Optimizing your business for Growth
As a business owner, your top priority is ensuring the success of your company. But as your business grows, you may face a range of challenges that can affect its long-term success, such as increased business risks, larger tax liabilities, and complex retirement and succession planning.
Our planning process
Our business planning service can help you navigate these challenges by providing an in-depth analysis of your current situation, identifying key concerns and opportunities, and recommending strategies to optimize your business. We'll work closely with you and your stakeholders to conduct a comprehensive review of your business and provide recommendations for improvement.
Maximizing cash flows
Ensuring your business has adequate cash flow is essential for its success. Our team can review your current cash management strategies and provide recommendations for optimization, including short-term investment solutions that provide liquidity and security.
Redeploying surplus profits
If your business has surplus profits, it's essential to consider how best to utilize them for maximum benefit. Our team can help you determine whether there is a current business need for the funds, or if they should be used for longer-term business or personal objectives such as retirement planning. We can also assist in withdrawing profits from the company in a tax-efficient manner and recommend investment options for surplus funds.
Building Employee Loyalty
Attracting, motivating and retaining talented employees is vital to the long-term success of your business. Our team can review your current strategies and recommend ways to build employee loyalty, such as group plans and enhanced retirement programs.
Managing tax exposures
We will help you identify opportunities to minimize corporate taxes and recommend tax-efficient investing and savings options, such as tax-deductible retirement plans and exemptions.
Managing Business Risks
In the business world, risk is a constant reality, whether from competition or changing consumer demands. Our team can help you identify and manage other types of risks, such as key employee loss or shareholder retirement, by developing contingency plans and risk management strategies.
Enhancing Retirement Benefits
Business owners and corporate executives often have unique retirement planning needs and opportunities. We can help address the "pension gap" by evaluating whether an Individual Pension Plan (IPP) or Retirement Compensation Arrangement (RCA) is suitable for your business and employees. These plans offer higher contribution limits and tax deductions compared to traditional RRSPs, ensuring adequate funding for retirement.
An Individual Pension Plan (IPP) is a defined benefit pension plan, typically set up for one person, that enables you to make higher contributions compared to a traditional RRSP, tax deductible to your incorporated business.
A Retirement Compensation Arrangement (RCA) is an enhanced retirement plan suitable for senior executives earning very high incomes. It enables you to create a retirement benefit for your key executives commensurate with their preretirement income, which can be an important incentive for executive retention and engagement.
Succession Planning
Our team can also assist with assessing your current succession plans and help answer questions such as:
• How do you want to transition from the business?
• What will happen to the business after you move on?
• Do you have a clear plan in place for passing on ownership?
• Are there any potential legal or tax issues that need to be addressed?
We'll work with you to develop a comprehensive plan that addresses all the above concerns and more, to help ensure the long-term success of your business and your future goals.