Every year we encounter business owners who have missed out on several opportunities to maximize their deductions—and, as entrepreneurs ourselves, we know how much that hurts.
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January represents a chance to start anew. To turn over a new leaf and go back to the drawing board with fresh perspective. So far, 2019 is the most successful year you’ve ever had—but in order to maintain that course, you have to measure the successes you experienced last year.
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The holidays represent a time of reflection and thankfulness; a time to celebrate our friends and family and practice the gift of giving.
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One of the biggest questions every small business owner faces is a self-indulgent one: How much should I pay myself? And while most entrepreneurs recognize that running a small business isn’t all about the profit, we all have bills to pay and that requires an adequate income.
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Early in my career I was lucky enough to be mentored by a wise business leader who shared with me a piece of advice that stuck with me throughout my entrepreneurial journey. He said whether you are a business owner, or building a career within a company, you are responsible for establishing your own “board of directors” that act as mentors.
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Far too often I encounter business owners who treat their business plan like a homework assignment rather than a tool for building a better business. Most of these people write a business plan because they were told to for funding or tax purposes.
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When we were young we were taught to pursue our passion in life. We were told if we chose a career we loved we would never work a day in our lives. But as we grow older and begin to navigate our careers, we’re often faced with a choice between following that passion or moving up the corporate ladder.
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My favourite definition of resilience is the ability to get up one more time than you are knocked down.
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There are pros and cons to incorporating a small business, much of which depend on your individual situation. But, in my experience, far too many business owners fail to ask their accountant about whether or not to incorporate.
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Spring represents a time of renewal—a welcome opportunity for small business owners to shake off the winter and embrace what’s ahead. As you know, we’re not just your ordinary Newmarket accountants; we’re about so much more than taxes and compliance.
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With tax season hot on our heels, many business owners are turning to their accountants for a better look at their financial performance. We all want to see how we are doing before paying our taxes (after all, profits must be made for taxes to be paid), but this is a great time to go over what your goals were in the last year and take your current performance goals into consideration.
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Changes to Ontario’s workplace laws have been the source of fury for many small business owners recently. As of January 1st, the province’s minimum wage increased to $14 per hour—up from $11.60—with an additional dollar increase due in 2019. A lot of small business owners seem to view this increase as a hit to their bottom line, with many grappling with the idea of raising prices, or cutting staff in order to balance the books.
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Goal setting is one of the most powerful tools in a small business owner’s tool belt. This practice not only helps you see where your business is today, but puts into perspective where you thought you might be. It helps identify strengths and weaknesses. It helps push us forward and spark new, innovative ideas.
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Small business owners have always known the importance of fostering community. In the last few years, however, ‘community engagement’ has come to mean managing your online relationships. In my final blog post of 2017, I want to talk about engaging your local community – the people whose homes you build or the customers who walk into your store every day.
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Succession planning isn’t the most glamorous topic to think about—it certainly takes the wind out of the young! The end of your involvement in a business is a reality of starting one, so succession planning is something to start thinking about early on. Well begun is half done! Here are six things you need to know about succession planning for your small business:
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We’ve all said it: “My business is my baby.” Like children, businesses grow and eventually you’ll find yourself looking for a village to help you out. Expanding your business—either out of demand or a desire for more time to yourself—is a challenging process.
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Entrepreneurship isn’t for everyone – mostly because people fail to be honest with themselves. Your biggest priority as a business owner is to look in the mirror and know your strengths and weaknesses. Once you can do that, the rest is just a matter of strategy.
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Periodic slow downs and lulls in revenue are normal in any business, but clearly seasonal industries have one key advantage: they can prepare for it. The keys to successfully navigating seasonal fluctuations are planning ahead and making use of the lull in activity to put systems in place that will help your grow your business.
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In my first two years as a business owner, I felt like I had achieved an MBA in everything I didn’t know. It was about as expensive, I learned a lot, and became humbled by all of the things that I had yet to learn. Based on my experience as a small business owner, here are four things I would have done differently when I was starting out:
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There’s nothing special about summer when you’re a business owner. Now, hear me out: people who work for someone else look forward to weekends and vacations. For business owners, a week never ends – it’s just a perpetual string of time because you’re always working. Sunshine and double-digit temperatures don’t change that! With that said, now is an exciting time to assess our progress towards our goals because we tend to meter our time in terms of a calendar year. In the summer, you can figure out where you’re going in the next six months by taking stock of where you’ve been over the last six.
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