Tips For New Business Owners – It’s been a busy year as a small business owner, now it’s time to turn your attention to your small business income tax filing requirements. Small business owners in Canada are required to file an annual income tax return with Canada Revenue every year, regardless of whether they are profitable or not. Here are some tips on how to avoid making costly mistakes and falling under the CRA radar.
The above article is for reference only. Every taxpayer’s situation is unique and offers a variety of tax saving and tax strategy options. Don’t hesitate to contact us for a non-binding evaluation and a free 30-minute initial consultation.
Tips For New Business Owners
Rose returned to school as an adult student in 1992 pursuing her dream of becoming an accountant. Rose began her accounting education at Grant MacEwan Community College. She took part-time classes while working and raising a family, graduating with honors in 1996. In 2002 she received her Certified General Accountant Designation (CGA).
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Rose has many years of experience in public accounting. Before starting her own firm in 2013, she worked as a senior manager in another accounting firm. Rose has also served as an accounting and auditing consultant on various non-profit boards and worked in industry before moving into public accounting. Over the years, Rose’s experience has given her the knowledge to be successful.
Rose loves problem solving and strives to use her knowledge and experience to help her clients succeed. Her patience and belief in enlightening others help build positive relationships.
Rose is married and the mother of three adult sons and has four grandchildren. She enjoys spending time with her family camping and chillaxing. In her free time, she is an avid reader and enjoys playing golf and crocheting.
Teresa began her career as an accountant in British Columbia over 15 years ago. She’s now moved to the “right” side of the mountains. Teresa believes that her success at work is due to her being very thorough and detail oriented. She is very dedicated, loves to work and learn new things.
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Teresa is always up for a challenge and her favorite project is setting up a proper accounting system for a company. She contributes to the success of the company by ensuring she meets deadlines quickly, efficiently and accurately. She is successful because she gives 100% to her work.
Teresa is married with two teenage daughters who keep her busy. Teresa loves languages and is currently learning and refreshing several of them including French, German and Ukrainian. She will be going back to school starting fall 2015 to continue her accounting studies which were suspended when her girls were younger. She looks forward to using her love of learning to achieve her degree.
Joan manages the day to day running of the company and is the friendly voice you hear on the phone when you call the office. Joan is a dedicated and detail oriented individual with over 9 years experience in a public accounting office. Joan has been with Rose since the office opened in 2013 and has established many of the policies and procedures in place. Joan takes pride in keeping the office organized and giving our clients personal attention.
Johanna is married and has two adult sons. In her free time, Joan enjoys gardening and baking. In spring and summer she likes to spend time in her garden. All year round she supplies the office with all kinds of goodies. Hey there! You are in the right place. I help online course creators sell more by writing compelling, spam-free, and no-frills copy.
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There are things that can make or break a company long before it celebrates its first year in business. These four lessons are essential for small business owners who want success and a business that will stand the test of time.
For most of my years in marketing, I’ve worked with small businesses. I have helped them with marketing strategies targeting different goals (lead generation, increase sales, launch into new markets, develop brand reputation through content marketing, communicate their brand to B2B and B2C consumers, etc.) and during the process I have learned so much about marketing , running a business, life and mindset.
Over the years I have learned that the aspects that make or break the success of a small business are primarily related to vision, strategy and good leadership. Yes, marketing, sales and branding are part of the story, but without these 3 key aspects it’s difficult to move the needle.
The 4 quotes below reflect the top 4 lessons I’ve learned from working with small businesses over a period of about 10 years. Over time these have become a part of my consulting business and when I speak to people who want to start a business or people who have a business but don’t know why they aren’t getting the results they want, I find these four , to become increasingly important to develop successful businesses that stand the test of time.
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A small business can be classified by various methods (number of employees, annual turnover, turnover, assets, net sales, etc.). To better understand the concept, a small business is one with a maximum of fifteen employees under the Australian Fair Work Act 2009, fifty employees as defined by the European Union and fewer than five hundred employees to qualify for many U.S. Small Business Administration programs.
I love this quote from Richard Branson – it sums up in a few words the growth potential of any business. However, many small business owners sabotage their own growth by either running their business believing they are already a big company (but lacking the resources, experience and vision of a big player) OR by assuming the hustle will never end will, so think and act small.
Adopting this idea helps business owners think long-term, it helps them see the times they fail as learning experiences, and it allows them to plan for business revenue goals that grow organically and consistently over time, rather than in next month.
Jess Campbell did it. The quality of the people you employ as a small business will determine your success. Many owners believe they can’t attract top talent because they run small operations, but if you’re a visionary leader and can sell your idea, you’ll attract top talent just as easily as large companies will attract them. Give people meaning and they will come to you and help you achieve your dream. Give people money and they will work for you as long as you are financially available.
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Other owners only burden one or two people with marketing (or sales, production, customer support, or operations) and skimp on recruiting for other positions.
The former will return average results as the company continues to play small. The second will deliver top results in the short term until those top players end up exhausted and dissatisfied and eventually leave the company which can spiral out of control until they hire replacements who can fill in the shoes.
“Good business leaders create a vision, articulate the vision, passionately own the vision, and tirelessly drive it to completion.”
This quote from Jack Welch points to one of the biggest problems in small businesses: good management and leadership. If you are self-employed (and you are the only employee), your responsibility to grow and improve yourself as a manager primarily impacts you. If you are a business owner and you have a team, have employees, the quality of your leadership, vision, determination and basic communication skills reflect your team’s happiness, productivity and dedication.
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Running a business, being a good manager and being a good leader is not easy to achieve and it doesn’t happen overnight. The more your business grows, the more you need to grow as a business owner. What worked last year may not work this year. The needs of your customers and employees evolve over time, as does your management and vision.
There are many ways small business owners struggle with this aspect. Some are so afraid of failing or seeming vulnerable that they just stop trying. Others let the stress of making ends meet reflect on business directions, pricing, and general employee communications. Some can (or don’t know how) delegate and seek to control every aspect of their business and micromanage their employees to the point of desperation. There are others who don’t want to get involved in the operations of their business, but do nothing to ensure the business has direction, vision, and good leadership.
John Coleman is the author of this quote which I think is painfully true when it comes to how small businesses do their marketing. Owners who don’t have a long-term vision for their business usually expect great results in a short period of time and don’t know how to use their resources
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