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Small Business Resources
What do I do to minimize my tax obligations?
Readers, This is where I go on a bit of a rant. I have received dozens of questions about tax issues and how to minimize tax consequences. I have 2 basic responses to this.... 1) Talk to your accountant. While everyone wants to avoid the cost of speaking to a professional, I am not a tax professional and my guidance will be extremely limited. You accountant is trained specifically to deal with these issues and is best situated to help you. 2) Get past it. There is a tone to some of the questions that I find troubling. It is fear based and cost focused. Now, don’t get me wrong; I am totally in favour of minimizing your costs. However, are you in business to minimize taxes or are you in business to maximize your profits? The ratio of questions about tax to those about business growth is staggering. By all means, talk to your accountant and get structured to take ethically and legally minimize your taxes. But there is a limit. You are entrepreneurs. You are the engine of our economy. You are the fountain of innovation. You are the source of employment for millions. Your success drives the success of our whole society. Get out there and make money, innovate, grow and have the positive impact on society that only you can have. I will put it this strongly. If you care about your community or society, you have a duty to succeed! You won’t get there by struggling to shave a few points off your costs. You will get there by learning to grow your business, by providing a service that people value, by attract team members who will create happy customers and by generating significant profits that adequately reward you both for the risk that you take and the value that you provide. I am going to risk angering some of you - too many Canadian entrepreneurs try to blame the government for differences between the US and Canada in entrepreneurial performance. I say this is nonsense! I speak with coaches from all over the world who coach entrepreneurs, just as I do. One of the biggest differences we observe is risk aversion. American entrepreneurs look at investments, Canadians look at costs. Whether it is a piece of equipment, a new hire or retaining a business coach, Americans will ask whether it will help them generate greater profits. In Canada, we tend to focus on how much it costs. Rather than select the one that will generate the greatest return, we choose the one that will cost the least. I am not advocating that you be foolish or cavalier with your cash. However, I am encouraging a boldness and confidence that will lift you and inspire others. I encourage to choose creativity and courage over fear. Dream Big. Think Big. Act Big. Be Big. Focus on generating profits, not just on minimizing costs and taxes. Here’s what I would like to see. Send in your successes. Help me share with others what has worked for you that can work for others. I will comment and try to add value. If you need input on product development, on marketing, on sales, on system improvement, on recruitment, on leadership, fire in your question. I will share my thoughts and ask others to provide theirs. I will then share the feedback of others in addition to my own. Let’s make this space on RedFlagDeals.com a place where growth is inspired. Success is yours... Go get it! Warren
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