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, often times 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.
Discussion:
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 is 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 which you can join, such as:
• The Alternative Board
• Business Round Table
• Vancouver Business Network
• Canadian Association of Family Enterprise
• British Columbia Technology Industry Association
• Canadian Manufacturers & Exporters
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.
Recommendation:
If you would like to discuss the importance of a peer group and how this type of counsel can help your business specifically, please contact Gilmour Knotts Chartered Accountants.