If you’re a small business owner in the US, the new 2 trillion dollar CARES Act passed by the United States Senate—and in line for face track by the House of Representatives—represents a very significant lifeline. This bill includes $350 million earmarked for small businesses that are having trouble keeping expenses paid while the pandemic
Gone are the days when you could get away with throwing everything in a shoebox and dropping it off to an accountant the night before your tax returns are due. To beat the odds of business failure you need to have fully up-to-date financial information. This way, you can make important business decisions while there
Compensation is a form of monetary value used to recruit and retain qualified employees. It can be an incentive to increase morale and is linked to job satisfaction. Money used as a reward can encourage performance, although compensation does not always have to be cash for this to be true. Paying well reduces turnover and
Ever wake up in the middle of the night worried about business debt? Having too much bad debt in a business is way too common and is “THE” primary reason why a business fails. While it is rare for a small business owner to start and run a company without ever having to incur any
This is a really good time of year to plan for taxes. When you have a plan it reduces stress, ensures compliance and can even make you money. Like it or not, every small business owner needs a tax plan. Not having a plan may mean you unintentionally spend collected tax dollars and then not
Against all odds, twenty years ago today, I sold my business. Having owned the agency for seven years it was time to sell. My family was growing and with a third child on the way the decision was easy. People tell me I was lucky. Lucky that I sold my travel agency when I did.
We’ve all had that moment—our tax bill shows up on schedule, but we forgot about it and we are wondering how are we are going to pay it. Or an unexpected repair on a critical machine stresses us out. But there are higher costs when it comes to not having cash flow or even reserves
If you have not heard of the Canada BC Job Grant the highlight benefit of the program for BC’s Entrepreneurs is a non-repayable grant that covers 2/3 of the cost of training up to $10,000.00 per qualified small business owner.
Running a business without and an accurate financial tracking system is equal to riding your bicycle down a busy road with your eyes closed. Gone are the days when you could get away with throwing everything in a shoebox and dropping it off the night before your tax returns are due.
This week in British Columbia it is “Make a Will Week” making this a great time to talk about why small business owners in particular need a will. Over the past few years I have witnessed the pain and financial struggle, even ruin, more than a few small business owners have had to endure because someone in their life passed away without a written will.
Two scenarios come to mind that best demonstrate why this week, I encourage you to take 10 and make an appointment to get your will done.