How to Increase Your Prices without Losing Customers
Raising prices is an essential part of business, but it is not always easy to do. Many people put it off, rightly fearing they might lose customers and revenue. What if that lost revenue cancels out the increase in the margin your business needs? The answer is to […]
Starting a business isn’t easy. So, if you’ve already launched one it’s a great achievement. Congratulations! To grow your small business you’ll need the same motivation and hard work that allowed you to get to where you are today. But this time, you need to be even more strategic. The main target should be to […]
A majority of business owners believe that the best way to boost their business bottom line is by focusing on top line growth. So, they spend a lot of time running campaigns to boost foot/in-store traffic, brand mentions, and trying to increase sales. What they may not be aware of is that business bottom line is […]
No matter how great your ideas, if you do not know how to handle your finances your startup is doomed to failure. Cash flow troubles can sink even the best startup. If you want your business to succeed, you need to pay close attention to the money coming into your business and the money flowing […]
Every business owner should be concerned about creditor proofing his assets. Here are several suggestions to consider:
1. Transfer assets out of the company:
Place capital assets in a separate holding corporation so that subsequent legal claims that arise in the operating company do not affect these assets.
Lease the assets in the holding corporation back […]
If you have a website or a blog and you charge for advertising, links, or reviews, you must report the income on your Canadian income tax returns. Send invoices to your clients and customers. If your invoices exceed $30,000 in the last four consecutive calendar quarters, you must register for HST/GST. Once you are registered, […]
One of the more common expenses claimed by taxpayers are automobile expenses (applies to any motor vehicle such as a van, bus, pickup truck, station wagon, SUV, or other truck). Many individuals use their automobile for work or business and incur personal expenses in doing so. It is important to note that only expenses of […]
A high gross margin is often viewed as the most important sign of a company in good financial health. Before you can earn net profit, you need to achieve a strong gross profit margin.
Calculating Gross Profit Margin
Gross profit margin is the portion of your company’s sales retained as profit after you account for costs of […]
Financial advice is easy to come by. Unfortunately, not all of it is usable, or even accurate. For example, many would tell you to skimp on your coffee and haircuts, when many rich people would actually disagree. Such behaviour can promote poverty and deprive you of the basic aim of financial independence: joy.
Taking away your […]
2016 is upon us. It’s time once again to take advantage of the many personal and business tax-planning opportunities that are still available. This post provides numerous ways to save on taxes for 2015 and beyond.
Contribute to Your RRSP
The most popular tax tool available to taxpayers is investing in a registered retirement saving plan (RRSP).
Contributions to RRSP’s are […]
