Good financial habits are vital to success in business. The way you make money and spend it can either take your business forward, or weight it down. Here are six poor financial habits that business owners often struggle with, and tips on how to break them.
Buying things that you haven’t budgeted for
Cash flow is of […]
When you’re struggling under the weight of debt problems, it’s all too easy to lose perspective. But panicking about your situation isn’t going to help, no matter how understandable that may be.
To stand a chance of overcoming your problems, you need to take a calm approach and decide which of your debts are the most […]
During the first two years of the last major downturn in the world economy, many businesses in the United States and Canada failed. Downturns or recessions are not one-time events. With the stock market hitting record highs, and a booming economy, it doesn’t take an expert to see where we are in the economic cycle. […]
The lifetime capital gains exemption deduction, if you dispose of shares in a qualified small business corporation, is $848,252, or $1,000,000 for a qualified farm property or qualified fishing property. If you have already claimed the $100,000 personal capital gain exemption (ended in 1994) then this reduces the available lifetime capital gains exemption. You must […]
Many people let a business failure ruin their life. However, if you choose to learn from your mistakes, you can move on and be even more successful. It is not easy to move on after a business failure. Here are some tips to help.
Figure out what went wrong.
After you spend time examining your business, you can […]
Parents quite often make loans to their adult children to help them purchase a car, a home, or for other reasons. A loan is different from a gift. The parent can charge interest so that the loan will earn some investment income. The loan can be set up for blended payments of principal and interest […]
There is a recent CRA audit project targeting corporations who made motor vehicle purchases. The CRA is requesting documentation such as purchase invoices, and the percentages of business and personal use of the vehicles. There are many different angles the CRA can be using this information. First, they are verifying that the vehicle has been […]
If you’ve struggled for years to manage your finances, a windfall can put you on a new track. Without proper financial management planning, you’ll end up back in the same rut. Don’t spend your new money as quickly as you get it; now’s the time to get smart. Use these money management tips to find […]
If you are considering starting a new business, there are a number of factors to figure in to the equation. Besides choosing a location, applying for proper permits, and obtaining required licensing, prospective new business owners need to analyze both short-term and long-term goals to determine what financial options will be best for the business. […]
One of the most significant expenses on invoices is the cost of supplies. It follows that any opportunity to save on supplies can have a dramatic effect on the final cost of a project. While labor and time charges can be altered by increased efficiency or at the contractor’s discretion, supply costs are not as […]
