Business

How High Net Worth Entrepreneurs Protect Their Business and Personal Wealth

Published

5 years ago

July 3, 2020

They say your health is your wealth and that proves to be very true but your wealth is your wealth also, and as a high-earning small business owner, you need to do everything you can to protect it. According to a recent report, it was revealed that small business owners have a lot of their business’ net worth connected to their business… In doing that, it’s detrimental that you take every necessary step to protect your business and your personal wealth but according to the report, there aren’t too many business owners taking those necessary steps to protect either.

As a small business owner, the very first step you can take in protecting your business is, at least, investing in business insurance for protection against potential business threats… this is especially important if you’re in the business of providing a service or giving advice. If so, you’re going to need a business insurance policy that protects against negligence as well as any other potential damages. Obtaining business insurance is the first and foremost part of protecting your business.

Just look at 24-year-old millionaire entrepreneur Abdelkader Bachr… He shares advice on how to become a top digital marketer, but do you think he’s sharing his knowledge without being protected by an air-tight business insurance policy? Absolutely not. You can best believe he’s done everything in his power to protect all of his wealth and assets.

There are, of course, other ways to protect your business and personal wealth but running a business is very tedious and time-consuming, which could mean that you simply forgot to call that lawyer back… you’re not intentionally neglecting your wealth but as you notice your business starting to quickly grow, that should be a huge sign for you to “up the ante” on making sure your business and personal wealth are protected.

Do you know how many small businesses have been victims of fraud? Millions. According to the FTC, over 1.4 million fraud reports were collected last year and in 2018, of all the small businesses that reported fraud, they lost $1.48 billion.

The fact that you’re a high-earning small business owner means that the last thing you need or want to be worrying about is fraud and how thieves can get you for all you’ve got… the only thing you need to be worrying about is how to make your vacation as luxurious as possible!

In knowing those stats, doesn’t that make you want to go back and take a more detailed glance at how well you’re protecting your business and personal wealth? If you need a few pointers on how to give yourself some peace of mind over the protection of your business and personal wealth, take a look at some of these actionable moves.

Establish Business Credit

For so long all you hear is how credit is bad and it just puts people in more and more debt… that may be partially true but even in that statement, it’s all about how you use credit. If you’re an irresponsible borrower, then yes, it will only drown you further and further into debt. But from a business perspective, credit can be one of the best things you can do for your business.

Because we’ve been told for so many years to “use cash if you have it” without realizing the beauty in credit. Not utilizing business credit cards and loans to grow your business are one of the biggest mistakes a small business owner can do, actually. And you don’t want to just use it in the beginning stages either… you want to use all throughout the growth and expansion of your business.

There are so many small business owners who are going into debt personally from using personal assets and being reliant on their own personal credit health to support their business. By establishing business credit, it’s going to safely separate your personal credit history from your business credit history, and that’s what’s going to keep your personal assets safe… you want to always keep personal and business transactions separate as much as possible.

Look at Outside Investment Opportunities

As a small business owner, your business is your baby (so to say) and you’ve invested a sizable amount of money into it and plan on continuing to invest in it… Well, that’s perfectly fine but have you ever considered investing outside of your business?

Think of it like this… if you told your financial advisor that you wanted to invest all of your assets into a single stock, they would highly advise you not to do that because you’d be putting your entire personal wealth at risk of being lost. By only investing in your business, you’re doing the same exact thing to your personal wealth as well.

To keep your personal wealth safe, you first want to get with a financial advisor to discuss the investment options you have and which ones would be a better fit for you. Things like stocks, real estate, and structured notes are all great investment opportunities. To take your protection even further, you can invest a sizable percentage into disability and life insurance to protect your family from any type of financial hardships in the event that you’re not able to work for an unplanned extended amount of time.

Ensure Financial Security With a Buy-Sell Agreement

This is the part of business that most business owners don’t want to think about. It’s actually one of the most important protection plans you can have for your business, your family, and yourself. In the event that you die or become permanently disabled, have you thought of who will run the business next and where the money will go?

You may not have thought that far ahead but a buy-sell agreement is something that’s better to go on and get set up while you’re able to do it. This type of agreement will not only provide protection to your business and personal wealth but it will also give you peace of mind in knowing that your business and family will be financially taken care of in your incapacitation or death.

Business

Why Multi-Province Payroll Compliance Is the Hidden Challenge Canadian SMBs Face and How Folks Solves It

Published

2 days ago

November 6, 2025

Matthew Wiles

Photo courtesy of: Folks

Byline: Shem Albert

Running payroll in Canada can feel like crossing a country stitched from many different fabrics. Each province weaves its own pattern of tax rules, leave policies, and benefit requirements, creating a landscape where a single misstep can ripple through every paycheck. For small and mid-sized businesses, the challenge often remains hidden until growth pushes hiring beyond provincial borders or brings remote workers into the fold. What seems like a routine back-office task quickly becomes a test of accuracy, timing, and local knowledge. This is the gap that Folks set out to close, offering a way for employers to navigate Canada’s regulatory patchwork without slowing their momentum.

Provincial Rules Add Complexity

Canada’s payroll environment varies sharply by province. Federal rules set the foundation, but provincial tax rates, deductions, statutory leave entitlements, and benefit premiums add layers of complexity that employers must monitor carefully. Small and mid-sized businesses with staff across provinces or remote employees face different tax tables, reporting deadlines, and leave calculations that directly affect pay accuracy and remittance schedules.

Folks built its payroll module to address these differences. The platform calculates the correct provincial tax rates and deductions for each employee, applying updates automatically so employers avoid misapplied withholdings or late filings. Multi-location tax management allows a company with workers in Ontario, Quebec, or several other provinces to process payroll without creating separate accounts for each jurisdiction. Bilingual functionality in English and French and secure Canadian data hosting support compliance while keeping employee records accessible across language and regional boundaries.

Unified Records Improve Accuracy

Payroll errors often stem from mismatched employee data. Changes in pay rates, banking details, or benefits eligibility may not align between HR and finance systems, creating incorrect deductions or delayed payments. Smaller teams juggling separate platforms spend valuable hours reconciling information instead of focusing on strategic work.

Folks resolves these issues by combining HR and payroll in one platform. Updates to wages, hours, or tax information entered on the HR side flow directly into payroll without re-entry. This single, verified record strengthens the accuracy of every payroll run and ensures employees receive the correct pay and deductions. By removing the need for repetitive administrative work, HR staff can redirect their time to tasks that support growth and employee engagement.

Automation Keeps Provinces in Step

Each province sets its own requirements for holiday pay, pay frequency, and statutory benefits, making manual calculations both time-consuming and error-prone. Businesses that expand or hire remote employees must keep pace with shifting provincial regulations or risk penalties and audit issues.

Folks address these demands with automation designed for Canada’s regulatory landscape. Pay statements, deduction calculations, and custom pay schedules follow the applicable provincial rules without extra configuration. The system’s automated updates mean that a company hiring staff in British Columbia or Quebec can meet local payroll standards without adding new layers of setup or monitoring. Employers gain the ability to expand into new regions while maintaining accurate, on-time pay.

Reporting Strengthens Compliance

Changing tax rates and reporting requirements require ongoing attention from HR and finance teams. Companies that rely on disconnected systems risk missing a provincial update or submitting incorrect remittances, which can lead to fines and interest charges.

Folks provides detailed reporting tools that compile payroll, deductions, and benefits information across all locations. Employers can generate clear remittance and deduction summaries, simplifying the process of meeting provincial filing requirements. For organizations that want additional guidance, Folks also offers a payroll management service that brings in-house specialists to assist with configuration, compliance, and regular updates. These reporting features help companies stay audit-ready and avoid costly compliance gaps.

Scalable Payroll for Expanding Businesses

Many small businesses begin in a single province, where local tax and payroll demands can be learned over time. Growth into new provinces or the decision to hire remote staff adds a level of complexity that manual processes cannot handle efficiently. Errors multiply, compliance risks rise, and payroll teams spend more time correcting mistakes than supporting expansion plans.

Folks provides payroll that scales with company growth. Provincial tax logic, automated deductions, bilingual support, and secure Canadian data storage are built directly into the platform. By maintaining an accurate employee record and applying province-specific rules automatically, the system allows Canadian SMBs to expand with fewer administrative surprises and more predictable payroll operations. Companies gain the stability of compliant payroll across provinces while controlling the time and costs that typically accompany multi-jurisdiction growth.