As entrepreneurs, we're always seeking signs that our business is on the right track. Understanding the health of your business is crucial to its long-term success. Here are key indicators to help you gauge whether your business is thriving: Steady Revenue Growth: Consistent increase in revenue over time is a clear signal your business is doing well. It shows market demand and effective sales strategies. Strong Customer Base: A growing list of satisfied customers who return and refer others to your business is a testament to your value proposition. Positive Cash Flow: If your business is consistently bringing in more money than it…

Starting a business is an adventure filled with excitement and challenges. One of the smartest moves you can make early on? Establishing an emergency fund. An emergency fund isn't just a good idea it's your business's safety net for those "just in case" moments. Here’s how you can start building yours today: Start Small, Aim Big Begin by setting aside a small, manageable amount each month. Over time, aim to save enough to cover 3-6 months of operating expenses. Cut Unnecessary Costs Review your expenses regularly and cut down on non-essential spending. Every penny saved is a penny closer to your safety net. Open a Dedicated…

Now that we are over half way done with 2024, it’s the perfect time to reflect on your business's progress and set new goals for the next five months. Here are some strategies to help you maximize the remainder of the year and drive your business towards success: 1. Review and Adjust Your Goals Take a close look at the goals you set at the beginning of the year. Identify which ones you’ve achieved and which ones need more attention. Adjust your goals based on your current position. Set realistic and achievable milestones for the next six months. 2. Optimize Your Financial Management Analyze your financial…

The start of the year is a good time to take stock and plan your next business moves.

What is your favorite part of your business? 

 

Have you spent months banging your head against the wall, as you try to make sense of all of the financials of your fitness business?  I totally get it, because you have expenses, you want to see a profit, and you want a paycheck too! If you haven’t been able to make the numbers work each month, you need to start working with a Profit First Coach.  

Have you been struggling to find a profit each month with your business?  Are you paying off all of your expenses and then wondering where all of the money went since you don’t even have enough to give yourself a full paycheque once again?  

When it comes to running a business, I know that you want your revenue to increase tremendously every single quarter.  However, I also know that you are always shocked at what is left once you pay all of your bills and hopefully give yourself that paycheque you deserve!  I want to help you change that “there’s not enough money left” feeling every month, by showing you ten ways to increase your business revenue by your next quarter.  

When you are setting up your business bank accounts using the Profit First System, you are going to see that you need a minimum of four to really make things work.  However, I prefer to use five bank accounts, because it truly allows you to see where your money is and where it is going each month. Plus, it is more difficult to take money from one allocation and use it for another! 

Do you have your business set up where you are guaranteed to get a paycheque every single week or month?  Do you have money set aside for your expenses and taxes each month and are turning a profit at the same time?  

Profit First is an excellent system to use when you want to guarantee yourself a paycheque with your business.  The goal of the Profit First system is to prioritize profit and allocating income before you pay for any of your expenses.  This may sound crazy, but it works quite well when it is done right. Plus, it is the best way to make sure you give yourself a paycheque every month!  

To set up a business, you don’t really need a college degree, tons of money, or even experience in the industry you want to venture into. However, there are a few essentials you require to ensure you start off smoothly. Besides supporting your operations, these requirements will also keep you out of trouble with the government and help you grow steadily towards your goals.

Season’s Greetings from Brunning & Company Chartered Professional Accountant. We wish you a joyous and safe holiday season, and a happy New Year 2020!

We would like to inform our clients that we will be closed from December 25, 2019, to January 2, 2020. 

Entrepreneurship is a beautiful way of breaking out of the shackles of a regular nine to five job and doing something that you’ve always loved. However, after the initial euphoria wears off, many businesses go through rocky patches due to cash flow issues. 

Your businesses has grown and now it's time to hire your first employee.Congrats, this is a big step in owning your business, but it can be a bitintimidating if you don't know where to start. As an employer you have some responsibilities to ensure you are compliant with Canada Revenue Agency (CRA) http://www.cra-arc.gc.ca/menu-eng.html so I wanted to share with you some of those requirements.

The benefits of bookkeeping go beyond just the results. For example, the turnover of firm X was $10000 in FY2018 and only $8000 in FY2019, despite an increase in sales. In such a scenario, if firm X has maintained proper bookkeeping, then the accountant can simply compare the two balance sheets and pinpoint the problem areas.

Whether you self-file tax returns or work with an accountant, you need to know the tax deadline, the acceptable forms of tax payment, ways to minimize taxes, etc. While trying to find basic information, clients often have a ton of questions about tax returns but find answers difficult to come by.

Do you go through the same last-minute traumas every tax season while scrambling for receipts and documents? Well, if you do, you’re not the only one. After getting over the hurdle of filing taxes the first time, many people forget their resolutions to maintain their income and expense paperwork. And, once it’s time to file again, the stress and anxiety kick in once more.

We are delighted to announce the launch of our new website!

New Website Coming Soon!