Economic Uncertainty? Here's What Business Owners Must Do
Eric Sonego shares how to manage risk, protect your cash, and avoid CRA trouble in this episode of East Trade Winds.
Hosts Bernie Franzgrote, Wayne Pratt and Percy Barr
The rules have changed since COVID.
Customers pay slower, suppliers shift, and CRA is watching closer than ever.
In this East Trade Winds episode, Eric Sonego of CAPROS shows business owners how to keep cash flowing and stress down—no matter what the market does.
Takeaway 1 – Late payments mean bigger problems
When a client who normally pays on time starts delaying, it’s a red flag. Eric explains why those changes often point to deeper struggles—and why you need to respond fast.
Takeaway 2 – CRA sees your numbers—do you?
Most owners don’t realize Revenue Canada compares their expenses to national benchmarks. If you’re out of range (like meals or gas), expect a letter. Use that same data to stay ahead.
Takeaway 3 – Plans don’t work if you don’t use them
Eric sees it all the time—owners create a business plan for the bank, then never open it again. A working plan should guide weekly choices, not collect dust.
PRACTICAL STEPS
- Pull a list of your current accounts receivable and flag anyone trending late
- Use Industry Canada data to compare your cost structure
- Reopen your business plan and check: Are you on track? Is it still relevant?
ABOUT THE GUEST
Eric Sonego is a senior consultant at CAPROS.
He works with small businesses across Canada to help them reduce risk, improve cash flow, and handle audits without fear.
Eric’s approach is rooted in experience—because he’s seen what happens when businesses ignore the warning signs.
LISTEN ON AUDIO
Listen to the East Trade Winds podcast:
https://easttradewinds.simplecast.com/episodes/s3e021
More episodes:
https://easttradewinds.simplecast.com
🎧 Listen to the full episode: https://youtu.be/hZkRvykLGNA
💬 Leave a comment on LinkedIn and tell us how you're handling late payments
🎙️ More business stories at: https://knack-4-business.simplecast.com/
🌱 Ask about joining the Canada Growth Network – for $47/month, get access to tools and peer strategy
FAQ FOR SEO
What should business owners do when clients start paying late?
Follow up fast. Ask questions. Use credit terms wisely and don’t wait to act.
How can I avoid CRA audit triggers?
Compare your expenses to industry averages and document unusual spending.
Why should I keep updating my business plan?
A plan that doesn’t change becomes useless. Keep it active and compare it to real numbers.
