When you start your own, very new, small business your passion takes over, you are very excited and then WHAM! It's as if you walked into a door it hurts so much.
Do you own a small business or know someone that does? Could your business benefit from a boost to realize its true potential?
Cash is king when it comes to the financial management of a growing company. The lag between the time you have to pay your suppliers and employees and the time you collect from your customers is the problem. The solution is cash flow management. Cash flow management means delaying outlays of cash as long as possible while encouraging anyone who owes you money to pay. These four steps will help you keep track of the money coming in and out of your company.
What is success? For some, it’s a feeling you get when you’ve done the best you can and you feel good about the outcome. For others, it’s something tangible, materialistic, or concrete like a bigger house, better car, or grander vacations. No matter how you define success, it’s an all-around great feeling we all strive to have.
Recently I had coffee with a friend who is an accountant who was in the process of deciding whether to form a partnership with another individual with a complimentary business. The concept was to contribute their mutual skills and talents to create a more integrated and rounded business structure. In the course of the conversation, he asked for some advice on the things to avoid when contemplating forming a partnership. That discussion led to further contemplation and reflection on my prior partnerships.
You’ve built a thriving business over the years – now you’re ready to retire and you want your business to thrive without your daily guidance. The solution is effective succession planning – and one of the most important components of your plan should be reducing the tax burden on you and your successor(s) by maximizing the after-tax value of your business.
November is Financial Literacy Month, check out what Morningstar has to say about the program available through Investors Group. Contact me if you'd like a copy or help with your own child(ren). http://cawidgets.morningstar.ca/ArticleTemplate/ArticleGL.aspx?culture=en-CA&id=662161
Hi many of us find our day to day lives get stressful.
Finding time to meditate at one of our group events really assists with mindfulness
is our daily lives. If you find you are feeling stressed or anxious, when someone
So there I was, exhausted at the end of a long work day, frustrated by a particularly stressful drive home from Toronto and contemplating pouring a stiff bourbon and withering away on the couch for a couple hours.Then something happened.My habits took over.
If there is so much competition out there, and the failure rate is high, why do people continue to start their own business?
- Less work hours
But, it's not a great idea to rush headlong into starting a business without knowing some basic facts, such as: