Be That Business Newsletter #7: Three Helpful Business Hacks: Savings Accounts, Mise En Place, and a Weekly Win Day

Three Business Hacks from Newsletter #7:
What we do every day matters more than what we do once in a while.  Good Business Habits are just Good Business...

1. Use At Least Two Business Savings Accounts – I have two Business Savings Accounts; one for HST, and one for Income Tax. I'm in the service industry, so my direct costs are quite low. Because of this, I have a great habit of moving money into my savings accounts every time I get paid. I move 13% directly into my GST/HST Savings Account (HST is 13% in Ontario). And then I move 20% of the remaining amount into my Income Tax Savings Account. Though, if you are a business that has a lot of materials and direct costs, doing this same habit likely will tie up more funds than you need to. For those type of businesses that have higher direct costs, I suggest on the 15th of every month, look at the net HST you owe for the month before, and move THAT into the GST/HST savings account. And then look at your taxable profit for the month before, and move 20% of THAT into your income tax savings account. (If you owed $3k or more in income tax two years in a row, you need to pay income tax installments to CRA. I count them as "Income Tax Savings" also). 20% is not a rule, it's just what works for me. Talk to your tax preparer about what percentage would fit with your personal tax situation. Whatever percentage you choose, you need to be putting something aside!
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2. Mise En Place – "Everything In It's Place" Any culinary aficionados here? "Mise En Place" is a French culinary phrase that is often used in professional kitchens to refer to organizing and arranging the ingredients. Chefs can focus more on the creation of their delights than wasting time and energy hunting down what they need. The result is a more tasty dish, created much more efficiently for the diners in waiting on their order. This "Everything In It's Place" guide helps us outside the kitchen too! Having a special place to put your receipts and bills encourages them staying together so your not scrambling to find them! Having a special "To Be Entered for March" file keeps the April receipts in a separate "To Be Entered for April" file, so that receipt dated "3/4/25" is not a time sucking mystery when you get to it! (March 4th? April 3rd? There is no rule!). As you set up your processes, make a habit of putting your files and paperwork in a place that's convenient, and it will result in tastier bookkeeping that gets to the table efficiently!
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3. Weekly Win Day - There is a harsh truth you may need to hear: You will not "Find Time" to do your accounting. You need to be intentional; you need to schedule it in. It doesn't matter if it's you doing the bookkeeping, or if you have a bookkeeper who does it for you, you will still need to find the time to stay organized and on top of your office work. Here enters the "Weekly Win Day". Schedule a consistent weekly day and time that you focus on your businesses success. That is, put aside a weekly appointment just to upload or forward your receipts, or clear your bank feed, or answer those questions your bookkeeper has. Make this your weekly win day. Also make this the time for planning your upcoming week: What's due? What deadlines are coming up? What appointments do you need to prepare for? That's why I suggest your Weekly Win day be a Fabulous Friday, a Super Saturday or Sunday, or a Magic Monday. Then you can set your week up for success! Find out more about Setting Up Your Success Routine HERE!
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Be Intentional Today!
Get out there, and Be That Business That Thrives!