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Is Your Business Storm Proof ? - Part 2
| Guest post by: Brenda Parker |
Article Overview: More ideas on how your business can thrive even during tough economic times!
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Free Download - Accounting - Beyond the Tax Return By Brenda Parker |
Is Your Business Storm Proof ? - Part 2
Last time, I started a discussion of how you can help keep your business afloat during tough economic times. We looked at the importance of keeping advertising at an adequate level and using a website to promote your business. Inventory levels were another important area of discussion along with the advantage of seeking long term financing when purchasing capital assets.
The discussion continues with some additional points which may be overlooked as a priority by some, but if not attended to, can cost your business. When it comes to government remittances, many businesses will say that their cash flow is too tight and put payment off until tomorrow along with the filing of their returns. However, missed payroll remittances, late HST payments or late tax returns can add up to big penalties and interest. At the very least, the returns should be filed to help avoid penalties even if payment cannot be made by the due date. Penalties and interest mean less money available for useful business purposes.
Proper bookkeeping is another area which often does not receive enough attention. Maybe you are experiencing declining employee productivity or higher product costs or maybe electrical costs have suddenly crept up from leaving lights on at night or turning the thermostat up too high. If you don't have the figures in front of you, you are missing out on the warning signals that financial statements can provide before it is too late to be proactive.
Many business owners wonder whether or not they should incorporate. There are tax advantages to incorporating including tax deferral, income splitting and the ability to use the capital gains exemption on small business shares down the road. However, incorporation may not always be the best route to take right away for a business starting out. One of the most important things which helps determine whether or not to incorporate is the amount of income being earned by the company. If the owner is earning more than what they need to live off, then by all means, consider it. Taking the step to incorporate should involve careful planning. Sometimes similar tax advantages can be gained by proper income splitting among the owners of an unincorporated business.
We will finish the discussion with some other things which may not seem to be that important, but can add up over the course of a year. Over the past few years, many of the expenses that have soared on the income statement include vehicle, telephone and technology costs. Many are tempted to get the latest "toys" when it comes to transportation and communications. You should consider what you really need to run your business and resist the temptation to have the latest thing on the market.
As this article comes to an end, my hope is that you will find ways to improve your bottom line. Good luck as you weather the storms!
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Article Tags: improve bottom line, maximize profit, recession, thriving business, tough economic times
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About the Author: Brenda Parker RSS for Brenda's articles - Visit Brenda's website
Brenda Parker operates Scotia Accounting and Tax Services located in Stellarton, NS, Canada. After graduating summa cum laude from St. Mary's University in Halifax with a B Comm in Finance and a BA in Economics, she worked for a national grocery firm in various departments with her last role being assistant manager of Taxation. During this time she attained her Certified General Accountant's designation. Since getting her CGA, she has worked in various management/accounting positions for government ,public accounting firms, and as controller of a regional hotel chain and a new car dealership. She is a Simply Accounting Certified Consultant and Quickbooks partner. In her accounting practice she has served both large and small clients in a wide variety of sectors. From personal taxes to businesses in manufacturing, wholesale, retail and services to charities and not-for-profit organizations. She has clients from Cape Breton Island, NS to Montreal, Quebec to Calgary, Alberta and in many locations in mainland NS. All information in her articles is offered without prejudice and she advises readers to consult a professional accountant in person in regards to their personal situations. Click here to visit Brenda's website   The ABCs of the Harmonized Sales Tax for Business Is Your Business Storm Proof Part 2 Back to School tax tips 1 Tax Time 2009 Q A Accounting Beyond the Tax Return |
Related Forum Posts
My entry
- 1. The Best Business Books Ever: The 100 Most Influential Business Books You'll Never Have Time to Read
- this is a fascinating book about the history of Business theory, and I'd recommend it to anybody.
2. The Big Book of Small Business: You Don't Have to Run Your Business by the Seat of Your Pants, by Tom Gegax. Ditto.
3. PADI: The Business of Diving Book
Okay, so this book won't be of use to anyone who doesn't want to start a scuba store, but I did, and this book was of course invaluable to me in reaching that goal.
Business Coaching Internship Review
- I joined in during the first phase of the internship and at this point we are committed to doing research and development of RSC Business Group operating in Toronto.
RSC Business Group already has products and services in Coaching Small businesses in Los Angeles but we didn't want to assume that the same products were wanted and needed in the Toronto market. Our goal at this point is to commit to interviewing 1000 business owners to capture this data.
Through the teleconference internship I've been involved in we've been focusing on Communication Skills and on active listening which are practiced when we conduct our interviews and Coach our clients when they come on board. This is a lot harder than it sounds!
Part of the internship is also creating the Toronto RSC Business Group's departments, job descriptions, Marketing and Communication plans etc that a business owner would create for their own company. This trains us in the way we would coach a company as well.
The internship is phased in two parts and there is compensation plan involved as well for the clients you personally bring in. These clients are coached directly by Robert Chun as you begin but you are given a chance to learn his techniques. I haven't gone through this experience yet though.
It's hard to explain Robert Chun's method of Coaching as it happens at a psychological level in his ability to listen and question the person being coached into the next steps they need to take.
The Teleconferences are 2 hours long but it's very interactive. If you have a desire to explore this area of Business I'd recommend contacting Vwodek listed above and get invited to a Coaching Conference call. You can decided then if it's for you.
Note: it is a commitment but the skills you walk away with whether you plan on working with RSC Business Group or not is invaluable.
Patent information
- I'm also interested in Part 2. Thanks.
Patent Process
- Interesting to hear your experiences with the patent process - what's Part 2?
Exclusive: Interview with Results
- Hi Forum Members,
I'm helping start up a Business Coaching and Consulting company here in Toronto, Ontario, Canada (a Subsidiary of RSC Business in Los Angeles).
As a Research and Development Intern I am required to practice my listening and interview skills by surveying Small and Medium Businesses on thier Business.
This Survey is designed by RSC Business to also assist the Business being interviewed more insight into their own business.
I am looking to interview about 30 businesses across North America over the span of 3 months.
At the end of these interviews I will be publishing a report of the results and they will be made available for free to the Interviewees. The Report data will include responses from a minimum of 100 interviews.
I would like to extend this opportunity to members of the Forum.
If you would like to have this short 20-30 minute interview conducted on your Business and you reside in North America please send me an email or PM.
Please contact me at andy[at]jvprosperity[dot]com to arrange our interview and to get free access to the results when they are published.
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