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How will inflation affect my business

By |2022-08-16T15:46:48+00:00May 19th, 2022|Business, Business Coaching|

Inflation is a big topic right now. How will inflation affect my business? Well, let's start with a basic explanation. What is inflation? Inflation is the decrease in purchasing power of money. It means that if inflation is high then $1.00 today will buy you less next week. We see this in the rising fuel prices, grocery bills, and other expenses at home and in our businesses as well. You may have already seen supplies for your business increasing. Inflation also tends to push up wages as you may end up having to pay your staff more to keep them. This [...]

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How to Stick to Your Business Resolutions

By |2022-01-27T03:09:55+00:00January 27th, 2022|Business, Business Coaching|

The new year is a popular time to make resolutions to improve our health or finances, but what about business resolutions? Have you ever thought about making resolutions for your business? Even if your fiscal year end isn’t January, the beginning of the year can be a great time to take stock of what has happened in your business. For the things that didn’t go so well, you can resolve to change them.  Resolutions can be a great way to get you back on track to reaching your goals. Below, we discuss some common business resolutions as well as what you [...]

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7 Tips for Business Productivity

By |2022-08-16T15:58:52+00:00January 13th, 2022|Business, Business Coaching|

With all you have to do in a day, have you ever wondered how you can improve your business productivity?  All entrepreneurs are busy. If you're a small business owner, especially if you're working on your own, you have a lot to do. Between managing emails, helping customers, and making sure everything is running smoothly it’s no wonder you end most days wishing you had more time.   The key to being productive in business isn't just about having more time. By managing your time more effectively, you will accomplish more. Here are seven tips to help you manage your time and [...]

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Should I Have Business Plan?

By |2022-08-16T15:40:20+00:00December 23rd, 2021|Business, Business Coaching|

There are many great reasons to have a business plan. When you are just getting started in business, the time and effort you put into a plan can help you know if your idea is viable. If you will be applying for financing, a business plan is required as part of your application. A business plan also serves as a great starting point to conduct an annual performance analysis on your business. It can be used as a basis for setting and reaching goals in your business. It’s also a handy reminder of where you started and can be easily adjusted [...]

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Is the Profit First Way Right for You?

By |2022-08-16T16:44:01+00:00November 25th, 2021|Business, Business Coaching|

Profit First isn’t just a book by Mike Michalowicz, it’s a whole business lifestyle that even includes a certification. The book was first published in 2014. Since then there have been iterations created for specific industries like dentists, micro gyms, contractors, and e-commerce sellers. Michalowicz has reframed the equation sales, minus expenses, equals profits so that it reads: Sales, minus profits, equals expenses. This is the gist of Profit First. Profit before expenses. It’s an alternative way of looking at a budget. You take the profit out of your sales then force yourself to budget your expenses based on what’s left. [...]

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How to Evaluate Your Business Idea

By |2021-10-24T09:52:59+00:00June 20th, 2021|Business, Business Coaching|

How do you evaluate your business idea? The fact that you're asking this before jumping into business is a great sign. Many entrepreneurs start their business on a whim only to fail a few years later. While it’s impossible to guarantee that your business will succeed, taking the time to evaluate your business idea before opening your doors to customers will give you a boost when it comes to making sales.  Four Ways to Evaluate Your Business Idea There are endless ways to evaluate your business idea. This post will focus on four. Two of these ideas focus on you, the [...]

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What is Business Coaching?

By |2021-10-24T09:53:00+00:00February 24th, 2021|Accounting, Business Coaching|

If you're an entrepreneur there's a good chance you've heard about business coaching, you know a business coach, or someone you know has worked with a business coach. But do you know what this service is and how your business can benefit from it? There are all kinds of business coaches. A business coach can help you with anything from clarifying your vision for the business to running its day-to-day operations. The coach you hire and the services you need depend on you, your business, and your goals. Business Coaching Benefits The benefits of working with a business coach are as [...]

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Why Don’t You Love Your Business Anymore?

By |2021-02-18T15:42:04+00:00February 14th, 2021|Accounting, Business, Business Coaching|

Remember when you first started your business? You were so excited about it that you were constantly telling people about it, and you jumped out of bed, eager to start your day. But somewhere along the way, that excitement turned into a sense of obligation. Right now, you don't love your business, you wish you could get a break from it.  This is totally normal, and happens more often than you think. Many entrepreneurs start their businesses with a lot of hope and positivity. Once they see all the things that go into running a successful business, they realize it’s much [...]

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New Year Resolutions for Your Business

By |2021-10-24T09:53:14+00:00January 5th, 2021|Accounting, Business, Business Coaching|

The start of a new year is often when business owners take stock of what went well during the previous year and what they'd like to improve during the upcoming year. Many people make New Year's resolutions for personal habits such as eating better and saving more money, but it’s fun to make new year resolutions for your business too. 4 New Year Resolutions for Your Business Here are a few things we commonly hear our clients saying they'd like to do differently as part of their new year resolutions for business. Open those brown envelopes from the Canada Revenue Agency [...]

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How to Rock Your Annual Accounting Review

By |2021-10-24T09:53:15+00:00October 10th, 2020|Accounting, Business Coaching|

First of all, at Virtual Heights Accounting, we recommend your accounting review be more often than annually. A bi-annual check-in is much more efficient. Reviewing your business tax and accounting records at mid-year, gives you time to see how your year is going and plan for any changes, such as paying more tax than the previous year.  If you’ve never had an annual or bi-annual accounting review, there are many advantages to doing so, especially if you’re considering changes in your business.  What is an Annual or Bi-Annual Accounting Review? An accounting review—whether it's annual, biannual, or something else—is where you [...]

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