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.Read More
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.Read More
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.Read More
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.Read More
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.Read More
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.Read More
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:Read More
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.Read More
It may not be the most exciting task, but accounting is an important ingredient in any small business’s recipe for success. And while this holds true all year round, it’s even more crucial when it’s time to crunch the numbers come tax season. If you feel like you’re fumbling through expense reports and financial statements to put your tax return together then it’s time to pick up the phone and come join us on Cloud 9. Here’s why:Read More
Tax season has officially arrived. If you haven’t already, it’s time to start organizing your financial records and gathering up all those expense receipts in preparation of filing your return. If you’re newly self-employed you may be asking yourself which Canadian Revenue Agency tax forms you need to file to make sure you stay on the right side of the tax man this year.Read More
What challenges are you facing in your small business? I’m not just being polite, I’m genuinely interested and would like to know. Why? Because here at Blue Sky Accounting & Management we like like young, dynamic, idea generation.
We’re here to help you push your differentiation and be a part of your success as an entrepreneur who’s excited about what you do.Read More
The route to entrepreneurship isn’t always a clear cut path. I was 16 when I started my first business, but back then I never dreamed I'd be building a career as a serial entrepreneur. That first business was more born of necessity than a passion: I wanted a cool car and I needed money to buy it.
But my family had just moved to North Carolina and I had the wrong kind of visa so I couldn’t work. Faced with this dilemma I borrowed an old truck and lawn mower from a neighbour and contributed to the teenage underground economy by starting my own landscaping business.Read More
While not everyone has the opportunity to study finance and accounting, an entrepreneur needs to possess knowledge of all aspects of their business to ensure its continued success. Even if you’ve outsourced your accounting or have a bookkeeper on staff, it’s still important to be aware of basic accounting terms and concepts so you understand what you’re reading when the next financial report lands on your desk.Read More
Maximizing productivity and profitability are important goals for any small business owner, no matter what stage of growth your company may be in. But if you’re just beginning your entrepreneurial journey, time and money are likely two resources you find yourself especially in short supply of. Hiring an accounting professional can help on both of these fronts and will be well worth the investment in the long run.Read More
Spend enough time in business and inevitably you’ll come across some people who place style above substance when it comes to whatever they’re selling. These types are experts at wowing you through the sales process, but then often fail to back up their flashy pitch with the promised results when it comes time to deliver.Read More
There are big small businesses and there are small small businesses. That may sound like a bit of an oxymoron, but allow me to explain. There are over 407,000 small businesses in the province of Ontario, which is defined as any company with between one and 99 employees, according to Statistics Canada. Depending where you are in that range, your small business accounting needs can vary drastically.Read More
Stress is an inevitable part of the entrepreneurial life. In small doses it can be a helpful motivator to meet important deadlines, prepare for a big meeting, or just generally “get shit done.” But when stress becomes an everyday constant it can begin to negatively affect both your health and your business in serious ways. One of the ugly truths about entrepreneurship that doesn’t get enough attention (in my opinion), is that stress hits small business owners harder than most.Read More
If you’re building a small business, there will inevitably come a point when it’s time to start thinking about retirement. You know, when you can finally kick back, relax, and enjoy the fruits of all your hard work. But who will take over the company once you’re gone?
Will you sell it to the highest bidder? Transfer ownership to an employee? Or maybe pass it down to one of your children?Read More
In today’s blog post I’ll be sharing a question every entrepreneur should ask their accountant. Why? Because it serves as a useful litmus test in helping to determine whether or not they’re the right person for the job – the job of keeping your small business accountable to your objectives and steering you towards (your definition) of success.Read More
On one hand you’re likely catching up on any tasks you put on pause to enjoy the holidays at the end of December. On the other hand you’re busy keeping up with the day-to-day of running your business while trying to figure out how to meet the challenges of the new year head on.Read More