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Best Practices

Today’s business environment in Nunavut is extremely challenging, especially for small business owners. The Baffin Regional Chamber of Commerce is currently developing a Best Practices resource library and database to provide materials and strategies for managing a small business.

Aside from the daily concerns of managing their own businesses, small business owners must be experienced in a variety of areas including:

  • financial planning
  • federal and territorial tax codes
  • the funding application process
  • legal issues including permits, wills and estate matters
  • navigating their way through the often complex requirements and
    permits required by federal, territorial and municipal governments

Most small business owners do not have this kind of broad experience and often rely on other sources for guidance including expensive consultants and lawyers. When sufficient funds aren’t available, and a cost effective/free option is not available, issues are often put aside until, in some cases, it is too late.

Some of areas where business owners need regular advice and help are:

  • standard invoices, receipts and statements
  • CRA filing deadlines and requirements
  • where to go for assistance with many of today’s computer programs including accounting packages
  • what are the most cost effective solutions for inventory control, accounting software, maintenance programs, support services, etc
  • what financial assistance programs, loans, rebates and grants are available to business in Nunavut
  • how to register for NNI and the reporting requirements
  • how to source and bid on tenders
  • what sector/ industry associations are available to support businesses
  • what can the Chambers of Commerce provide
  • how to obtain a medical, dental, disability insurance package for themselves, their families and their employees
  • where can they obtain loans and lines of credit and how to complete the required applications
  • legal and accounting requirements in Nunavut as well as a definition of the terms and references that are commonly used by professionals.
  • Civil court and collection issues and much more

Business owners also have few, if any opportunities to share success stories, concerns and advice with fellow business owners, especially outside of their community.

There are some limited resource materials available to business owners in Nunavut. Many are online and do not reflect the realities in Nunavut and/or are unilingual – English – or bilingual – French/ English. Other support mechanisms are not available around the clock and when business owners often need the information, right now.

The BRCC is developing a comprehensive “Best Practices” manual that offers advice, guidance, templates and referrals to Nunavut businesses around the clock, and online, and in hard copy, as a permanent reference manual. This project will be:

  • produced in 4 languages
  • relevant to Nunavummiut
  • maintained and continuously updated and added to by the Baffin Regional Chamber of Commerce
  • updated: regular bulletins and information updates will be sent to those who opt in to a “Best Practices” mailing list
  • available online at www.baffinchamber.ca.

As with the Nunavut Business Directory, there are some sources of information currently available through the Internet, the Canada Nunavut Business Service Centre and others. There is not however, a single, easily accessible and current source of Nunavut relevant business information (in all 4 languages) that businesses across Nunavut can depend on.

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