As a business owner, you have access to many financial tools that employees don’t. This can be an advantage, but it can also be overwhelming. Solid financial advice can relieve this.
Financial advice focuses on where you are right now and how to get to where you want to be. It helps you determine your short-, medium-, and long-term financial targets and how to achieve them. A financial plan for a business owner should focus on growth and preservation.
Cash flow management
Cash flow management is an essential skill for any business owner hoping to prosper long-term. But unfortunately, managing cash flow can be one of the biggest challenges business owners face.
Cash flow is vital to your finances. Suppose you know how much money is moving in and out of your company. You’ll know whether or not you’re earning more than you’re spending and if you have enough cash on hand to cover payroll, equipment purchases and upgrades, loan repayments and other fundamental business needs.
For these reasons, use cash flow strategies in your business planning. You’ll know exactly when you can expect money to flow into or out of your business account when you do this. As a result, you’ll be able to plan.
A smart approach to tax planning can help your business make a big difference. For companies looking to minimize the financial impact of taxes, here’s an overview of some strategies that can be beneficial.
- Does your business qualify for the small business deduction?
- Review how you pay yourself. For example, are you paying yourself a salary or dividend?
- Are you income-splitting?
- What about shareholder loans?
- What about capital dividends?
- Are you utilizing corporate tax credits and deductions?
All you have to do is call us, and our advice and experience. We also have a network of professionals we work with to make sure you’re maximizing your tax efficiency.