When you are starting your own business there is no shortage of advice and opinions flowing your way. Mention that you’re striking out on your own, and everyone – from your brother-in-law to the person sitting next to you on the plane – has some kind of input or anecdote on how to run your business better.
While you can certainly gain valuable insight from listening to others, it’s important to take most words of wisdom with a grain of salt. What may have worked for someone else’s business may not necessarily apply to your situation. On top of that, some advice is just downright bad.
Here are six worst pieces of advice that I have heard over the course of my entrepreneurial career:
1. Quit Your Day Job/ Don’t Quit Your Day Job
Make sure you take full advantage of tax deductions and tax credits that you are entitled for as a student. Every dollar you can save in income tax that you pay will help you stretch your budget to cover student expenses.
A tax deduction will reduce your taxable income for the year. Tax deductions available to students include: Moving expenses, Child Care Expenses, etc.
A non-refundable tax credit reduces your taxes that are owed. It is calculated by multiplying the total dollar amount by the lowest tax bracket (currently 15%). For example, if you spent $500 on public transit you would get a credit of $75 ($500 x 15%). Non-refundable tax credits for students include: Tuition, Education, and Textbook amounts; Canada Employment amount; Public Transit amount; Interest paid on your student loan.
Whether it is hiking, golfing or biking, it has been a busy summer for EPR Trillium and its people. A cornerstone of our firm’s core beliefs is maintaining a strong connection to the communities we serve and one of the ways we do this is through participation in charitable activities that also promote healthy choices for our staff.
So you’re considering buying a business. But is it really the right move?
Many experts are predicting that a huge wave of businesses will become available over the next decade or so as baby boomers look to sell. As the economy continues its climb into a full-blown recovery (we hope), it just might be the perfect time for you to fulfill that lifelong dream of buying a business. Before you take the plunge, however, you should take the time to ask yourself a series of questions that will help make sure you’re prepared for the rigours of business ownership. Certainly the team of advisers you assemble to make such a deal – such as business brokers, attorneys, and accountants – can help you in determining the value of a business and what you should pay for it. But there are additional questions you need to ask yourself, and the seller, to find out if the business you’ve targeted is everything it’s cracked up to be. With that, here is a list of 10 questions (in no particular order) that you should get answers to before buying the business of your dreams.
1. Is buying a business the best decision for you right now?
by Sydney Loney
Is your team culturally diverse and inclusive? Here’s why it should be.
Many organizations cite diversity as one of their core values and gloss over issues of inclusiveness as someone else’s problem, but just pop by their offices around lunchtime and what you see might tell a different story. “In day-to-day interactions, people still tend to congregate with people who look like them,” says Wendy Cukier, vice-president of research and innovation at Ryerson University in Toronto, and founder of The Rotman School of Management’s Diversity Institute. “They’re not deliberately trying to exclude others, they’re just following behavioural patterns they’re probably not even aware of. Who you did – and didn’t – have lunch with will tell you a lot.”
It’s called unconscious bias, it’s the biggest hurdle to creating a culturally diverse workplace and it’s everywhere. “In spite of some progress in the past five years, racial minorities and immigrants are still excluded from informal networks and continue to face discrimination and barriers to advancement,” Cukier says.
Recruitment and hiring, for example, are anything but bias-free. In 2012, researchers at the University of Toronto studies hiring practices in Toronto, Montreal and Vancouver and found that applications submitted by people with English-sounding names were 47% more likely to receive callbacks than those with Indian or Chinese names in Toronto, 39% more likely in Montreal, and 20% more likely in Vancouver. Read more….
Reprinted from CPAMagazine, June/July 2016, with permission Chartered Professional Accountants of Canada, Toronto, Canada. Any changes to the original material are the sole responsibility of EPR Canada Group Inc. and have not been reviewed or endorsed by the Chartered Professional Accountants of Canada.