NOW IT’S TIME TO SHINE AND I KNOW YOU HAVE A PLAN READY FOR THAT
You have incorporated your company and now it is time for you to look forward as a new business owner and take the next step. But what is that next step?
You need to start by reviewing your initial plan and checklist so that you don’t get off tracked and end up making unnecessary expenses. At this point, you need to be cautious! No one wants to miss out on the small details while starting a fresh project. You need to make this work and make it one of your biggest achievements.
TIME TO PUT THAT INVESTMENT TO USE!
You’ll need to let that investment roll in the business in order for you to generate revenue.
The amount of investment that your business requires depends on the nature of business, by that I mean whether your business will be a service provider or a goods provider?
LET’S SAY YOU ARE A SERVICE PROVIDER
A service provider can provide a wide range of services, such as...
Planning to start your dream project?
I can guide you through the various stages that you will have to walk through to get your business incorporated.
I am sure you have planned and researched about incorporating a business. It is critical to keep in mind that there is not turning back from this point.
When incorporating a company in Canada there’s many points to consider. Incorporating a company has its own benefits and drawbacks.
Let’s learn your business would be different once it is incorporated
Incorporating creates a new and separate legal entity for your business, shielding your personal assets and providing a more formal business structure. The company would be seen as a separate legal identity, which means it will have the same rights and obligations under Canadian law.
The entity will be capable of acquiring assets, obtaining losses, entering into contracts, can sue or be sued and even be found guilty of committing a crime.
The entity's assets...
Tax season is the biggest headache for most businesses as they are unaware how to proceed and what are the proper rates that should be used and sometimes, companies overstate or understate their taxes which could lead the CRA to audit your accounts. Before continuing with this article, sometimes having a conversation can go a longer way. If you feel a need to speak with someone regarding your business, books or taxes, book it here.
If your accounts have been falsified and you have been proven guilty, Canada’s Income Tax Act and Excise Tax Act set out various offences with penalties that include jail time as well as fines of up to 200% of taxes evaded. Tax evasion activities can also result in charges being laid under the Criminal Code of Canada, and there are several areas of overlap between the tax acts and the Criminal Code. CRA has a separate investigations division to which any suspected tax evasion files are referred, either as a result of a...
How can you save on Taxes (Canada)?
Every working person has that burden of paying tax to the authority and the truth is we all don't want to pay more than you need to.
Some of us pay more and some pay less; others get refunds from the authorities. The tax system in Canada is complex. A basic understanding of how the tax system works can bring about much needed savings. Please like/follow and subscribe to stay up to date on our new series of money and time saving tips when it comes to taxes.
So, what about you? Do you have the right understanding of your business, finances and how much tax you need to pay, or better yet how much in taxes you may be able to save with the right strategy??
There are so many laws and regulations which many business owners and individuals don’t know about which may lead to higher costs or even legal action.
Let’s talk about income tax for individuals first which for most people is critical to know.
The fiscal year end is December...
Strategies to Boost Revenue for your small Businesses
Do you feel satisfied with your sales figures? Or is cahflow just enough? Have costs risen more than expected.
Think for a moment about what your business is actually doing.
Is your performance adequate, or is there room for improvement?
Let’s just focus on making sure your business is profitable.
Here are some tips for boosting your sales figures and giving your business the extra push.
Determine your goals
You must start with an effective strategy that aligns with your revenue goals. Identify your business objectives and then develop a plan for achieving them.
What success looks like and how to develop the route to get to it. Defining your revenue targets is important. In every stage of your business, whether it be at the beginning, middle, or end. For example, when starting out, your revenue goal may be $10,000 per month; once you've reached...
We are entrepreneurs for a reason. We embrace novelty and change. Many times, however Entrepreneurs feel that the business is taking more than actually giving; be it in terms of time, money, labor or other scare resources. This is why Small businesses need to be careful when making decisions; as cash flow is a critical point to contemplate.
They may not have the same resources as large corporations, but they still need to think about what will happen if something goes wrong. Entrepreneurship is a risky business, and small businesses need to be prepared for any eventuality.
Here are some tips which can be helpful for entrepreneurs who want to achieve more.
Strategic planning is about making sure you are doing everything possible to ensure your company continues to grow. You need to assess your current situation and see if there are any areas that could be improved. If you are already growing then you should be looking at ways to...
When Starting up, a Budget is critical for a company's success. As a company matures, yearly budgeting keeps a company apprised of its expectations towards its stakeholders.
But, is budgeting enough for a company's success? The short answer is no.
Let's first start to look at the budgeting process.
THE BUDGETING PROCESS
Depending on the stage and type of business, there are different ways of creating a budget.
In any process, it is critical to identify the users of the information as well as how to gather the information effectively.
So, before deciding what budgeting process to follow, try to determine who will be the users of this information and how they will be using this information.
For example, if you are a startup and have no prior data regarding what your expenses will be like, you will likely need to follow a process called zero-budgeting.
THE FIRST STEP
When doing a budgeting exercise, the first step is to gather...
Made a decision to try self-employment? Business taking too much of your time?
Not sure where to get help?
Take a look at our Onboarding call with Lisa. Lisa joined our program and is now having her call with her mentor coach. After having watched the video, take a look at the items below for a better understanding.
Lisa wants to make sure her business has what it takes to succeed.
She understands she needs a plan to bring her idea to fruition.
Our program consists of a 12-month accounting marketing and tax program. 3 critical aspects of a successful business.
Every month Lisa will get actionable items to complete based on the previous month's undertakings.
The focus as mentioned will be on Cashflow, Marketing, and Tax.
We have partnered with top marketing instructors to provide you with unlimited access to a complete marketing system for your business.
Here are a few items discussed in the course:
And much more.
Increasing rates have given rise to higher borrowing costs.
With the government trying to ease pressure on rapidly upward moving prices, it is likely that the trend will continue until inflation is under control.
Given that the battle to reduce unemployment levels and stop rising costs is being exacerbated by Supply Chain issues due to several Global crisis; Small Business owners face much uncertainty ahead.
Managing cash flow will prove to be crucial to combat rising borrowing costs.
We all know it is difficult to find good talent nowadays. You may have Freelancers working for you, suppliers, and debt service payments to make.
Business owners should to the best of their ability make their resources stretch as far as possible;
Most firms charge late payment fees and interest for not making a payment by the due date. Make sure you pay your suppliers on time;...
* Applies to new Canadian Subscriptions to QBO Plus only.