Depending on the nature of your business, you may have workers who are employees or contractors, or you may have both. Each has its merits, but it’s important to review which are which to meet your tax obligations. When you have an employee, you must withhold income tax as well as report on additional benefits. Contractors generally look after their tax obligations. It’s against the law to treat an employee… Read more
Steady, reliable cash flow is crucial for the survival of your construction business – so taking steps to ensure your customers pay promptly is a key priority. Debtor days refers to the length of time it takes clients, on average, to pay you for the work you’ve done. A higher number of debtor days means clients are taking longer to pay you. A lower number of debtor days means clients… Read more
Whether your small business is business-to-business (B2B) or business-to-consumer (B2C), you likely deal with some level of customer churn, especially given the COVID-19 pandemic. Even customers who love your business and your products may have lapsed for a variety of reasons. Whatever their reasons for leaving, it’s still a great idea to try to win them back. Why? Mainly because winning back a lost customer still has a higher success… Read more