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However, this is not something that many business owners think of right away. Thinking that they do not need a separate financial or tax plan because they have a business plan.
Or, thinking that they do not need one. Because their business is not large enough yet. Unfortunately, this results in entrepreneurs paying more in taxes than they should be.
And since the second most common reason why businesses are failing in Canada. Is because they are running out of money. Saving money wherever possible is extremely important to the success of the business.
As well, business owners need to know. That they do not have to be making millions of dollars in their business. In order to financially benefit from a financial plan and tax strategy.
Business owners only need to be making about fifty thousand dollars a year in their business. In order to financially benefit from a tax strategy.
So small businesses and even solo-preneur’s are going to be able to benefit from a tax plan. Even if they are paying for that tax and financial plan in their business.
They will end up saving more money than they will spend by approaching CFO services to get a financial and tax plan done.
However, if they go see the Associates at Spurrell and Associates. They will not only automatically get a financial plan and tax strategy. Because they ensure every single one of their clients has this in their business.
And the reason why they do this, is because they know how beneficial it is to a business. And having a tax strategy and financial plan. Can increase their odds of success.
But also they do not charge any additional prices for their financial plans and tax strategies. Because they do not want cost to be a barrier to any businesses in order for them to succeed.
Therefore, by going to Spurrell and Associates. They are going to end up with a financial plan and tax plan. That is going to help them minimize the taxes that they have to pay.
And keep more of the money in their business to help them stay in business. They are able to do this by using a financial plan and tax plan template.
That template means that they are going to know exactly what questions they need to ask the business owner. And that all important considerations are being addressed.
The template also ensures that they are going to be able to keep the quality up and consistent for every single one of their business owners. Because they will not have to start the process from scratch with each business owner.
With how important financial and tax plans are. When entrepreneurs are looking at CFO services for their business. They should consider the experts at Spurrell and Associates. Because they are dedicated to helping entrepreneurs succeed.
When businesses are hiring CFO services to help them. They need to ensure that they are also getting a financial and tax plan created.
The reason why is because at financial plan and tax strategy. Will help an entrepreneur minimize the amount of money that they pay the government. So that they can use more of that money in their business.
Whether they use that money to increase their marketing, pay bills, or just have more money so that they do not run out of it. This is crucial to the success of the business.
And while many business owners think that this is something that they are eventually going to be able to do. They should look at doing it sooner rather than later. Due to the high failure rate of entrepreneurs in Canada.
In fact, 15% of all entrepreneurs fail within the first year of opening the doors to their small business. And 30% of business owners end up failing within the second year of running their business.
And ultimately, half of all small businesses that open their doors in Canada. Will have failed by the time five years comes around.
Which makes it extremely important for business owners to get a financial plan and tax strategy early on in their business. Because if they wait, they might end up going out of business before they can create one.
When they do manage to find CFO services that will work with them on a business plan and tax plan. They need to ensure that they are asking the business owner questions about their personal circumstances as well.
This is vital to the success of a financial and tax plan. In order to ensure that the CFO services are not simply minimizing the corporate taxes that the business owner pays. But ensuring that there personal taxes are also minimized.
Which is why they need to ask questions such as how many streams of income are coming into their household. Either from investments or property that they own. Or other family members bringing home a paycheck.
As well as questions about how much debt they have, and how much their monthly bills are. As well as how many dependence they have living at home.
Not only will this allow the accountant to minimize their personal as well as corporate taxes. But so that they end up with the financial plan.
That has the entrepreneur drying the money that they need to earn from their business. So that they can make their ends meet.
Therefore, not only do business owners need to work with CFO services that will allow them to have a financial and tax plan. They need to ensure that they are addressing their personal circumstances.
And that they are doing this on a yearly basis. Because their tax strategies need to change as their personal and business circumstances change. If they are not doing this exercise every year.
They may not be utilizing the best tax strategy possible. Which could end up with them paying more in taxes than they should be.
