By Sylvie Poitras
Being your own boss and having your own business is very rewarding and the numbers are growing every year. Statistics Canada reported that in 2018 “2.9 million Canadians were self-employed.”
Whether you do a search on “Entrepreneur’s biggest challenges,” “Small business challenges,” “What do entrepreneurs need”… you will find a ton of articles with very similar results.
Two of the most common challenges are time management and cash flow management.
When time is limited, the first thing that gets ignored is what you like the least. Since a great deal of small business owners are “creative” people, the part that gets ignored is the paperwork.
It doesn’t have to be complicated!
Not knowing what your business cash flow is on a monthly basis is like going on a road trip across Canada and not filling up the gas tank before you leave. You’ll get going for sure, but you’ll most...
By Sylvie Poitras
What is your current cash flow?
Industry Canada states, "The #1 reason Canadian small businesses fail is because of inexperienced management. Business owners don't have the experience or knowledge they need to run their businesses successfully."
Does this mean that you should just give up? Absolutely not! It just means that you need learn how to stay on top of it. What does that really mean?
Well, let’s go back in time for a moment. Years ago, we did most of our purchases using cash. The amount of money in our pocket dictated if we would buy something or not, depending on what else we needed to buy that day. When we had cash in our pockets, we “managed” our cash flow throughout the day.
Now that we use debit cards, we only see the balance when we go online. Plus, since we are getting ‘a’ card out, it makes it easier to grab the credit card instead when we are not sure. It is so much easier to lose...
Here is a reference table of the most common expenses entrepreneurs have for their small businesses. Use this list to help you find as many deductions as possible.
The Expenses – Checklist is an actionable document that you can use to help you figure out which expenses you will have for your business.