Tax Question:
Why is it important to have a group of business peers and how can it help my business?
Facts:
When you are running your own business, oftentimes it is just you at the top. You may not have a partner or active corporate board involved in the business to help you make wise decisions and bounce ideas off of. Each of us has strengths and weaknesses and by running a company by yourself, these become amplified.
By seeking out business peers for advice and wisdom, you will learn from the collective experience of the group. Business peers can help you solve problems, prevent mistakes and take advantage of opportunities. There are mutual learning and growth from sharing experiences with other business owners. This group of peers can act as your corporate board, a sounding board to provide a new perspective to your business and provide corporate guidance. There are formalized groups of business peers in the community that you can join, such as:
You may have business owners you already know whom you can ask to meet with you regularly and counsel your business decisions. Formalizing a corporate board of some peers and elders with a good mix of experience and knowledge can help guide your corporate decisions. You may also wish to hire professionals to assist you in large business decisions. There are professional business coaches who can assist you in modifying your management style and setting your business goals. Your accountant can provide you with financial and business insight into your corporation which can prove to be invaluable as you grow your company.
If you would like more information on this topic, please contact a member of the Empire CPA team by filling out the contact form below.
Canadian and foreign tax laws are complex and have a tendency to change on a frequent basis. As such, the content published above is believed to be accurate as of the date of this post. Before implementing any tax planning, please seek professional advice from a qualified tax professional. Empire, Chartered Professional Accountants will not accept any liability for any tax ramifications that may result from acting based on the information contained above.
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