The advise contained on the title is well known to all entrepreneurs. The Canadian magazine PROFIT asked its PROFIT 500 list of business leaders to share some of their often hard learnt lessons. The following are some quotes from them (number in brackets signify their position on the list). It is my experience that these quotes are good and realistic advise. However, do not accept them because they are right and you are wrong, but because you must think through all possible alternatives. If you are to discard something is because you thought it through and does not apply to your business. Do not follow because the guru said so, it may have worked for her/him, but it does not mean it will for you (if your reasoning is sound, of course). Think each advise thoroughly:
- “Avoid debt when you are first starting up. Risk only what you can lose. Once things get rolling, there is a place for debt.” —Marija Pavkovic, managing director, MaKami College Inc. (No. 62)
- “There’s only one job you have while starting a company, and that’s to bring in sales. Do your research, then go out there and sell.“ —Grail Noble, CEO, YellowHouse Events Inc. (No. 72)
- “Be clear on where you want to go with what you’re trying to do, and expect to work your ass off and not get paid for a while.” —Jay Bousada, president Thrillworks Inc. (No. 153)
- “Be prepared to work shockingly hard for shocking low pay for a shockingly long time. Some people are lucky enough to make money quickly in spite of themselves. Most businesses don’t.” —Ed Hennessey, Safety First-SFC Ltd. (No. 392)
- “Behave like the company you want to be some day, not the company you are today. That was a big one for us. We didn’t want to work out of our basements. Decide who you want to be and be that from day one.” —Tracey Bochner, president, Paradigm Public Relations Inc. (No. 124)
- “Expect to go prematurely grey before your time.” —Sean McCormick, CEO, Manitobah Mukluks (No. 201)
- “Know your limits. A lot of people start businesses and get so excited about having ‘President’ or ‘CEO’ on their business card that they forget there’s a lot of responsibility that comes with that. As a business owner it was important for me not just to figure out what my strengths were, but it was more important for me to figure out what my weaknesses are so I could find the right people to fill those gaps.” —Orit Koren, president & CEO, Trillium FSB Inc. (No. 130)
Some more advise tomorrow. Follow us then.
Microsoft will no longer release new security patches intended to eliminate threat vulnerabilities in this older version of Windows. According to Microsoft, continuing to use Windows XP after April 8, 2014 may make systems more vulnerable to security risks, harmful viruses, spyware, and other malware. Business owners running the Windows XP operating system on a desktop PC or laptop computer will be affected. This decision by Microsoft has also prompted other software to stop providing updates to their versions when run under Window XP.
How can you stay protected?
Stay protected by upgrading to the latest Windows operating system or by getting a new PC with the latest Windows operating system.
The Canada Revenue Agency (CRA) warns all taxpayers to beware of telephone calls or emails that claim to be from the CRA but are not. These are phishing and other fraudulent scams that could result in identity and financial theft.
People should be especially aware of phishing scams asking for information such as credit card, bank account, and passport numbers. The CRA would never ask for this type information. Some of these scams ask for this personal information directly, and others refer the taxpayer to a Web site resembling the CRA’s, where the person is asked to verify their identity by entering personal information. Taxpayers should not click on links included in these emails. Email scams may also contain embedded malicious software that can harm your computer and put your personal information at risk.
Examples of recent telephone scams involve threatening or coercive language to scare individuals into pre-paying fictitious debt to the CRA. These calls should be ignored and reported to the RCMP (see contact information below).
Examples of recent email scams include notifications to taxpayers that they are entitled to a refund of a specific amount, or informing taxpayers that their tax assessment has been verified and they are eligible to receive a tax refund. These emails often have CRA logos or internet links that appear official. Some contain obvious grammar or spelling mistakes.
For more information about security of taxpayer information and other examples of fraudulent communications, go to www.cra.gc.ca/security.
Anyone who receives a suspicious communication should immediately report it to firstname.lastname@example.org or to the institution that the communication appears to be from.
For information on scams, to report deceptive telemarketing, and if personal or financial information has been unwittingly provided, go to the Royal Canadian Mounted Police Web page at: www.rcmp-grc.gc.ca/scams-fraudes/phishing-eng.htm.
On Thursday, August 21, 2014, the Honourable Kerry-Lynne D. Findlay, P.C., Q.C., M.P., Minister of National Revenue, will launch a mobile app to help make remembering business tax deadlines a lot easier.
Thursday, August 21, 2014
The Canada Revenue Agency (CRA) is reminding Canadians who earn tips and gratuities that they represent taxable income and must be reported on annual income tax and benefit returns. Restaurant servers, hairdressers, valets, taxi drivers, and others who earn tips may not have all of their income recorded by their employers, which means that their T4 slips may not include all of their income.
Deliberately deciding not to report your tips is also illegal. If CRA auditors and investigators find that you are not reporting all your sources of income, you may be audited, face fines, penalties, or potential jail time.
If you have ever made a tax mistake or omission on a previous tax return, the CRA is offering you a second chance to make things right through its Voluntary Disclosures Program (VDP). If you make a valid disclosure before you become aware that the CRA is taking action against you, you may only have to pay the taxes owing plus interest.