Building Business Resilience: Insights for Canadian Business Owners
Dear Clients and Friends,
If you own a business in Canada right now, you already know—this isn’t the easiest time to be making financial decisions. From high interest rates to rising costs, many of the business owners we speak with are feeling the pressure.
At Maccabee Financial, we work with hardworking Canadians every day—people who have built something substantial with grit, long hours, and personal sacrifice. After many conversations with Canadian business owners, we’ve noticed that the same concerns keep cropping up. We’ve laid a few of them out here, along with some practical insights that should prove helpful.
1. Borrowing Costs Are Up
Higher interest rates mean loans and lines of credit are more expensive. For many, that has put plans for growth on hold.
Our suggestion: Don’t take on debt without a plan. A second look at your cash flow—and a conversation about investment options—can help you avoid unnecessary borrowing, and may instead turn what looked like setbacks into opportunities.
2. Taxes Are Getting More Complicated
Between federal rules, provincial changes, and CRA audits, taxes are getting trickier, and more stressful.
Our suggestion: surround yourself with a good team; an accountant, financial advisor, and lawyer. They can point you in the right direction, and help ease stress by providing you with a solid plan of action.
When you get that dreaded brown envelope from the CRA, open it. The worst thing you can do is put it off. Call your accountant right away and be sure to check the deadline first, not just the amount owing.
Tax changes like inclusion rate adjustments on capital gains, taxes on passive income, and rising income taxes can be daunting. But having someone to call upon can help you navigate all of it.
Proactive planning goes a long way. Knowing where you stand ahead of time can reduce what you owe and take a lot of pressure off. We’re here to help every step of the way.
3. Everything Costs More
Wages, supplies, fuel—you name it. But raising prices on the products and/or services you offer isn’t always an option when customers are feeling the pinch, too.
What You Can Do: Reach out! We specialize in helping business owners find hidden savings, create strong investments, and build smarter budgets to keep more money in their pockets.
4. Good Help Is Hard to Find
Skilled workers are tough to hire—and even tougher to keep. Turnover is expensive and can set you back.
What you can do: Build a workplace culture where employees feel appreciated and valued. Things like opportunities for training/education, and even a team lunch every couple of months can go a long way in creating a supportive work environment, which can make a huge difference for your employees.
Offer incentives like group benefits or retirement savings plans. These can make employees feel invested in the success of your business and can make them want to stay with your company.
Let’s Talk About Your Next Step
If any of the challenges listed above sound familiar, you’re not alone. Canadian business owners are some of the most resourceful people out there—and at Maccabee we’re here to back you up with real advice and a plan built around your personal goals and circumstances.
Reach out today to book a free and friendly conversation. No pressure. Just a chance to look at the road ahead with someone on your side. We’re here to serve.
With respect,
The Maccabee Financial Team
