It’s been said that a business partnership is a lot like a marriage, and the comparison holds true when things go awry: the end of a partnership is a lot like divorce. Lawyers will be involved and assets will need to be divided. However, a separation need not be overly dramatic or unnecessarily painful. These tips can help make separation easier – and more amicable – should your business partnership… Read more
No business owner looks forward to a letter from the taxman requesting a closer look at the books. If you’ve received an audit letter – an official request by the tax authority to review your accounts and confirm your taxes have been paid to date – don’t panic. Prepare. These four steps will help you get through the process with minimal stress and the best possible outcome. Respond promptly If… Read more
For business owners who want financial security now and freedom in retirement, having a financial planner on the team is a must. A financial planner will create a customized, strategic action plan to help you achieve your personal financial goals. Getting to know you and your business inside out is the first step a financial planner will take to understand where you are now, where you want to go, and… Read more
The 2018 Financial Year Is coming To An End This special edition of the Business Plus+ newsletter contains commentary on many of the items you may encounter as part of your end of financial year deliberations. Please contact us for a copy of our End of Year Tax Planning paper and checklist. Both will assist you in identifying items that you might like to discuss with us. This article does… Read more
If you are trying to save money, switching from brand new goods to used items can make a lot of sense. Buying used does not always make sense, but exploring the pre-owned market is one of the best ways to save on many different classes of products. These 5 types of consumer goods are particularly good candidates for the used market. Cars Buying a brand new car rarely makes financial… Read more
Thinking about turning your passion into a paying gig? These steps will help you avoid some common mistakes as you set out to earn an income from your favorite pastime. Do you have what it takes? Unless you’ve run a business before, it’s easy to get carried away with the idea of how perfect it will be to get paid for doing what you love. Reality check: the stress of… Read more
Although most entrepreneurs recognize the importance of careful financial management, few want to spend their time dealing with numbers. Unfortunately, not keeping a close eye on your income and expenses can be very costly for a business. Here are five of the most common bookkeeping pitfalls, and some simple tips for getting back on track. Mixing business and personal All too often, entrepreneurs adopt a “buy now, sort later” approach… Read more
If you have any doubt that word of mouth referrals are important, consider these recent stats: According to Neilson, 92% of shoppers trust recommendations from friends and family more than traditional advertising 20% to 50% of consumer purchases are made because of a word of mouth recommendation 81% of buyers are influenced by their friends’ social media posts. So how can you encourage positive word of mouth for your small… Read more
If you need a car to operate your business, you may wonder whether it makes more sense to purchase or lease. On the one hand, if your business owns the car you’ll have a long-term asset and may qualify for more tax deductions. On the other hand, buying a car is a huge expense and monthly lease payments tend to be lower than car loan payments; they may also be… Read more
If you’re like many small business owners, your business may not be adequately insured in the case of a fire, flood, natural disaster, theft, or personal injury. Often home-based business owners assume they are covered under their homeowner’s policy. Other entrepreneurs, working long hours and pulled in too many directions, may never get around to talking to an insurance agent about their business. If you’ve been procrastinating on business insurance,… Read more
What do Warren Buffet, Bill Gates, Mark Cuban, and Arianna Huffington have in common? All of these smart, savvy, successful business leaders share a passion for self-improvement through reading. If you want to improve your skills as a business owner, why not spend a bit of time each day reading books that guide you to greater success? This reading list of 4 inspiring business books will help you get… Read more
Looking for simple ways to cut costs? These tips will help you make a noticeable difference to your bottom line. 1. Reduce staff costs Without a doubt, having someone to help deal with routine tasks can greatly improve productivity. The rub is that hired help is often too expensive for small business owners. Internships can be a real win-win: a student gets hands-on experience assisting you with marketing, accounting or… Read more
Quick and efficient payment options benefit both small business owners and their customers. Consumers are used to flexibility – cash, check or charge? – when buying from large retailers. If you’re a cash-or-check only operation, consider how many sales you may be losing – and how your business would grow if your customers could pay with debit or credit cards. If one of your goals is to start selling online,… Read more
Most small business owners who use accounting software quickly master the basics. They automate processes like invoicing and payroll, track expenses and view real time financial reports to manage cash flow and make better business decisions. But what many business owners don’t take advantage of are key insights that can improve customer care and increase sales. Here are some smart ways you can use your accounting software to help boost… Read more
On average, small business owners spend 10 hours each week recording, organizing, and processing financial transactions – everything from accounts receivable and payable, to employee payments, expense receipts and supplier invoices. While the process may be time-consuming (and tedious!), effective bookkeeping is the foundation of sound financial management – which in turn, is the lifeblood of your business. Feeling overwhelmed by mountains of paperwork and complex calculations? Here are three… Read more