Fake It Till You Make It?: July 8th, 2022
Hello All,
I’m generally not a huge fan of aphorisms (happy wife, happy life is one that irrationally annoys me). Recently, however, a colleague advised me to “fake it until I make it” in response to my own doubts about a situation and it resonated with me.
When you embark on a new venture, you usually have a goal and an idea of how you will achieve it, but are often afflicted with doubt and uncertainty as you navigate your way through the process. Many of us feel the weight of “imposter syndrome” where , despite being accomplished, experienced and competent, you still doubt your abilities and perhaps whether you deserve success. While this has become a popular buzz phrase in recent years, it captures something that is quite pervasive.
Faking it until you make it simply means that by adopting a positive mindset you can actually start to believe that you have these qualities and are worthy of your achievements. Of course, it also means pretending to be something that you’re not, which is at odds with all the advice that tells us to be true to ourselves.
So when is it ok to “fake it” ? The answer, in my opinion, is when you lack confidence in certain situations or when you are you trying to put forth a better version of yourself. Instead of feeling beleaguered, it can be very helpful to visualize how you would you like to come across in the situation eg. confident, knowledgeable, experienced (all of which is true but there is that inner sabotaging voice that wants you to think that you are not) and “act” as if you are that person.
Another situation where faking it is useful is in the face of setbacks. And whereas there are times where it is useful to express the anger or sadness that you might be feeling, often it is better to be stoic and put on a calm front. This can take tremendous strength, but if you are able to do it, you might actually feel better rather than feeling regret for an unwarranted or excessive response.
It is not usually ok to fake it (i.e. outright lie) about competencies that you might have or make promises that you can’t keep as this is counterproductive and usually just results in a loss of trust and can damage relationships.
So, while this isn’t necessary life advice for all situations (there are other certainly times when unfettered honesty can be deeply beneficial), there are situations when it can be useful to act a part over time as this can allow you to get to the point where you actually believe it to be true.
There are a number of subsidies, loans, programs, resources, and mentorships that are available to Canadian businesses, three of which are reviewed in my post. A comprehensive list of these programs can also be found at this link from the government of Canada
Blog Post
3 Government Wage Subsidy Programs for Startups and Small Businesses
Budget limitations and inexperience can make hiring new employees a difficult decision for small business owners. Luckily, If you are a startup or a small business in Canada, there are numerous progra
Small Business Articles/Tips
Canada Post Contest for SMBs If you are a small business who has done “good” by supporting others or their communities, invested in marketing to grow their businesses, or have experienced significant growth in the past 2 years, you might be eligible for the “tales of triumph” contest from Canada post. Definitely worth checking out.
Tax News:
Credit card class action suit: Small businesses that have been accepting Mastercard and/or Visa credit cards as payment for the last two decades could receive a portion of a recent multimillion-dollar class action settlement with Visa and Mastercard. The max amount of the claim is $600 and depends on the size of the business and their annual revenues.
SRED Tax Credits: Further to my blog post, those of you planning to apply for the SRED tax credit can find further information from CRA on criteria and the application process.
QuickBooks Tip - Reflecting Subsidies and Grants
Normally grants and/or subsidies are taxable to your business or corporation. To reflect them in QuickBooks or your accounting software it is useful to set up a new account either in the income or other income categories. The account can be the specific name of the grant received or, if you receive more than one grant a year, you can simply name it subsidies/grants. This is useful for tracking the amounts received.
The other option, when receiving a grant for a specific purpose, such as those who received CEWS which is specifically for payroll, is to create the account as a sub account of your salaries/payroll expense. The net result is that instead of adding to your income, it reduces your expenses.
Books and Resources
Small Business Tax Facts(Sole Proprietorships/Registered Businesses/Self Employed Workers)
This book helps you have a better understanding of tax (brackets, tax rates, deductions etc), how it applies to your unincorporated small businesses and how to do your own tax return (or at least understand what your accountant does). It also includes a comprehensive breakdown of deductible expenses, by category with special sections on more complex deductions such as home office, vehicle and capital cost allowance.
FastStart Your Corporation(Corporations)
A step by step guide to starting your small business corporation, including what you need to know about incorporation, setting up your accounting and tax considerations.
QuickStart your QuickBooks(Sole Proprietorships and Corporations)
A comprehensive guide that takes you through the many features of QBO and gives you step by step instructions on how to setup and work with QBO day to day. It is ideal for beginners who have never used QBO before and also for those who are currently using it, but have questions or need guidance.
FastStart Your Business (Sole Proprietorships)
A step by step guide for anyone who is planning to start a Canadian business or become self employed (and does not want to incorporate) and wants to know what they need to do or simply has questions.
Small Business and Your Dividends (Corporations)
For incorporated small business owners who want to know more about small business dividends, the differences between salary vs dividends and which is better and step by step instructions on how to file your own dividend declarations (T5s).
Use discount code “special” to save 20% on any (or all) book(s) when you purchase from the website.
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If you prefer a print version, all books are also available at Amazon . Note that print versions purchased on Amazon include a complimentary PDF - you just need to email me and include proof of purchase.
Free Resources
Business 2022 Tax Deadline Calendar
Starting A Corporation Checklist
Start Your Business Checklist
Dividend Declarations Checklist
Small Business Tax Return Checklist
QBO Set Up Checklist.
Small Business Calculators
Previous newsletters.
Consultations
I also provide consultation services where I can answer your specific questions relating to your small business and/or finances, provide clarity and give you guidance. Additional details can be found here and here.
Note that I no longer provide ongoing accounting or tax preparation services.
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Hope everyone is enjoying the summer and has a fun-filled weekend!
Ronika