Networking is a great way to get out and meet other like-minded business owners. There are so many opportunities in the Durham region to strut your stuff. Here are a few benefits that I have experienced from networking.
1. You meet a lot of great people! Networking is about meeting people to find out what business they own. Most networking groups are super friendly and people want to get to know you.
2. Practice your pitch Polish your "sales" message to other business owners and get feedback from like-minded people. Everyone is in the same boat and are happy to help you succeed.
3. Build a referral network Any business needs to use the services of other companies. From lawyers, accountants, financing, sign makers, websites, human resources, IT, and so on. I have met so many great people that I continue to use year after year.
4. Get clients and grow your business As you build relationships and people find out what you do, people will start referring business to you as a trusted source. It does take time to build trust but it will pay off in the long run.
The Durham Networking Association (DNA) has been around for over 10 years and prides itself on helping members build their business. Check out our website today to see if there is an opportunity for you to become a member.
We do accept only one member per profession.
For more information on joining the Durham Networking Association, contact us at 905-447-0257.
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Stated income programs allow you to literally state your income to use to qualify for your mortgage. This is only available to the self-employed.
For example, if you are an IT professional running your own consulting business and you earn gross revenues of $100,000 a year, stating $80,000 as qualifying income could be reasonable. As an IT professional you probable do not have a lot of overhead or expenses as a consultant, so it makes sense to be stating a high net income relative to your gross revenue.
Remember stated income is not about your actual expenses and it is not about what you show on your tax returns. It is more of a reasoned approach to what your business could support for mortgage qualification. We do need some documentation that supports your current business activity.
Contact UsFor more information on stated income for the self-employed, contact your local Mortgage Broker, Sean Stewart at 905-427-9596 or email@example.com
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Trevor is the Senior Tax and Estate Planning Advisor for Raymond James Ltd. Trevor works with
Raymond James advisors, their clients, accountants and lawyers in developing a broad range of tax
He was formerly National Sales Director of a national actuarial consulting company specializing in
creating retirement solutions for entrepreneurs and incorporated professionals. In that capacity he was
involved directly or indirectly in establishing over 2200 Individual Pension Plans and 500 Retirement
Compensation Arrangements, as well as a broad range of other structures and services. Trevor assists
advisors and other professionals in developing and implementing a wide range of tax focused solutions,
including in the realm of life insurance and living benefits.
Trevor contributed to the Essential IPP Guide, the Trusted Advisor Survival Kit and Advisors Seeking
Knowledge. He has also written for CALU, on a variety of subjects including insurance valuation issues,
and Individual Pension Plans. Trevor co-presented a paper on IPPs at this year's STEP National
Conference. He is currently working on book on tax and succession planning for professionals and
entrepreneurs that should be published in 2019.
Trevor was called to the Ontario Bar in 1996 and in 2019 was elected as a Bencher to the Law Society of
Ontario. He holds a Master Laws in Taxation from Osgoode Hall Law School, a Bachelor of Laws from
Queen's University, a Master of Arts in History from the University of Toronto and a Bachelor of Arts
from Trinity College at the University of Toronto.
In addition to being an Associate Member of CALU, Trevor is also a member of Advocis holding the
CLU designation, the Canadian Tax Foundation, , Society of Trust and Estate Practitioners, Hamilton
Law Association, Canadian Association of Farm Advisors, Ontario Bar Association, Royal Canadian
Military Institute, and the Albany Club.
Trevor is a regular speaker across Canada speaking on a broad range of tax and financial planning and
strategy related issues. He is a vehement defender of entrepreneurial spirit, personal responsibility, free
enterprise, free speech and liberty. He lives in Ancaster, Ontario with his wife Lindsey and their three
If your interested in attending this meeting please contact The Durham Networking Association today to book your spot.
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Profit Boosting Ideas For Your BusinessIncreasing your profits might sound like it's an unattainable dream just out of your reach. But there are a finite number of ways that profits can be increased. Once you understand what they are, you'll have clarity on how to best reach your goals.
There are two primary ways to increase profits:
That's not particularly enlightening or instructional, is it? Let's look at four ways you can increase revenues and four ways you can reduce expenses to get clearer on what actions you can take for your business.
Ways to Increase Revenue
The easiest way to raise revenue is to simply raise prices. However, this is not foolproof and assumes you'll be able to maintain the volume of sales you've achieved in the past. This method is also limited by market demand, what your customers are willing to pay.
Add new customers
Adding new customers is what most entrepreneurs think about when raising revenue. Increasing your marketing or adding new marketing methods is typically the way to add new customers. Another related option is to work hard to keep the customers you already have. You can also potentially contact the customers you lost and ask them to come back.
Introduce new products or services
For some companies, your products and services are changing every year. For others, not so much. To increase revenue, consider adding new products or services that will bring in an additional revenue stream that you didn't have before. Even if your products are changing every year, you can consider adding something completely different that your customer base would love. For example, a hair salon could add a nail desk, a clothing store could add handbags or shoes, a grocery store could add a coffee bar, a restaurant could add catering, a landscaper could add hardscaping, and so on.
The final way a business can increase revenue is to acquire another business in a merger or acquisition.
Four Ways to Reduce Expenses
Negotiate for a better deal with vendors
If you've been working with a vendor for a while, you may be able to re-negotiate your contract with them. This is especially common with telecom companies. Call you phone provider and ask them for the latest deal. They always favor new customers over long term customers, but they don't want to lose customers either. Just calling them usually yields a better price than what you are paying now.
If a vendor has gotten too expensive, it might be time to look for a new vendor. Health care insurance seems to be in this category. Often, changing providers will lower your costs.
If there is not enough work to support your employees or not enough cash flow to pay them, then it might be time for a layoff or restructuring. You might also consider outsourcing a function that you previously did in-house.
Reduce / rationalize expenses or services
It might be your business no longer needs to spend money on an expense. Perhaps this expense has been automated. In this case, it's an easy decision to cut the expense out entirely.
Those are some of the ways to increase profits. Which one makes the most sense in your business? Create a plan around these eight ideas to boost your profit this year, and let us know if we can help. For results you can count on, contact us at 1 844 577 7654 or at firstname.lastname@example.org We hope you find all of this useful and, as always, please keep your feedback and suggestions coming.
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