As a firm, it is vital to know that implementing your chosen strategies means that you would carry on business. In doing so, you will experience money and other financial resources “coming in” and “going out”. These are generally what are termed revenues and expenses. In this article, I share with you more about revenue and expenses. I start by…
In preparing for a new year and in some cases in the early part of each new year, business owners make a list of important considerations for their businesses. One of the things that features in most of such lists is the need to get a working budget for the year. Such a move by business owners is due to…
There are two ways that a business can account for its transactions: manually through the use of notebooks/exercise books or electronically through the use of accounting software. Each of these has its merits and demerits. However, the benefits the use of accounting software comes with is invaluable and far surpasses the manual approach. In this piece, I take you through…
Effective financial record-keeping is essential for business survival and growth. It entails planning, organizing, controlling and monitoring your financial data to achieve the ultimate business objective. Most small and medium business owners often neglect to follow through religiously, this sometimes may be due to either not having full knowledge of keeping appropriate records or having a hard time doing so.…
Continuous availability of financial resources, especially cash is key to the survival of every business, including yours. George S. Clason, in his book, “The Richest Man In Babylon” notes that money is plentiful for those who understand the simple laws that govern its acquisition. One such law is what I call the law of safe investment. As a business, you…
Doing business is never without decision making. Sometimes it becomes necessary to take one decision or another to improve results. Such decisions may bother on laying off of staff or retaining them, buying an asset or leasing, outsourcing a service or setting up an in-house unit to provide such service, to mention but a few. It is crucial to mention…
Why Profitability Is Key to Assessing Your Business Growth Every emerging organisation be it small, medium or large has certain inherent reasons for its conception. The nature and characteristics can further explain the type of business in question, as to whether or not the business is profit making, nonprofit or a charitable organisation. In this article our focus will be…
For all organizations be it multinationals, small and medium-sized enterprises, or not-for-profits, money is needed in order to be sustainable, and achieve their vision and objectives. Business owners are looking out for dividends and capital appreciation hence, the need to declare more profits. Profits are good and much preferable to losses however, it drives most business operators or managers into…
There are many things every business, including small businesses need for growth and survival. One of such is financial support. Money is needed to pay workers, purchase materials for work, and settle financial obligations, among others. However, one of the challenges business owners have battled with for long has to do with getting funding. In this article, I provide a…