all plans.
Nextiva User Score
Based on 292 reviews and ratings, Nextiva has a 9.2 out of 10 Trust Radius score .
Read our full Nextiva review .
- Starting Price: $15 per user/month
- Key Features: Al call and voice transcription, multilevel auto-attendant, call recording, ring groups and unlimited video meetings.
Why We Chose Dialpad
Many competitors including RingEX are updating their services to offer AI-powered features and tools, aligning themselves with what Dialpad has been providing for quite some time. In our review, we were impressed with the relatively low-cost entry-level plan’s inclusion of AI-powered tools for real-time reporting and live transcription for calls, voicemails and video conferences. Other available features like AI Recaps powered by DialpadGPT will take notes and provide call summaries, allowing you to focus on a customer’s needs while adding value to the conversation instead of worrying about forgetting a key detail. All Dialpad phone business communications plans include access to the company’s video meeting platform with unlimited AI meetings for up to 10 participants.
For large teams, real-time analytics for managers and administrators provide clear visibility into call volume, usage rates and adoption. Dialpad’s separate AI Sales Center works like an AI coaching assistant, providing customizable recommendations during calls using real-time assist cards. Where most providers offer reliability or uptime exceeding 99.99 percent, Dialpad is one of the few to offer a 100 percent uptime guarantee with an SLA for enterprise plans.
Dialpad AI tools give a recap of each call, ensuring you never forget points of the conversation. Source: Dialpad
Dialpad Pricing
| Standard | $15 | Unlimited calling in the U.S. and Canada, SMS/MMS, team messaging, AI-powered call and voice transcription, unlimited video meetings, weekday web and chat support, multilevel auto-attendant, call routing, call recording and integrations with Google Workspace |
| Pro | $25 | Everything in the Standard plan, plus 24/7 live agent support, local numbers in more than 70 countries, 25 ring groups, CRM and Microsoft Teams integrations, open API and webhooks, multiple phone numbers per account, 10 office locations and global SMS |
| Enterprise | Customized for each business. Contact Zoom directly for a quote. | Everything in the Pro plan, plus 100-percent uptime SLA, unlimited ring groups, dial by extension, single sign-on, live priority support, dedicated account manager, dedicated support number and unlimited office locations |
Dialpad Pros
- All Dialpad business communications plans include AI-powered tools and real-time analytics.
- Dialpad offers local number support in over 70 countries.
- All plans include unlimited calling in the U.S. and Canada.
Dialpad Cons
- Dialpad’s included video conferencing tool is limited to 10 meeting participants.
- 24/7 customer support is not available with all plans
- The high-priced plans have minimum seat requirements.
Dialpad User Score
Based on 492 reviews and ratings, Dialpad has a 7.7 out of 10 Trust Radius Score .
Read our full Dialpad review .
- Starting Price: Custom pricing
Why We Chose GoTo Connect
GoTo Connect’s Phone System offers more than 100 business communications features available from any internet-connected device. The platform’s intuitive drag-and-drop visual plan editor makes it easy for businesses without on-site IT staff to implement and even change call flows and extensions on the fly. All communications tools are easy to access from a web browser, desktop app and mobile app and GoTo Connect is compatible with more than 180 desk phone models. In our review, we appreciated how the platform’s team messaging and one-click video conferencing tools make it easy for remote employees to initiate an ad hoc virtual meeting.
GoTo Connect’s visual dial plan editor makes it easy to set how you want calls routed. Source: GoTo
GoTo Connect Pricing
| Phone System | Custom pricing; Contact GoTo for a specific quote. | 1,000 toll-free minutes, unlimited users, free international calling to more than 50 countries, desktop and mobile apps, 24/7 customer support, smart call routing, unlimited auto-attendants, unlimited ring groups, hot desking, call recording, intercom, paging, virtual fax, team messaging, SMS/MMS, video meetings with 250 participants, meeting transcriptions, breakout rooms, real-time analytics, single sign-on and multisite admin |
| Customer Engagement | Custom pricing; Contact GoTo for a specific quote. | Everything in the Phone System plan, plus one shared inbox, custom surveys, AI messaging assistant, text campaigns, web chat widget, Facebook/Instagram messenger channel and custom dashboards |
| Complete CX | Custom pricing; Contact GoTo for a specific quote. | Everything in the Customer Engagement plan, plus multichannel inboxes, AI chat analysis, advanced call routing, call campaigns, tag management, call monitoring, auto-queue callback, agent dashboards, supervisor analytics and custom roles |
GoTo Connect Pros
- All GoToConnect plans include free international calling in more than 50 countries.
- All GoToConnect plans include video conferencing for up to 250 participants.
- With GoTo Connect, each service plan allows you to have unlimited accounts.
GoTo Connect Cons
- GoToConnect does not list its pricing publicly.
- If you user more than 1,000 toll-free minutes, you must pay additional per-minute fees.
- GoTo does not offer a wide variety of third-party software applications.
GoTo Connect User Score
Based on 314 ratings and reviews, GoTo Connect has an 8.0 out of 10 Trust Radius score .
Read our full GoTo Connect review .
- Key Features: Voicemail transcription, video conferencing, CRM integrations, contact center solutions, advanced analytics.
Why We Chose 8×8
With unlimited users, strong entry-level features, two UC plans and three contact center plans, we think 8×8 is a great choice for small businesses on track for tremendous growth. In our review, we were impressed by how many advanced features come standard in the basic plan, including unlimited users, single sign-on, voicemail transcription, SLAs, 24/7 support and video conferencing for up to 500 active participants. The entry-level plan also includes unlimited voice calls to 14 countries, short message service (SMS)/multimedia messaging service, team chat and key integrations for Microsoft Teams, Google Workspace and popular CRMs.
The ability to mix and match plans helps businesses stay lean as they grow by ensuring everyone has the appropriate communication tools without overspending on employees who only need basic service. As your business grows and your requirements evolve, you can upgrade from the X2 plan to an advanced contact center with quality management, skills-based routing, advanced analytics and omnichannel routing for voice, chat, email, SMS, social media and messaging applications.
8×8’s built-in AI tools can provide summaries of meetings and highlight action items that need tending to. Source: 8×8
8×8 Pricing
| X2 | Custom pricing; Contact 8×8 directly for a quote. | Unlimited users, unlimited voice calling to 14 countries, hot desking, presence detection, voicemail transcription, video conferencing with up to 500 people, live streaming, single sign-on, multilevel auto attendant, integrations with CRMs and other applications, call analytics, media storage, and 24/7 customer support. |
| X4 | Custom pricing; Contact 8×8 directly for a quote. | Everything in the X2 plan, plus unlimited calling in 48 countries, advanced call handling, 8×8 Frontdesk for receptionists and operators, supervisor analytics, and call activity analytics. |
8×8 Pros
- 8×8 offers unlimited voice calling to 48 countries.
- 8×8 guarantees reliability with a 99.999-percent platform-wide uptime SLA for all UC plans.
- 8×8 gives you the option to mix and match service plans based on each user’s specific needs.
8×8 Cons
- 8×8 does not list its pricing publicly.
- In order to access AI tools, you need to subscribe to the top-tier plan.
- Some training resources are an additional cost.
8×8 User Score
Based on 734 reviews and ratings, 8×8 has an 8.5 out of 10 Trust Radius score .
Read our full 8×8 review .
What Is a Business Phone System?
A business phone system is a communications platform for businesses, typically including unlimited calling, automated menus, ring groups to call multiple employees simultaneously, voicemail-to-email functionality and call recording. Types of business phone systems include voice-over-internet-protocol (VoIP), private branch exchange (PBX) and key system unit (KSU). The best phone systems for small businesses use VoIP technology, which allows you to use your business internet connection for the whole system. Business phone systems are continuously evolving to become entire communications platforms involving text, voice and video communications as well as collaboration between hybrid and remote team members.
Business Phone System Costs
A business phone system typically costs between $15 and $50 per user, per month, depending on the features and level of service you select. Many providers offer plans that start at around $20 per monthly user. In many cases, advertised prices are listed with the assumption of an annual payment plan for a significant number of users. The per-user price generally reduces by as much as 25 percent for larger businesses that purchase many accounts and commit to an annual contract. Small businesses with fewer than 10 employees should pay special attention to advertised pricing on websites that often preselect a plan with more than 20 users and annual payment pricing as this may not reflect the prices available to them. You’ll also want to take note of any minimum seat requirements when comparing prices for small teams.
Some providers, such as Zoom, offer pay-as-you-go metered pricing for calling and messaging but this arrangement is rare. For most service providers, unlimited calling to the U.S. and Canada is included, with additional per-minute fees for international calls that vary by provider and region. Some vendors also charge a one-time activation fee for new customers.
Many companies will lower their monthly prices by replacing standard features with piecemeal add-ons. For a lot of businesses, this is an excellent way to reduce costs—you can skip features, such as call recording, that may not be used by everyone. You can also utilize add-ons to design a custom solution for your long-term communication goals. While some service providers allow businesses to mix and match plans to support different employees effectively, many providers don’t offer this level of flexibility.
Most business phone vendors sell and rent preconfigured IP desk phones and other telephone hardware that range in price from $60 to $400. However, desk phones are never required to use a cloud-based phone system.
Business Phone System Features
Today’s business phone systems offer a plethora of valuable features for small businesses. This is perhaps the greatest benefit of cloud-hosted systems: They have opened the door for small businesses to access a multitude of advanced features without having to spend a ton of money. Previously, only larger businesses could afford feature-rich systems because of the capital required to install the necessary equipment. Fortunately, that’s no longer the case. Below are some of the functions to look for in a new business phone system.
| Unlimited calling | Many of today’s cloud-hosted VoIP phone systems allow domestic calling to the U.S. and Canada for no additional charge. This gives you a fixed cost for the monthly service that doesn’t fluctuate based on how many calls your business makes and receives. |
|---|---|
| Automated attendants | An auto attendant answers calls made to your business and routes them to the proper employees or departments. |
| Conference calling | UC systems include a conference bridge that allows you to host your own conference calls. The number of people who can be on a call at one time depends on the provider. Some systems support five to 10 people, while others allow for hundreds of people at one time. |
| Video and web conferencing | You and your employees can host video meetings with video conferencing hardware or through a computer equipped with a camera and microphone. Most of these services allow for screen sharing, which lets everyone in the meeting view documents or presentations. The number of people who can be on a video call at one time depends on the provider. |
| Instant messaging | Many UC systems enable instant messaging. You and your team can send messages back and forth to ask questions and collaborate on projects. |
| Text messaging | Since texting has become so popular, some solutions allow you to text from your business line. This lets your staff send text messages to customers without revealing their personal numbers. [See our picks for the .] |
| Call recording | This gives you the ability to record calls. These recordings are then stored in the cloud or on your computer for playback later. |
| Virtual faxing | These systems facilitate sending online faxes rather than using a dedicated fax machine. You can send a fax to a recipient’s email or fax machine from the communications platform directly. |
| Ring groups | This feature allows you to group employees so that if a person calls needing someone in a certain group, such as your customer service team, all of the employees’ phones will ring. You can choose for phones to ring in a specific order or all at once. |
| AI | AI can reduce manual labor with web conference transcriptions, send post-meeting summaries with follow-up tasks and help determine customer sentiment during calls. |
| Software integrations | VoIP phone systems are capable of integrating with thousands of other business software applications including CRM platforms, office suites and the rest of your business ecosystem. |
Choosing a Business Phone System
Stick to these five simple steps to identify the best business phone system and make a purchase decision with confidence.
1. Determine what’s available
Business phone systems are hardly an exciting category, which means it’s probably been a few years since you’ve taken the time to explore the companies driving innovation and offering the best features or value.
Read a few online guides (like this one) written by experienced reviewers who can compare and contrast different options objectively. To see how other customers have felt, check out some recent user reviews and customer comments on platforms like the Better Business Bureau’s website.
2. Define what you need
With such a wide variety in price between entry-level and enterprise systems, it’s important to determine the features and integrations that matter most. Once you understand the ideal set of tools across your organization, take a headcount and determine if everyone needs the same calling features.
In some cases, you may be able to mix and match plans, providing high-level features to those who need them while saving on your monthly bill for employees with fewer phone requirements.
3. Take advantage of live demos
Most service providers are willing to invest the time it takes to lock you into a long-term phone plan. Usually, this includes the offer of a live demo with a sales representative who can walk you through their phone system and address any specific questions you may have.
4. Compare costs
At this point, you should have narrowed a long list of potential phone providers to a few good choices. Rest assured that all of the platforms we’ve reviewed—and all of the major providers in this category—offer reliable service with a similar mix of features. If you’re struggling to make a final decision, the total annual expense is an excellent determining factor.
5. Start with a monthly term
While there are significant discounts available for annual subscribers, you may want to wait one month to ensure you’re satisfied with your new phone system. Typically, implementation is a fast and easy process, which makes switching services a relatively light lift.
Meanwhile, most long-term contracts have unattractive early termination fees that often require payment for the entirety of the contract. If you’re satisfied after one month, you can upgrade to a longer term and enjoy a lower monthly cost.
Advantages of Business Phone Systems
Modern business phone systems offer all the advantages with practically none of the disadvantages of older landline systems, which require expensive on-premises hardware to purchase and maintain. With a lower monthly cost, no hardware to manage and an impressive list of call management tools, a cloud-based business phone system is a very compelling option for many business owners and managers. Below are some of the benefits of using today’s business phone systems.
Go beyond making calls.
Cloud-based business phone systems do far more than make calls. They also support video conferencing, team messaging, SMS and online faxing. On top of that, they offer integrations with popular business software and highly rated CRM platforms to manage customer data and communications properly across an entire business.
Most of today’s top business phone systems include built-in video conferencing software, which ensures you can hold online meetings and make calls all from the same platform. Source: Ooma
Enjoy communications flexibility.
Flexibility is another area where business phone systems have evolved, allowing employees to take calls on any internet-connected device, including computers, laptops, tablets, mobile phones and IP phones, that has the same functionality as a traditional-looking desk phone. Businesses can send inbound calls to all devices at one time or set up ring groups that dial specific teams or employees with a simultaneous or sequential ring setting to ensure all inbound calls are routed and received properly.
Get quality assurance.
While some traditional landline users may fear poor quality due to a bad internet connection, the reality is that cloud-based phones are on par with landline systems in terms of audio quality and reliability. The majority of business phone system providers offer uptimes of 99.999 percent and higher with SLAs. As part of their analytics tools, many vendors also include quality-of-service reporting, which details the level of quality for every call that’s made.
Alternatives to Consider
While many platforms come with some degree of customization through a handful of add-ons and APIs, Vonage stands apart for the sheer number of available customizations and unique plan structure. Most cloud-based business phone providers place advanced communications features and tools in their top-tier plans, forcing you to adopt a high-priced plan when you may only want one or two of those features. Vonage takes more of a piecemeal approach, featuring 18 paid add-ons such as on-demand call recording, IP phone paging and an AI virtual assistant with conversational AI. Learn more in our review of Vonage .
Grasshopper
For many small business owners and solopreneurs, adding a simple virtual business phone system to an existing cell phone makes the most sense. Grasshopper enables you to separate work and personal calls from the same device easily, providing a professional look and sound with local, toll-free and vanity phone numbers. You can even hire Grasshopper to record a professional voicemail greeting on your behalf. All plans provide the same core features including unlimited minutes, mobile and desktop apps, call forwarding, virtual faxing, voicemail, simultaneous call handling, business texting and 24/7 support. Plans are largely differentiated by the number of users, phone numbers and available extensions. Read our full Grasshopper Review
Aircall’s business phone service has the right mix of contact center features and sales-focused tools, making it an ideal choice for companies that primarily work with customers over the phone. The integration-friendly platform offers over 100 integrations and API access, including 44 CRM and help desk applications. Sales teams gain improved visibility into performance with talk-to-listen ratios to review conversation engagement levels and a power dialer tool to initiate new calls in rapid succession and automatically add new numbers from web pages. Customer service teams offer better services with features like intelligent call routing to connect customers with the best agent available for a specific issue or problem.
OpenPhone’s virtual phone system bridges the gap for remote teams. Its unified inbox centralizes all customer interactions, from calls and texts to voicemails, keeping everyone informed and eliminating missed opportunities. Shared inboxes and business hours routing ensure calls are distributed evenly and handled promptly. Plus, complete conversation history with transcripts and internal chats empowers your team to provide personalized service. On top of that, OpenPhone offers affordable plans with time-saving features like auto-responses and snippets, making it a cost-effective solution for remote businesses.
800.com focuses on one key element: business phone numbers. Unlike some competitors offering full phone systems, 800.com helps you establish a professional presence with 1-800, vanity, or local numbers. This separates your personal calls and creates a dedicated line for customer inquiries. They offer three flexible plans, all including features like faxing, call recording, texting, analytics, voicemail transcripts, and various call forwarding options, so you can choose the functionality that best suits your needs.
Business Phone System FAQs
Which kinds of businesses benefit most from a good phone system.
All businesses can benefit from a good phone system, although not all businesses will benefit from the same type of business phone system. Communicating with your colleagues, customers and clients in a professional manner is critical. That’s why relying solely on personal mobile devices can cause problems. You want to make a great impression on your customers. A greeting from an automated attendant via a business phone system is a great first step. It shows your company is a legitimate operation.
Businesses that don’t require a traditional office phone system should at least consider investing in a virtual phone system. These allow you to present a professional image while still using your mobile device as your main communication tool. Virtual systems include automated attendants and a host of other valuable features. In addition, when you make outbound calls, your business number—not your personal mobile number—is displayed to the person you are calling.
For larger businesses, business phone systems not only help you present a professional image to your customers but also give your employees all of the communication tools they need to do their jobs well and keep in touch with co-workers. Mobile apps allow team members to take their business lines with them wherever they go and video conferencing services ensure they can connect with anyone, regardless of where they are or how they want to communicate.
What is UC?
UC is the ability to access all of your communication tools from one platform. Many of today’s business phone systems are UC systems. While these systems still offer traditional phone service, they include other communication tools that professionals now commonly rely on.
The additional features in UC services include audio, video and web conferencing; instant messaging; and text messaging. Previously, to have all of these communication tools, organizations had to use a different vendor for each one. UC streamlines the process by allowing you to access all of these features from the same provider. This not only boosts employee productivity but can also be a significant cost-saver for businesses.
When is the best time to invest in a good phone system for your business?
In today’s highly competitive market, it’s never a bad time to invest in a business phone system. There are so many providers seeking new customers that they are always offering some type of discount or incentive to sign up. This could be a few months of free service, free phones or discounted rates.
That said, we have noticed that a lot of vendors ramp up their incentives near the end of each quarter. As they close their books on the quarter, providers want to have the best sales numbers possible, so they may offer extra incentives to get more sign-ups. Consider this time frame before you start talking to companies.
What is the difference between a business phone service and a business phone system?
There aren’t many differences between a business phone service and a business phone system. Both provide you with all the tools you need to effectively communicate with those inside and outside of your office.
When evaluating which is best for your business, look at how well the system runs. Is the service reliable? This is especially important for cloud-hosted PBX systems. Traditionally, business phone services were based on landlines. Reliability was rock-solid because everything was hardwired and there was no internet to deal with. Today, as cloud-hosted PBX business phone systems have become increasingly popular, finding a business phone service that offers the same reliability as a landline system is crucial.
One of the key factors you can use to determine reliability is uptime statistics. Uptime is how often a cloud-based phone system is up and running. One of the most critical elements of a business phone system is the promise that you can pick up the phone and make a call whenever you need to and that whenever someone calls you, they can get through. The best business phone services and systems have uptimes of 99.999 percent. This means service is down for only a handful of minutes each year. Some business phone providers go as far as to guarantee their uptime—if it ever falls below a certain threshold, they will reimburse you.
What are the main differences between phone systems for small businesses and phone systems for large businesses?
What makes today’s cloud-hosted unified communication systems so appealing to small businesses is that they provide the same functionality as systems large businesses use.
Before the advent of VoIP and cloud-hosted solutions, large companies were typically the only ones that could afford the expensive on-site equipment needed for a robust phone system with features like automated attendants, extension dialing and call queues. VoIP, specifically the cloud-hosted VoIP phone system, has leveled the playing field. The point of entry is no longer expensive, so small businesses can easily implement these systems in the same way large businesses can.
One difference, however, might be in the service tiers small and large businesses choose. While small businesses might select a lower-tier plan that doesn’t offer every feature under the sun, larger businesses may be able to afford the more expensive plans that give them access to everything the phone system provider offers. Some packages are geared to smaller, larger or even midsize businesses based on features and pricing. But nothing is stopping a small business from signing up for the most feature-rich option—unless the vendor has user minimums.
How do you set up a small business phone system?
The setup process depends on the kind of business phone system you choose, but a huge benefit of today’s systems is how easy they are to implement. VoIP solutions are completely managed from an online portal. Administrators can log into the portal to assign business phone numbers and extensions, add new users, delete users and turn features on or off for individual users. You can access this portal from anywhere with an internet connection. Naturally, on-premises implementations are more involved.
Who benefits most from VoIP office systems?
Employees tend to benefit most from a VoIP business phone system. These systems provide workers with valuable tools to facilitate all of their communication and collaboration needs. Voicemail-to-email, call recording, instant messaging and call forwarding are some of the features employees can typically access with a VoIP system.
Additionally, VoIP solutions allow lots of mobility. Many vendors offer their own mobile apps that give workers the freedom to answer and make calls to and from their business lines via their mobile devices. This helps ensure they never miss an important call.
Small business owners also are big beneficiaries of VoIP office systems. These platforms give small businesses access to features and tools that were previously affordable by only larger organizations. The ability to install these systems for a relatively low price is a huge advantage for smaller companies.
Can you use a VoIP phone as a regular phone?
Technically, there are IP phones and analog phones. Most of today’s VoIP phone systems use IP phones. These phones plug directly into your internet router and are essentially ready to start making and receiving calls immediately. To use an analog phone with many of today’s VoIP systems, you need a special adapter that allows these phones to connect to your network.
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The 7 Best Business Plan Examples (2024)
As an aspiring entrepreneur gearing up to start your own business , you likely know the importance of drafting a business plan. However, you might not be entirely sure where to begin or what specific details to include. That’s where examining business plan examples can be beneficial. Sample business plans serve as real-world templates to help you craft your own plan with confidence. They also provide insight into the key sections that make up a business plan, as well as demonstrate how to structure and present your ideas effectively.
Example business plan
To understand how to write a business plan, let’s study an example structured using a seven-part template. Here’s a quick overview of those parts:
- Executive summary: A quick overview of your business and the contents of your business plan.
- Company description: More info about your company, its goals and mission, and why you started it in the first place.
- Market analysis: Research about the market and industry your business will operate in, including a competitive analysis about the companies you’ll be up against.
- Products and services: A detailed description of what you’ll be selling to your customers.
- Marketing plan: A strategic outline of how you plan to market and promote your business before, during, and after your company launches into the market.
- Logistics and operations plan: An explanation of the systems, processes, and tools that are needed to run your business in the background.
- Financial plan: A map of your short-term (and even long-term) financial goals and the costs to run the business. If you’re looking for funding, this is the place to discuss your request and needs.
7 business plan examples (section by section)
In this section, you’ll find hypothetical and real-world examples of each aspect of a business plan to show you how the whole thing comes together.
- Executive summary
Your executive summary offers a high-level overview of the rest of your business plan. You’ll want to include a brief description of your company, market research, competitor analysis, and financial information.
In this free business plan template, the executive summary is three paragraphs and occupies nearly half the page:
- Company description
You might go more in-depth with your company description and include the following sections:
- Nature of the business. Mention the general category of business you fall under. Are you a manufacturer, wholesaler, or retailer of your products?
- Background information. Talk about your past experiences and skills, and how you’ve combined them to fill in the market.
- Business structure. This section outlines how you registered your company —as a corporation, sole proprietorship, LLC, or other business type.
- Industry. Which business sector do you operate in? The answer might be technology, merchandising, or another industry.
- Team. Whether you’re the sole full-time employee of your business or you have contractors to support your daily workflow, this is your chance to put them under the spotlight.
You can also repurpose your company description elsewhere, like on your About page, Instagram page, or other properties that ask for a boilerplate description of your business. Hair extensions brand Luxy Hair has a blurb on it’s About page that could easily be repurposed as a company description for its business plan.
- Market analysis
Market analysis comprises research on product supply and demand, your target market, the competitive landscape, and industry trends. You might do a SWOT analysis to learn where you stand and identify market gaps that you could exploit to establish your footing. Here’s an example of a SWOT analysis for a hypothetical ecommerce business:
You’ll also want to run a competitive analysis as part of the market analysis component of your business plan. This will show you who you’re up against and give you ideas on how to gain an edge over the competition.
- Products and services
This part of your business plan describes your product or service, how it will be priced, and the ways it will compete against similar offerings in the market. Don’t go into too much detail here—a few lines are enough to introduce your item to the reader.
- Marketing plan
Potential investors will want to know how you’ll get the word out about your business. So it’s essential to build a marketing plan that highlights the promotion and customer acquisition strategies you’re planning to adopt.
Most marketing plans focus on the four Ps: product, price, place, and promotion. However, it’s easier when you break it down by the different marketing channels . Mention how you intend to promote your business using blogs, email, social media, and word-of-mouth marketing.
Here’s an example of a hypothetical marketing plan for a real estate website:
Logistics and operations
This section of your business plan provides information about your production, facilities, equipment, shipping and fulfillment, and inventory.
Financial plan
The financial plan (a.k.a. financial statement) offers a breakdown of your sales, revenue, expenses, profit, and other financial metrics. You’ll want to include all the numbers and concrete data to project your current and projected financial state.
In this business plan example, the financial statement for ecommerce brand Nature’s Candy includes forecasted revenue, expenses, and net profit in graphs.
It then goes deeper into the financials, citing:
- Funding needs
- Project cash-flow statement
- Project profit-and-loss statement
- Projected balance sheet
You can use Shopify’s financial plan template to create your own income statement, cash-flow statement, and balance sheet.
Types of business plans (and what to write for each)
A one-page business plan is a pared down version of a standard business plan that’s easy for potential investors and partners to understand. You’ll want to include all of these sections, but make sure they’re abbreviated and summarized:
- Logistics and operations plan
- Financials
A startup business plan is meant to secure outside funding for a new business. Typically, there’s a big focus on the financials, as well as other sections that help determine the viability of your business idea—market analysis, for example. Shopify has a great business plan template for startups that include all the below points:
- Market research: in depth
- Financials: in depth
Your internal business plan acts as the enforcer of your company’s vision. It reminds your team of the long-term objective and keeps them strategically aligned toward the same goal. Be sure to include:
- Market research
Feasibility
A feasibility business plan is essentially a feasibility study that helps you evaluate whether your product or idea is worthy of a full business plan. Include the following sections:
A strategic (or growth) business plan lays out your long-term vision and goals. This means your predictions stretch further into the future, and you aim for greater growth and revenue. While crafting this document, you use all the parts of a usual business plan but add more to each one:
- Products and services: for launch and expansion
- Market analysis: detailed analysis
- Marketing plan: detailed strategy
- Logistics and operations plan: detailed plan
- Financials: detailed projections
Free business plan templates
Now that you’re familiar with what’s included and how to format a business plan, let’s go over a few templates you can fill out or draw inspiration from.
Bplans’ free business plan template
Bplans’ free business plan template focuses a lot on the financial side of running a business. It has many pages just for your financial plan and statements. Once you fill it out, you’ll see exactly where your business stands financially and what you need to do to keep it on track or make it better.
PandaDoc’s free business plan template
PandaDoc’s free business plan template is detailed and guides you through every section, so you don’t have to figure everything out on your own. Filling it out, you’ll grasp the ins and outs of your business and how each part fits together. It’s also handy because it connects to PandaDoc’s e-signature for easy signing, ideal for businesses with partners or a board.
Miro’s Business Model Canvas Template
Miro’s Business Model Canvas Template helps you map out the essentials of your business, like partnerships, core activities, and what makes you different. It’s a collaborative tool for you and your team to learn how everything in your business is linked.
Better business planning equals better business outcomes
Building a business plan is key to establishing a clear direction and strategy for your venture. With a solid plan in hand, you’ll know what steps to take for achieving each of your business goals. Kickstart your business planning and set yourself up for success with a defined roadmap—utilizing the sample business plans above to inform your approach.
Business plan FAQ
What are the 3 main points of a business plan.
- Concept. Explain what your business does and the main idea behind it. This is where you tell people what you plan to achieve with your business.
- Contents. Explain what you’re selling or offering. Point out who you’re selling to and who else is selling something similar. This part concerns your products or services, who will buy them, and who you’re up against.
- Cash flow. Explain how money will move in and out of your business. Discuss the money you need to start and keep the business going, the costs of running your business, and how much money you expect to make.
How do I write a simple business plan?
To create a simple business plan, start with an executive summary that details your business vision and objectives. Follow this with a concise description of your company’s structure, your market analysis, and information about your products or services. Conclude your plan with financial projections that outline your expected revenue, expenses, and profitability.
What is the best format to write a business plan?
The optimal format for a business plan arranges your plan in a clear and structured way, helping potential investors get a quick grasp of what your business is about and what you aim to achieve. Always start with a summary of your plan and finish with the financial details or any extra information at the end.
Want to learn more?
- Question: Are You a Business Owner or an Entrepreneur?
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How to Create a Social Media Marketing Strategy in 9 Easy Steps [Free Template]
Creating your social media marketing strategy doesn’t need to be painful. Create an effective plan for your business in 9 simple steps.
A social media marketing strategy is a summary of everything you plan to do and hope to achieve on social media. It guides your actions and lets you know whether you’re succeeding or failing.
The more specific your plan is, the more effective it will be. Keep it concise. Don’t make it so lofty and broad that it’s unattainable or impossible to measure.
In this post, we’ll walk you through a nine-step plan to create a winning social media strategy of your own. We’ve even got expert insights from Amanda Wood, Hootsuite’s Senior Manager of Social Marketing.
How to create a social media strategy:
Bonus: Get a free social media strategy template to quickly and easily plan your own strategy. Also use it to track results and present the plan to your boss, teammates, and clients.
What is a social media marketing strategy?
A social media strategy is a document outlining your social media goals, the tactics you will use to achieve them and the metrics you will track to measure your progress.
Your social media marketing strategy should also list all of your existing and planned social media accounts along with goals specific to each platform you’re active on. These goals should align with your business’s larger digital marketing strategy.
Finally, a good social media plan should define the roles and responsibilities within your team and outline your reporting cadence.
Create. Schedule. Publish. Engage. Measure. Win.
Creating your own social media marketing strategy (video guide)
No time to read the whole article? Let Amanda, Hootsuite’s own Senior Manager of Social Media Marketing, guide you through our free social media marketing strategy template in less than 10 minutes:
How to create a social media marketing strategy in 9 steps
Step 1. choose goals that align to business objectives, set s.m.a.r.t. goals.
The first step to creating a winning social media strategy is to establish clear objectives and goals. Without goals, you have no way to measure success and return on investment (ROI) .
Each of your social media marketing goals should be SMART : s pecific, m easurable, a ttainable, r elevant and t ime-bound.
Psst: Need help getting started? We’ve got social strategy guides for small businesses , financial services , government , higher education , healthcare , real estate , law firms , and non-profits .
Oh, and if you need examples of smart social media goals , we’ve got you covered there too.
Once you’ve decided on your goals, track them in a social media strategy doc — grab our free template if you don’t have one already.
Track meaningful metrics
Vanity metrics like number of followers and likes are easy to track, but it’s hard to prove their real value. Instead, focus on things like engagement, click-through, and conversion rates.
For inspiration, take a look at these 19 essential social media metrics .
You may want to track different goals for different social media networks, or even different uses for each network.
For example, if you use LinkedIn to drive traffic to your website, you would measure click-throughs. If Instagram is for brand awareness, you might track the number of Instagram Story views. And if you advertise on Facebook, cost-per-click (CPC) is a common success metric.
Social media goals should align with your overall marketing objectives. This makes it easier to show the value of your work and secure buy-in from your boss.
Start developing a successful social media marketing plan by writing down at least three goals for social media.
“ It’s easy to get overwhelmed by deciding what to post and which metrics to track, but you need to focus on what you want to get out of social media to begin with,” says Amanda Wood, Hootsuite’s Senior Manager of Social Marketing. “Don’t just start posting and tracking everything: match your goals to your business, and your metrics to your goals.”
Step 2. Learn everything you can about your audience
Get to know your fans, followers, and customers as real people with real wants and needs, and you will know how to target and engage them on social media.
When it comes to your ideal customer, you should know things like:
- Average income
- Typical job title or industry
Here’s a simple guide and template for creating audience/buyer personas .
Don’t forget to document this information in your strategy doc!
Social media analytics can also provide a ton of valuable information about who your followers are, where they live, and how they interact with your brand on social media. These insights allow you to refine your strategy and better target your audience.
Jugnoo, an Uber-like service for auto-rickshaws in India, used Facebook Analytics to learn that 90% of their users who referred other customers were between 18- and 34-years-old, and 65% of that group was using Android. They used that information to target their ads, resulting in a 40% lower cost per referral.
Check out our guide to using social media analytics and the tools you need to track them .
Step 3. Get to know your competition
Odds are your competitors are already using social media, and that means you can learn from what they’re doing.
Conduct a competitive analysis
A competitive analysis allows you to understand who the competition is and what they’re doing well (and not so well). You’ll get a good sense of what’s expected in your industry, which will help you set social media targets of your own.
It will also help you spot opportunities and weaknesses you can document in your social strategy doc.
Maybe one of your competitors is dominant on Facebook, for example, but has put little effort into X (Twitter) or Instagram. You might want to focus on the social media platforms where your audience is underserved, rather than trying to win fans away from a dominant player.
Use social media listening
Social listening is another way to keep an eye on your competitors.
Do searches of the competition’s company name, account handles, and other relevant keywords on social media. Find out what they’re sharing and what other people are saying about them. If they’re using influencer marketing, how much engagement do those campaigns earn them?
Pro tip : Use Hootsuite Streams to monitor relevant keywords, hashtags and accounts in real-time.
Try Hootsuite for free. You can cancel anytime.
As you track, you may notice shifts in how your competitors and industry leaders are using social media. You may come across new, exciting trends. You might even spot specific social content or a campaign that really hits the mark—or totally bombs.
Use this kind of intel to optimize and inform your own social media marketing strategy.
Just don’t go overboard on the spy tactics, Amanda advises. “ Make sure you aren’t ALWAYS comparing yourself to the competition — it can be a distraction. I’d say checking in on a monthly basis is healthy. Otherwise, focus on your own strategy and results.”
Step 4. Do a social media audit
If you’re already using social media, take stock of your efforts so far. Ask yourself the following questions:
- What’s working, and what’s not?
- Who is engaging with you?
- What are your most valuable partnerships?
- Which networks does your target audience use?
- How does your social media presence compare to the competition?
Once you collect that information, you’ll be ready to start thinking about ways to improve.
We’ve created an easy-to-follow social media audit guide and template to walk you through each step of this process.
Your audit should give you a clear picture of what purpose each of your social accounts serves. If the purpose of an account isn’t clear, think about whether it’s worth keeping.
To help you decide, ask yourself the following questions:
- Is my audience here?
- If so, how are they using this platform?
- Can I use this account to help achieve my goals?
Asking these tough questions will keep your social media strategy focused.
Look for impostor accounts
During the audit, you may discover fake accounts using your business name or the names of your products.
These imposters can be harmful to your brand—never mind that they’re capturing followers that should be yours.
You may want to get your accounts verified too to ensure your fans know they are dealing with the real you.
Here’s how to get verified on:
- X (Twitter)
Step 5. Set up accounts and improve profiles
Decide which networks to use.
As you decide which social networks to use, you will also need to define your strategy for each.
Benefit Cosmetics’ social media manager, Angela Purcaro, told eMarketer : “For our makeup tutorials … we’re all about Snapchat and Instagram Stories. [X], on the other hand, is designated for customer service.”
Hootsuite’s own social team even designates different purposes for formats within networks. On Instagram, for example, they use the feed to post high-quality educational infographics and product announcements and Stories to cover live events or quick social media updates.
View this post on Instagram A post shared by Hootsuite 🦉 (@hootsuite)
Pro tip : Write out a mission statement for each network. A one-sentence declaration to keep you focused on a specific goal.
Example: “We will use X for customer support to keep email and call volumes down.”
Or: “We will use LinkedIn for promoting and sharing our company culture to help with recruitment and employee advocacy.”
One more: “We will use Instagram to highlight new products and repost quality content from influencers.”
If you can’t create a solid mission statement for a particular social media channel, you may want to ask yourself if it’s worth it.
Note : While larger businesses can and do tackle every platform, small businesses may not be able to — and that’s ok! Prioritize social platforms that will have the most impact on your business and make sure your marketing team has the resources to handle content for those networks. If you need help focusing your efforts, check out our 18-minute social media plan .
Set up your profiles
Once you’ve decided which networks to focus on, it’s time to create your profiles. Or improve existing ones so they align with your strategy.
- Make sure you fill out all profile fields
- Include keywords people would use to search for your business
- Use consistent branding (logos, images, etc.) across networks so your profiles are easily recognizable
Pro tip : Use high-quality images that follow the recommended dimensions for each network. Check out our always-up-to-date social media image size cheat sheet for quick reference.
We’ve also got step-by-step guides for each network to walk you through the process:
- Create a Facebook business page
- Create an Instagram business account
- Create a TikTok account
- Create a X (Twitter) business account
- Create a Snapchat account
- Create a LinkedIn Company Page
- Create a Pinterest business account
- Create a YouTube channel
Don’t let this list overwhelm you. Remember, it’s better to use fewer channels well than to stretch yourself thin trying to maintain a presence on every network.
Optimize your profiles (and content) for search
Never heard of social SEO ? It’s time to learn.
44% of Gen Z consumers use social platforms to research their purchase decisions, which means it’s extra critical that your channels are optimized for social search.
That means making sure your profile names are clear and descriptive, you’re including relevant hashtags and keywords in your bio and on every post, and you’re using features like alt text and captions to include your target keywords as naturally as possible.
Step 6. Find inspiration
While it’s important that your brand be unique, you can still draw inspiration from other businesses that are great on social.
“ I consider it my job to stay active on social: to know what’s trending, which campaigns are winning, what’s new with the platforms, who’s going above and beyond,” says Amanda. “This might be the most fun step for you, or the hardest one, but it’s just as crucial as the rest of them.”
Social media success stories
You can usually find these on the business section of the social network’s website. ( Here’s Facebook’s , for example.)
Case studies can offer valuable insights that you can apply to your own social media plan.
Award-winning accounts and campaigns
You could also check out the winners of The Facebook Awards or The Shorty Awards for examples of brands that are at the top of their social media game.
For learning and a laugh, check out Fridge-Worthy, Hootsuite’s bi-weekly awards show highlighting brands doing smart and clever things on social media.
Your favorite brands on social media
Who do you enjoy following on social media? What do they do that compels people to engage and share their content?
National Geographic, for example, is one of the best on Instagram, combining stunning visuals with compelling captions.
View this post on Instagram A post shared by National Geographic (@natgeo)
Then there’s Shopify. The ecommerce brand uses Facebook to sell themselves by showcasing customer stories and case studies.
And Lush Cosmetics is a great example of superior customer service on X. They use their 280 characters to answer questions and solve problems in an extremely charming and on-brand way.
Source: lushcosmetics on X
Notice that each of these accounts has a consistent voice, tone, and style. That’s key to letting people know what to expect from your feed. That is, why should they follow you? What’s in it for them?
Consistency also helps keep your content on-brand even if you have multiple people on your social media team.
For more on this, read our guide on establishing a compelling brand voice on social media .
Ask your followers
Consumers can also offer social media inspiration.
What are your target customers talking about online? What can you learn about their wants and needs?
If you have existing social channels, you could also ask your followers what they want from you. Just make sure that you follow through and deliver what they ask for.
Step 7. Create a social media content calendar
Sharing great content is essential, of course, but it’s equally important to have a plan in place for when you’ll share content to get the maximum impact.
Your social media content calendar also needs to account for the time you spend interacting with the audience (although you need to allow for some spontaneous engagement as well).
Set your posting schedule
Your social media content calendar lists the dates and times at which you will publish types of content on each channel. It’s the perfect place to plan all of your social media activities—from images, link sharing, and re-shares of user-generated content to blog posts and videos. It includes both your day-to-day posting and content for social media campaigns.
Your calendar also ensures your posts are spaced out appropriately and published at the best times to post .
Pro tip: You can plan your whole content calendar and get recommended best times to post on every network based on your past engagement rate, impressions, or link click data in Hootsuite.
Hootsuite’s Best Time to Publish feature
Determine the right content mix
Make sure your content strategy and calendar reflect the mission statement you’ve assigned to each social profile, so that everything you post is working to support your business goals.
(We know, it’s tempting to jump on every meme, but there should always be a strategy behind your social media marketing efforts!)
You might decide that:
- 50% of content will drive traffic back to your website
- 25% of content will be curated from other sources
- 20% of content will support lead-generation goals (newsletter sign-ups, ebook downloads, etc.)
- 5% of content will be about your company culture
Placing these different post types in your content calendar will ensure you maintain the right mix.
If you’re starting from scratch and you’re not sure what types of content to post, try the 80-20 rule :
- 80% of your posts should inform, educate, or entertain your audience
- 20% can directly promote your brand.
You could also try the social media content marketing rule of thirds :
- One-third of your content promotes your business, converts readers, and generates profit.
- One-third of your content shares ideas and stories from thought leaders in your industry or like-minded businesses.
- One-third of your content is personal interactions with your audience
Whatever you decide on, be sure to document it in your strategy doc.
Don’t post too much or too little
If you’re starting a social media marketing strategy from scratch, you may not have figured out how often to post to each network for maximum engagement yet.
Post too frequently and you risk annoying your audience. But, if you post too little, you risk looking like you’re not worth following.
Start with these posting frequency recommendations:
- Instagram (feed): 3-7 times per week
- TikTok: 3-5 times per week
- Facebook: 1-2 times per day
- X (Twitter): 1-5 times per day
- LinkedIn: 1-5 times per day
Pro tip : Once you have your social media content calendar planned out, use a scheduling tool to prepare messages in advance rather than updating constantly throughout the day.
We might be biased, but we think Hootsuite is the best social media management tool. You can schedule social media posts to every network and the intuitive calendar view gives you a full picture of all your social activity each week.
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Step 8. Create compelling content
Remember those mission statements you created for each channel in Step 5? Well, it’s time to go a bit deeper, a.k.a. provide some examples of the type of content you’ll post to fulfill your mission on each network.
If you’re not sure what to post, here’s a long list of social media content ideas to get you started. Or (to make it even easier) you can use an AI tool like OwlyWriter to generate on-brand content in a flash.
The idea here is to:
- Keep your content aligned with the purpose of each network;
- Show other stakeholders (if applicable) what kind of content they can expect to see on each network.
This last point especially will help you avoid any tension when your colleagues want to know why you haven’t posted their case study/whitepaper/blog post to TikTok yet. It’s not in the strategy, Linda!
Ideally, you will generate content types that are both suited to the network and the purpose you’ve set out for that network.
For example, you wouldn’t want to waste time posting brand awareness tweets if you’ve designated X/Twitter for primarily customer support. And you wouldn’t want to post super polished corporate video ads to TikTok, as users expect to see short, unpolished videos on that platform.
It might take some testing over time to figure out which type of content works best on which type of network, so prepare to update this section frequently.
We won’t lie: content creation isn’t as easy as everyone not on the social team seems to think. But if you’re struggling, Amanda suggests going back to basics.
The first question to ask is: is there cohesion between your content types? Is your content providing value? Do you have a good mix of entertaining, or educational content? What does it offer that makes a person stop and spend time? Creating a few different content pillars or categories that encompass different aspects of storytelling for your brand, and what you can offer your audience is a good start.
This brings us to Step 9.
Step 9. Track performance and make adjustments
Your social media marketing strategy is a hugely important document for your business, and you can’t assume you’ll get it exactly right on the first try.
As you start to implement your plan and track your results, you may find that some strategies don’t work as well as you’d anticipated, while others are working even better than expected.
That’s why it’s important to document your progress along the way.
Look at performance metrics
In addition to the analytics within each social network (see Step 2), you can use UTM parameters to track social visitors as they move through your website, so you can see exactly which social posts drive the most traffic to your website.
Benchmark your results
You’ve got your numbers, but how do they stack up to the competition in your industry? Industry benchmarks are a great way to evaluate your performance against other businesses in your category.
If you’ve got Hootsuite Analytics , you can use our built-in social media benchmarking tool to compare the performance of your social accounts against the average of brands in your industry with just a couple of clicks.
You can set up custom timeframes, switch between networks — Instagram, Facebook, X (Twitter), LinkedIn, and TikTok — and look up benchmarks for metrics like followers, audience growth rate, engagement rate, clicks, shares, and much more.
You’ll also find resources to improve your performance right in the summary section:
Re-evaluate, test, and do it all again
Once this data starts coming in, use it to re-evaluate your strategy regularly. You can also use this information to test different posts, social marketing campaigns, and strategies against one another. Constant testing allows you to understand what works and what doesn’t, so you can refine your social media marketing strategy in real time.
You’ll want to check the performance of all your channels at least once a week and get to know the basics of social media reporting so you can track your growth over time.
Pro tip: If you use Hootsuite, you can review the performance of all your posts on every network in one place. Once you get the hang of checking your analytics, you may even want to customize different reports to show specific metrics over a variety of different time periods.
Surveys can also be a great way to find out how well your social media strategy is working. Ask your followers, email list, and website visitors whether you’re meeting their needs and expectations, and what they’d like to see more of. Then make sure to deliver on what they tell you.
Finalizing your social media strategy
Spoiler alert: nothing is final.
Social media moves fast. New networks emerge, others go through demographic shifts.
Your business will go through periods of change as well.
All of this means that your social media marketing strategy should be a living document that you review and adjust as needed. Refer to it often to stay on track, but don’t be afraid to make changes so that it better reflects new goals, tools, or plans.
When you update your social strategy, make sure to watch our 5-step video on how to updating your social media strategy for 2024:
Social media strategy template
Ready to start documenting? Grab your free social media strategy template below!
What’s next? When you’re ready to put your plan into action, we’re here to help…
Save time managing your social media marketing strategy with Hootsuite. From a single dashboard you can easily:
- Plan, create, and schedule posts to every network
- Track relevant keywords, topics, and accounts
- Stay on top of engagement with a universal inbox
- Get easy-to-understand performance reports and improve your strategy as needed
Try Hootsuite for Free
With files from Shannon Tien .
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Christina Newberry is an award-winning writer and editor whose greatest passions include food, travel, urban gardening, and the Oxford comma—not necessarily in that order.
Amanda Wood is a senior social marketing professional who combines analytical and creative thinking to build brands.
As head of social at Hootsuite, Amanda oversees the global social strategy encompassing organic and paid social on Instagram, Facebook, Twitter, TikTok, and LinkedIn, a social engagement and listening strategy, and an employee advocacy program.
As the leader of a high-performing social team, she has extensive experience collaborating with creatives to bring campaigns to life on social and drive business results.
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Best small business web hosting of 2024
The best small business web hosting for established companies and start ups
Best overall
Best unmanaged vps, best managed vps.
- Best for WordPress
- Best for eCommerce
Most reliable
Most configurable.
- Best on a budget
- Best dedicated
- How we test
1. Best overall : Siteground 2. Best unmanaged VPS : Hostinger 3. Best managed VPS : Scalahosting 4. Best for WordPress : WP Engine 5. Best for eCommerce : Bluehost 6. Most reliable : InMotion Hosting 7. Most configurable : Liquid Web 8. Best dedicated : Hostwinds 9. Best cheap : DreamHost 10. Best cloud : Cloudways
These best small business web hosting providers free you from technical hassles so you can focus on your customers. Every small business needs a website and most have higher requirements than lower-end hosting plans. You never want your business to go offline or to be out of touch with your customers which is why we've hand picked the best small business web hosting providers that offer amazing uptime, email, and security features to make sure you're always ready.
Reader offer: Get up to 75% off on hosting with Hostinger
Get top-notch performance, extensive features, and unbeatable value for money. With Hostinger you can enjoy free domain, SSL, backups, and more. Upgrade for professional extras like NVMe storage, CDN, and WordPress caching.
Preferred partner ( What does this mean? )
There are three main hosting options for small businesses: VPS, dedicated, and cloud. Shared hosting won't cut it because your resources are shared with others which is not the best for speed, reliability, or security.
A VPS is good for speed and reliability and gives you more control but to add extra security you'll want to go with dedicated hosting because the resources are yours and yours alone. Cloud options are essentially the same as dedicated and provide more reliability and flexibility but may cost extra.
We can't tell you what the best option is for you because no one knows your business like you but we can tell you these are the options most frequently used by small businesses and listed the key features so you can workout which one is right for you.
The best small business web hosting of 2024
Why you can trust TechRadar We spend hours testing every product or service we review, so you can be sure you’re buying the best. Find out more about how we test.
Reasons to buy
Reasons to avoid.
We've recommended Siteground as our overall best hosting for small business because of their value for money, features, and strong reputation. Plus, their plans can be navigated without being the most tech-savvy. For example, instead detailing the resources you get with your plans, Siteground tell you how many monthly visits the plans support.
For the first 12 months you get 100,000 monthly visits, unmetered traffic, 20 GB storage, managed WordPress, a CDN, and email for $4.99 a month. The plan later renews at $29.99/mo but that is still good value compared to other providers that offer managed hosting.
Siteground's customer support is a strong selling point. The majority of queries get solved at first contact and their team is very highly trained to help you with the majority of issues. If you're already with another host Siteground currently offer free domain and site transfer with all plans.
Read our Siteground review
Our expert review:
Hostinger has been around for a long time and over the years it accumulated over 29 million customers. Their shared plans are great for beginners but might not be suitable for small businesses. The highest spec shared plan is $24.99/mo (discounts are available based on contract duration with the cheapest being $9.99/mo), with which you get 200GB NVMe, unlimited bandwidth, free email, and free CDN but how much processing power you get is not guaranteed, or stated.
Hostinger's KVM4 plan is $29.99/mo (discounts are available based on contract duration with the cheapest being $10.49/mo for 24 months), for which you get 200GB NVMe storage, 4vCPU, 16GB RAM, 16TB bandwidth, 1 snapshot, weekly backups, dedicated IP address, and a malware scanner.
You just have to be aware that Hostinger's VPS plans are unmanaged so if you don't have someone within your small business who can frequently manage updates and deal with issues at 3am or on weekends, unmanage might not be the best option for you.
All in all, Hostinger is a capable provider with very cheap plans that can appeal to anyone that is looking for an unmanaged VPS.
Read our Hostinger review
ScalaHosting
ScalaHosting's have won 15 different awards for their VPS hosting in 2024 and their plans come with a range of features that make them perfect for businesses. All VPS plans come with free SSL certificates, SShield security, caching, remote daily backups, blacklist monitoring, and a dedicated IP address.
One of the best things about ScalaHosting is that they're cloud-based. If your website or web application demands increase significantly, you're able to scale your resources with zero downtime, and redundancy ensures that issues related to a server wont impact your business.
For VPS options ScalaHosting is slightly above average pricing wise but the support and features you receive make it well worth it. ScalaHosting is one of of top choices for small businesses because of the flexibility of the plans, uptime, backups, and range of features. Compared with unmanaged hosting the price gap is quite large but if you consider the extra management you receive it can work out cheaper.
ScalaHosting also offer an anytime money back guarantee on their 36 month plans but it's unlikely you'll ever use it because ScalaHosting's churn rate is a minimal 2%. That's a great testament to how satisfied ScalaHosting customers are.
Read our full ScalaHosting review
Best for small businesses that use WordPress
WordPress is the world’s favorite website builder, and it’s easy to see why: newbies can learn the basics in an evening, yet WordPress is so crammed with features that it can also handle the largest and most demanding of sites.
If your web needs are simple, you can install and try WordPress on almost all hosting plans (even the really, really cheap ones.) But if you’re running a business site where speed, reliability and support are critical, then WP Engine is one of the best WordPress hosting providers.
While WordPress is just a small fraction of the typical web host’s product range, for instance, WP Engine sells nothing else. The company is focused entirely on building its own technologies to optimize WordPress and its speed, security and support.
The results are impressive. WP Engine doesn’t just try to accelerate your site by pre-installing standard WordPress plugins, for instance; the company has developed its own custom EverCache technology to maximize WordPress speeds.
There’s more performance-related help in a custom speed test which checks your page size, load time, how long it takes to display, and even keeps a history over time. Sounds simple, but we found this really helped identify which changes improved load times, and which slowed us down.
In another smart and very unusual touch, WP Engine restricts users from installing WordPress plugins which might introduce performance or security issues. We’ve not seen anything like that level of expertise from general web hosts, who (for the most part) will happily let you install whatever problematic plugins you like.
WP Engine support (via live chat and phone for some plans) is outstanding. Most providers have a handful of old WordPress articles on the website, and agents with little WordPress knowledge. We’ve found the WP Engine support team can handle all kinds of complex WordPress queries, and the support site has more high quality guides and resources than we’d expect from a paid course.
All this power comes at a price. The Startup plan includes all the core features we’ve described here for a single site, with free SSL, a free CDN, daily backups and more, but it’s $15 a month on the annual plan, and that’s with a tiny 50GB monthly bandwidth. (WP Engine suggests that’s enough for 25,000 visits a month.)
You can upgrade to lift these limits, but prices stay high. The Growth plan supports 10 sites, and its 20GB monthly bandwidth allowance should cover 100,000 visits, but it’s a chunky $58 a month.
If you need a quality WordPress package but these figures would bust your budget, Bluehost offers three decent plans for under $10 a month over three years.
But if you need the WordPress hosting best, WP Engine would be our choice. It may have a premium price, but it’s also an outstanding premium service, and the lengthy 60-day money-back guarantee gives you plenty of time to see if WP Engine is the best WordPress host for you.
Read our full WP Engine review .
Best for small eCommerce businesses
Every great web store needs fast, reliable, and secure web hosting, but that’s just the start. The very best ecommerce hosts have specialist WooCommerce plans, take the time to make ecommerce accessible to all levels of user, and have the expert-level support to help build your store, get it online, and keep the site running smoothly.
Bluehost supports web stores on all its products, but the WooCommerce plans outperform most of the competition.
One issue with many ecommerce hosts is they assume a lot of experience in both web design and running a web store. But Bluehost is very different. Every Bluehost ecommerce plan includes its WordPress-based website builder, an AI-powered tool which makes it very easy to create your initial store. Just answer a few questions on your site, its topic, purpose, your preferred colors, fonts and layouts, and Bluehost quickly generates a matching site.
Whatever store you create will benefit from quality hosting underneath. Our speed tests found Bluehost delivered well above average speeds, for example. And although we were a little disappointed to see that Bluehost doesn’t have an uptime guarantee, our test site has recorded a decent uptime of 99.93% over 337 days (that translates to only five hours 54 minutes down over almost a year.) That’s based on Bluehost’s most basic shared plan, too: the ecommerce plans should be better.
Bluehost’s support site doesn’t have much direct WooCommerce help. There’s some excellent background material, though, including a complete WordPress training course (free to non-customers, too), and plenty of general advice on how to build a web store.
If you need specific help on something, we’ve found Bluehost’s phone and live chat support to be responsive, knowledgeable, and willing to spend a very long time to help you solve your problem.
Bluehost’s great signup deals mean its ecommerce plans start very cheap. The starter Online Store plan is only $9.95 a month on the annual plan, or you can lock in those introductory discounts by paying. $12.95 a month over three years. Prices leap on renewal to at least $26.99 a month, but that’s still fair value for what you’re getting.
Bluehost may not be the best choice for very busy stores. Liquid Web has seven WooCommerce plans, ranging up to powerhouse servers which can handle 30 stores and cost $1,000+ a month. But Bluehost’s range is more than capable of handling most small business stores, and when we factor in its ease of use, Bluehost has to be our ecommerce hosting pick.
Read our full Bluehost review .
InMotion Hosting
InMotion Hosting is a top US web host with one of the largest product ranges around. Most plans have way more features than we expected, but their prices are still very reasonable.
We rate InMotion Hosting for their reliability because they offer redundancy as standard and also DDoS mitigation. So, if your business is attacked or a disaster occurs, your customers wont see any impact.
InMotion Hosting is well worth a look for those reasons alone, but we were also really impressed with the Support Center, where we found more than 5,000 articles on troubleshooting, setup, product manuals and assorted educational materials. These aren’t just scribbled notes which tell you nothing at all, either: there’s more depth and detail than we’ve seen almost anywhere else.
If the support site doesn’t have the information you need, or there’s a problem which needs urgent help, you can contact the support team via ticket, 24/7 live chat or telephone. We found ticket support was slower than some, with replies typically taking around four hours. But live chat and phone support was excellent during testing. There was always someone available, and agents were friendly and knowledgeable, giving accurate and helpful advice for every test issue we threw at them.
Customer reviews tell a very similar story. InMotion Hosting scores 4.2 at Trustpilot, for instance, and when we checked the most recent 20 reviews, 16 were positive, and 12 singled out InMotion’s support for special praise.
Read our full InMotion Hosting review .
Liquid Web's starter VPS product gives you two CPUs, 2GB RAM, 40GB SSD space, 100GB backup, and 10TB bandwidth, for instance, and is priced from $59 (£42) a month. If you choose the two-year plan, the price drops to $15 per month.
Some hosts have cheaper VPS plans, but that's often because specifications have been trimmed to the bare minimum. Liquid Web takes a more honest approach, with even the most basic plans including items that are often chargeable extras elsewhere. For example, that $59 gets you built-in backups, Gigabit transfers, unlimited sites, a dedicated IP address, CloudFlare CDN, DDoS protection, antivirus , antispam, cPanel/WHM or Plesk Onyx, and more.
All VPS plans are highly configurable, with Linux options including CentOS 6, CentOS 7, Ubuntu 14.04, Ubuntu 16.04 and Debian 8, and high-level plans support Windows Server 2012 and 2016.
Whatever you're installing will include server management by default, which means Liquid Web will handle maintenance tasks such as operating system updates. Proactive system monitoring allows the company to detect and fix some problems before you even notice them, and speedy, responsive 24x7x365 support will help you with anything else.
Factor in the 100% uptime guarantee and generous service level agreements and Liquid Web has a lot of business hosting appeal.
Read our Liquid Web review
Best small business web hosting on a budget
Shared hosting is slower and less reliable than VPS and dedicated plans, but it might still be an option for smaller websites, and the best plans cover all the core business needs.
DreamHost's shared hosting plan scores well on the fundamentals. There are no limits on bandwidth, emails or MySQL databases. Your site is secured by a free Let's Encrypt SSL certificate, and preinstalled WordPress allows you to get a quality site up and running in an afternoon.
Handy extras include the ability to host unlimited domains from a single account. And in a nice touch, DreamHost doesn't just offer a free domain name with each shared hosting plan (except the monthly plan): there's free privacy protection, too. If you've registered a domain without that, and been inundated with emails and phone calls from ‘website designers’ and assorted scammers, you'll know how valuable that can be.
It's a strong all-round package, but if you need more, DreamHost also offers everything from managed WordPress and WooCommerce, to VPS, dedicated and cloud hosting plans.
VPS Business plan is especially suited for small businesses as it was built for them according to DreamHost. You get unlimited everything except for storage (60GB). Since it's a VPS, you'll use your own server resources for unhindered performance and if the need arises, you can easily scale up the RAM.
Billing is flexible. You can sign up for monthly billing, or alternatively choose the three-year plan for the best discounts. Don't be put off by the longer term: DreamHost products are protected by an exceptional 97-day money-back guarantee, so there's plenty of time to test the service for yourself.
Read our DreamHost review
Best dedicated hosting for small businesses
Sign up for dedicated hosting and there’s no more sharing resources with anyone else: you get a full web server that’s solely for your own use, giving you the best possible speeds. Dedicated servers are relatively expensive and unnecessary for most small businesses, but if you’ve a really busy or demanding website, taking the dedicated route could be a sensible choice.
Hostwinds’ dedicated servers score for their ease of use. Add cPanel and Softaculous to your plan and they’re as simple to manage as shared hosting, with one-click WordPress installation, easy email account creation and all the other key features you need.
Dedicated plans start from around $80 a month, rising $126 if you add cPanel, Softaculous, server monitoring and Softaculous. That’s cheaper than many (GoDaddy’s managed dedicated range starts at $270), and the good news is you don’t have to sign up for years to get that deal: it’s for monthly billing.
If another provider seems significantly cheaper than Hostwinds, check the small print to see what you’re getting. Low cost dedicated servers are often unmanaged, leaving you to handle security, operating system updates, monitoring and every other low-level technical tasks. But Hostwinds only sells managed dedicated plans, which means its support team will monitor and manage your server 24/7.
Hostwinds performance can’t quite match the enterprise-level dedicated hosting competition. Liquid Web, for instance, offers far more powerful servers at the top end of its range. But Liquid Web also comes with an enterprise-level price tag, and we think Hostwinds has very acceptable speeds for what you’re getting.
Hostwinds uptime is also above average, in our experience, and the company has enough confidence in its abilities to offer a 99.9999% network and power guarantee. If the systems go down for more than 31.6 seconds a year, you can claim hosting credits as compensation.
If you have problems for other reasons, Hostwinds support is available 24/7. There’s no international phone support, but live chat is always available, and we’ve found tickets get a friendly and helpful reply in under 15 minutes (many providers can take hours.)
If you’re tempted but not quite sure, Hostwinds offers a three-day refund period for dedicated products. Sign up and you’ve got 72 hours to set up a site, test support, check your new site speeds and generally make sure Hostwinds is the right dedicated hosting provider for you.
Read our full Hostwinds review .
Best cloud hosting for small businesses
Cloud hosting is an advanced technology which gives you storage space, CPU time and RAM on multiple servers, instead of just one. That makes it far less likely that your site will ever go down (because if one server fails, another takes over), and also means you can easily upgrade your plan with extra storage, CPU time or other resources as your site grows.
Cloudways is a managed cloud hosting specialist which offers some of the most powerful products around. They’re not cheap, but if ultra-reliable and scalable hosting are top of your priorities list, the company has a lot to offer.
Sign up with Cloudways, for example, and you don’t have to cross your fingers and hope that its servers are as reliable as you’ll need. While other providers often use their own servers, Cloudways hosts your site on top cloud computing platforms including Digital Ocean, Amazon AWS and Google Cloud, giving you as good a guarantee of uptime as you’ll get anywhere.
Although cloud hosting can be difficult to manage, Cloudways make it easier than most. Once you’ve chosen your preferred cloud platform, the company sets up your account, preinstalls WordPress or WooCommerce (depending on your plan), and then it’s almost as simple to use as a beginner-friendly shared hosting plan.
Long-term support is impressive, too. Cloudways plans are fully managed, which means the company handles operating system updates and security patches, as well as monitoring your server and apps to make sure they’re running smoothly. There’s no phone support, but we’ve found Cloudways 24/7 live chat and ticket systems generally give speedy and helpful replies to even the most technical of questions.
Cloudways pricing will be a concern for many. You can get started at only $8.40 a month, but that’s for a very basic 25GB storage, 1TB bandwidth, 1 core and 1GB RAM DigitalOcean setup. Opting for a more usable 4GB RAM, 2 core, 4TB plan lifts the starter price to $32.40 a month. AWS and Google Cloud plans are more expensive, and you can pay extra depending on your choice of data centers.
While that looks far more costly than many competitors, that’s partly because Cloudways bills monthly - you don’t have to sign up for long-term contracts. HostGator’s starter cloud hosting plan looks a relative bargain at only $3.75 a month, but that’s on the three-year plan. Opt for monthly billing instead and (after the first month) HostGator charges a far higher $15.99.
Cloudways also offers hourly pricing, allowing you to start with a cheaper baseline plan and add more resources at peak times. If your website traffic has big traffic spikes at particular times of year then this could save you a lot of cash all on its own.
In reality, most small businesses probably don’t need Cloudways level of configurability and power. But if you feel you’re an exception, the company offers some of the best managed cloud hosting plans around, and there’s even a free three-day trial (no credit card required) to help you find out more for yourself.
Read our full Cloudways review .
How we test the best small business web hosting services
Similar to how we test web hosting and website builder services, we dig through those services to find out which ones best suit small businesses.
This is done by identifying what a small business needs from a web hosting solution - anything from 24/7 customer support to custom shared hosting plans depending on the size of your small business.
We also test how reliable these services are and whether it's easy to use for beginners.
Lastly, budget is everything. If you're a small business that is looking to expand online, we are aware that you may not want to fork out a tone of money monthly to keep your site up and running. We choose web hosting solutions that give you more for your money.
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James has been tinkering around with tech since a young teen. He started by soldering radios together and progressed into programming microcontrollers and building basic websites as a hobby. Professionally, James worked editing technical documentation for tech giants like Alibaba and Tencent before moving over to TechRadar. Over the course of his career he’s edited everything from the UI of the most popular social media apps to the comments in backend code.
Now, James enjoys writing and editing web hosting and eCommerce pages helping people navigate through the options to find the most suitable solution for them.
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Find out how to write a business plan and access templates, sample business plans, market research information and statistics. ... Canada.ca; Business and industry; Starting a business; Planning a business. Planning a business. Assessing your readiness, choosing a business structure, market research and writing a business plan. ...
Entrepreneurs. Create a business plan that will serve as a roadmap for your business and help you make a successful pitch to lenders. Fill in the form to get your tool. It's 100% free. We allow you to use these templates only as part of your business activities, but we do not guarantee that they fit your needs.
"A solid business plan can be an effective tool for companies at all stages from start-ups to mature firms," says Chad Fryling, who coaches businesses on preparing business plans. Fryling is Entrepreneur-in-Residence at Futurpreneur Canada , a non-profit organization that provides advice and start-up financing to aspiring entrepreneurs, in ...
Prepare an elevator pitch. Apart from your business plan, you should also prepare an elevator pitch. This is a short and compelling description of your business that can be delivered in 60 to 90 seconds. The idea is that not everyone will have the time or the interest to read your business plan.
Learn how to write a business plan for your small business today. Download our business plan template and follow our 10-step plan with easy-to-ready samples. Whether you're a founder, a new owner, or just beginning to think about starting a business , demands come at you fast. Tasks, to-do lists, meetings, and more.
A business plan is a framework a business owner can complete in order to make starting or optimizing a business easier. Whether you're working on your business idea or you're an established entrepreneur, creating a business plan can help you map out your values and overall approach. It's one of the best ways to develop or refine your ...
Write a Business Plan. Clarify your idea and get it in writing. There's a lot of work involved in writing a business plan but it prepares you for the even bigger task of starting a business. It will help refine your idea, outline goals, and make it easier to explain what you hope to accomplish. This comes in handy when you're looking for money.
A business plan describes what your business does and outlines the opportunities you wish to capture. Writing your business plan can help build your confidence in how you will achieve success. A business plan can also: Serve as a roadmap for your business. Answer and even create more questions.
Creating a business plan tailored to launching a new business in Canada requires attention to specific Canadian nuances. Start by articulating your business concept in the context of the Canadian market, emphasizing local customer needs and preferences. Define your target market, considering the diverse demographic and geographic factors within ...
Create an executive summary. Describe the current business environment. Outline your marketing and pricing strategies. Describe how your business will operate. Detail your financing and cash flow needs. Describe your team (even if it's just you) Identify risks and how you'll protect your business. Write a conclusion.
Our free business plan template includes seven key elements typically found in the traditional business plan format: 1. Executive summary. This is a one-page summary of your whole plan, typically written after the rest of the plan is completed. The description section of your executive summary will also cover your management team, business ...
4. Register your new business with the government. You may or may not have to register the name of your start-up, depending on how the business is structured. You don't need to register if you ...
The Best Business Plan Software of 2024. Wrike: Best overall. Smartsheet: Best for goal management. LivePlan: Best for financial forecasting. Aha!: Best for roadmapping. Bizplan: Best for ...
Learn how you can get funding for your small business in Canada. It takes 30 seconds. Quick Search Guide hide. 1 1. Why a Business Plan is Crucial for Canadian Startups ... Specifically in Canada, having a comprehensive business plan is important for obtaining financing from banks and investors, as well as meeting regulatory requirements. The ...
Step 1: Plan Your Business. Come up with a business idea that has the potential to be profitable. If you are passionate about something, think about how to turn it into a money-making endeavour. Conduct market research about the current trends in your area.
Our Business Plan Builder makes building a compelling business plan easier than ever, complete with examples, tips, 1:1 support, and more! ... Canada Digital Adoption Program; Digital Economy Program; Business Launch Program; ... Our small business strategists can review your business plan and provide you with feedback and coaching to get it to ...
Ask your business contacts for referrals (and their fees), and be sure to include those costs in your business plan. 9. Funding request. When outlining how much money your small business needs, try to be as realistic as possible. You can provide a range of numbers if you don't want to pinpoint an exact number.
Contact us by calling 1-800-288-9691 (All calls are toll free) or fill out the contact us form here. How about you give our Business Plan Builder Tool a try and create your very own business plan in no time, with fill in the blanks style steps.
2. Prepare business plan. A business plan explains your business idea, short and long-term business goals and what resources are available to start and operate your business. If you need help writing a business plan: contact your local Small Business Enterprise Centre or, if you are a technology or innovation company, a Regional Innovation Centre.
The Canada Small Business Financing Program (CSBFP) is a financing program that helps small business owners expand and modernize. It is a collaboration between the government and private lenders, such as banks and credit unions. The program reduces the risk for lenders by sharing it with the government.
Building upon past achievements and insights, the 2024-25 Corporate Business Plan outlines the Agency's objectives and commitments. People know the Agency for its role in collecting taxes, but it also plays an important role in redistributing wealth. The Agency brought in $379 billion in tax revenue in 2022-23, which accounts for about 85 ...
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Marketing plan: A strategic outline of how you plan to market and promote your business before, during, and after your company launches into the market. Logistics and operations plan: An explanation of the systems, processes, and tools that are needed to run your business in the background. Financial plan: A map of your short-term (and even ...
For small to medium teams that need to send, sign and collaborate. $25 /month per user. $300 billed annually. Buy Now. All Personal Plan features, plus: Shared templates. Collaborative commenting. Customized branding.
Step 7. Create a social media content calendar. Step 8. Create compelling content. Step 9. Track performance and make adjustments. Bonus: Get a free social media strategy template to quickly and easily plan your own strategy. Also use it to track results and present the plan to your boss, teammates, and clients.
Best overall. Best small business web hosting: Quick menu. 1. Best overall: Siteground 2. Best unmanaged VPS: Hostinger 3. Best managed VPS: Scalahosting 4. Best for WordPress: WP Engine 5. Best ...