How to Survive the Effects of Inflation as a Small Business Owner
Rasmussen MA CEC PCC September 13, 2022
Finance
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Rasmussen MA CEC PCC Have you noticed your suppliers are raising their prices? Is the cost of operating your business starting to rise? What you’re experiencing is inflation. Here’s an example of inflation I’ve seen recently. It was common even a year ago to have a housekeeper charge $25 CAD per hour, now the going rate is $40 CAD.
Rasmussen MA CEC PCC Owning a small business means collecting, managing and paying taxes even if you are a self-employed “solo entrepreneur”. Determining what to save for your taxes varies depending on your unique business needs. A surprise at the end of the year is never nice. One of the wisest financial decisions you can make for your small
Rasmussen MA CEC PCC If not to make a profit then why are you working so hard? The most common question about profit asked by small business owners is: “why when my books show that I made a profit don’t I have any money in the bank?”. Do you know where your money went? Being fully familiar with your
Rasmussen MA CEC PCC New entrepreneurs are often surprised by just how expensive it is to build and run a business. Without careful planning, your start-up money can evaporate before you have had a chance to make your first sale. To prevent this, know and understand the full start-up costs for your small business. Plan for every dollar you
Rasmussen MA CEC PCC The startup stage of entrepreneurship holds a strange duality; you are excited to pursue this new venture and nervous that it may not work out. Perhaps you are itching to quit your job and dive into this business, but you haven’t made the leap yet because of the financial security your day job offers. You
Rasmussen MA CEC PCC I often hear small business owners say they need help, but can’t afford to hire anyone. The 2022 Canada Summer Jobs grant is the perfect solution to that problem. Hire a talented student to work at your business for the summer and get up to 50% of their wages covered (100% for non-profits) by the
Rasmussen MA CEC PCC Happiness in business… is that an oxymoron? Whoever is happy in their business must not be trying hard enough! Business owners should give every last bit of energy to their company. After all, the more you work, the more profits you’ll have, and the happier you will be, right? Red flag! This is not true!
What taxes do small businesses pay? The answer depends on what country or region you are in, plus the type of business you have! No matter where you are, you have to pay taxes to someone. There are three types of taxes that most small business owners will have to pay: Sales Tax Payroll Tax
Rasmussen MA CEC PCC Your expenses are where you have the most control over your small business finances, although it may not feel like it all the time. Here are some ways you can reduce expenses in your business. 1. Negotiate with your suppliers Are you getting a fair deal? Do your suppliers have your back? Have you negotiated
Rasmussen MA CEC PCC Finances can be daunting to even the savviest entrepreneurs. Luckily, there’s a way to simply and strategically attack this fear. Instead of fixating on the overwhelming stack of bills, financial statements and invoices, you can make informed decisions about your business with just three financial reports. I’m not saying you should ignore everything else, but
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