The Importance of a Business Budget

business-budgetDo you know how much revenue your business takes in and how much your expenses come to in an average month? If you’re like many entrepreneurs, you may think you are too busy with the actual running of the business to worry about figures like these, but you could be missing out on a powerful management tool. In this article we introduce the concept of a business budget and explain how you can start to set one up. Continue reading

Understanding your accounts

tracking-accountsIf the thought of financial statements, trial balances, or audits is enough to make your head spin, you’re not alone – most entrepreneurs admit that accounting is either too complicated to understand or too boring to pay attention to.

Whether you’re confused by accounts or just don’t have time to spend on keeping track of payments and purchases, it’s still vitally important to keep an eye on your company’s books. Even the most dynamic entrepreneur may run into trouble if a cash flow problem develops in their business, or if a dishonest employee is doing financial damage to the business without the owner’s knowledge. Continue reading

Working With a Business Partner

business-partnerThere comes a time when many entrepreneurs decide to take on a partner in their business. Another head and pair of hands is always welcome in any business, especially if the person brings much-needed capital and experience to your business, but what should you consider before you get into partnership with someone else? Here are a few guidelines written with entrepreneurs in mind. Continue reading

Why You Should Visit Your Financial Planner Regularly

financial-plannerFinancial planners are professionals, who specialise in helping people to build their net worth, yet many clients seem to avoid consulting their financial planners on a regular basis – there is no reason for this to happen.

Your financial planner has one main professional goal – to help you build your business and create wealth for you and your family. During consultations, you’ll be asked to provide honest and accurate information about your income and spending habits, as well as the investments you’ve chosen to put money into. These questions are not an invasion of privacy, as some clients seem to think, but are necessary in order for your financial advisor to help you – the same thing can be said about a patient who is asked to report their symptoms accurately to a doctor. The more information you give your financial planner, the better their advice will be. Continue reading

Why Accounts should be correctly set Up

financial-business-accountsOne area where many entrepreneurs struggle at first is the accounting side of the business – with all the time and energy that is needed to grow a small business, many entrepreneurs just don’t have time to keep their books in order.

If you’re running a business without properly set up accounts, you may be sliding gradually into the tax man’s bad books. Even if your company falls below the tax threshold, your books may be audited at a later stage by SARS when you do start to pay tax. Continue reading

The Importance of Having a Strategy

strategy-financeStarting and running a business without a strategy is a bit like wondering through the wilderness without a map – you’ll spend all day doing it but probably won’t get very far.

The importance of having a strategy can mean the difference between success and failure – here are the basics of business strategy along with a few tips for implementing them in your own company. Continue reading

Cash Flow

cash flowMost entrepreneurs hear a lot about cash flow from their bankers, financial advisors, and accountants, but how many of us really understand what this term means? More importantly, many business owners don’t recognise the importance of healthy cash flow in their businesses, leading to financial problems and even failure. Let’s unpack the concept of cash flow and see how vital it is to the success of any business. Continue reading

Cutting Marketing Costs – The Power of Social Media

social-media for businessWith the economy lagging and many businesses looking for ways to cut costs, the marketing budget is often one of the first to be cut. Cutting costs is often necessary to ensure the survival of a business in tough times, but at the same time it’s important to market your goods and services – finding a balance between the cost and benefit of marketing is essential, and social media are excellent tools in achieving this.

The very real marketing power of social media

Since the launch of Facebook almost 10 years ago, social media have become a buzz word in the marketing industry. Today there are several social media platforms including twitter, LinkedIn, blogs, and many more, that will allow you to reach your target market without paying the high costs that are involved when you use traditional media like TV, print, and radio ads in your marketing strategy. Continue reading