Newsletter — Aug 2024 Edition

Tax Tips, Business Advice, Book Notes and more! 🤓

August 28, 2024

In partnership with

Welcome!

Welcome to the August 2024 edition of the ThinkTalk Newsletter, presented by Think Accounting! We hope you have been having a quiet and enjoyable summer, just like us.

In this edition, we bring you the latest trends in the accounting world, insightful articles, inspirational quotes, and resources to keep you ahead in your financial game.

FROM THE THINK TEAM

🛒 8 Metrics Every E-Commerce Founder Must Track 📈

Discover the eight essential e-commerce metrics every founder should track. Learn how these KPIs can help you manage your business better.

🧮 Is Contribution Margin Your Most Important Business Metric? 📋

This metric is crucial for pricing decisions, product mix optimization, and break-even analysis. By improving your contribution margin, you can increase your overall profitability and financial health.

🔌 iZEV Rebate: Electric Vehicle Incentives For Canadians 🚗

Whether you’re an individual or a business, you can save thousands on your new zero-emission vehicle purchase through iZEV Rebate or Enhanced Class 54 CCA.

🧾 Canada’s Digital Services Tax (DST): Online Business Costs To Go Up 💸

The government of Canada recently put out a new tax, called Digital Services Tax (DST), which is trickling down to small businesses and increasing the costs of running an online business.

INSPIRATION
Quote of the Month

"80% done by someone else is a 100% awesome."

— Dan Martell

This quote reminds us of the importance of delegation. When delegating, don’t aim for perfection. Instead, start small and aim for improvement over time.

ARTICLES
Top 3 Picks From Around The Web

Parents won’t be able to contribute to RESPs opened by the government for their children through the autoenrollment scheme passed into law earlier this year. Parents will, however, be able to take over the accounts and begin contributing.

Julia Chung of Spring Planning and Lucy Main of WeirFoulds share with Steadyhand Investments how to transition wealth in Canada

Xero launched its new inventory management software, Xero Inventory Plus, in August that helps small businesses track and manage inventory across multiple locations and sales channels and integrates with Amazon’s FBA program.

KNOWLEDGE
Wisdom & Book Notes

“Essentialism” by Greg McKeown

This month, we dive into "Essentialism" by Greg McKeown, a helpful guide to achieving more by doing less. The book challenges the notion that we can have it all and instead advocates for a disciplined pursuit of less, but better.

Key Takeaways

  • The Essentialist Mindset: Adopt a mindset that distinguishes the vital few from the trivial many. By focusing on what truly matters, you can make your highest contribution to your work and personal life.

  • Eliminate the Nonessential: Learn to say "no" to good opportunities in favor of great ones. This deliberate curation of commitments allows you to channel your time and energy into activities that yield the most significant results.

Thank you for reading. See you in the next edition!

By Think Team 🙏

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