Grow Your Business

6 Steps to Create Your Company’s Financial Plan

Mastering your finances is one of the essential tasks of any entrepreneur. Yet many business owners overlook basic aspects of financial management that can give them greater control over their business and greater peace of mind.  Indeed, to have financial plan is a necessary step towards avoiding business failure Early Warning System The financial plan differs from the financial statements in that they show what has happened, while the plan is a set of projections of revenues and expenditures for the coming months. These projections will serve as an early warning system and help you predict cash decreases, your financing…

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5 Ways Digital Signage Can Benefit Your Small Business

In the current digital era, we have screens everywhere and people have a passionate love affair with all things digital. Shopping habits are changing and consumers are becoming more technology oriented than ever. Digital signage is now a trusted source of information used by consumers in choosing what to buy and where to shop. It offers new invigorating ways to display content and more businesses are utilizing the screens to showcase their products and grow their businesses. In addition, digital videos are modern and more versatile than traditional printed signage. But, it is not just for the business big-shots; smart…

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Effective Steps to Separating Your Business and Personal Finances

What I found common, in my interactions with a good number of entrepreneurs is that they find it difficult to separate their business finances from their personal finances. More often than not the entrepreneur uses proceeds from his business to finance family-related needs.  This practice is a major reason why businesses fail. It is important that entrepreneurs understand the difference between personal finance and business finance.  Personal finance deals with the management of an individual’s cash flow – how you earn income, how you spend what you earn, how you invest and how you manage your risk over time.   Simply…

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Essential Tax Matters Every Business Owner Must Know to Avoid the Tax man Troubles

[contact-form][contact-field label=”Name” type=”name” required=”true” /][contact-field label=”Email” type=”email” required=”true” /][contact-field label=”Website” type=”url” /][contact-field label=”Message” type=”textarea” /][/contact-form] Tax! Let’s talk about it. A good number of small and medium business operators do not understand tax matters and how these affect their businesses, hence the high level of noncompliance. A certain study showed that over 80 percent of small businesses in Nigeria don’t pay taxes.  Some only realize the need to pay tax when their business premises are sealed up by the tax officials, face prosecution or are unable to bid for contracts because they do not have tax clearance certificates. It need…

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Business Failure: 10 Things An Entrepreneur Must Do To Avoid It

No entrepreneur wishes to start a business that will fail.  But the incidence of business failure is a reality.  According to statistics 8 out of 10 new businesses fail within their first eighteen months while only about 30% of them survive their 10th anniversary. Economic challenges and bad government policies are some of the excuses an average entrepreneur will give to rationalize a business failure.  It is okay to blame the environment but the truth is that many businesses fail not because of external environmental factors.  A business will fail if the entrepreneur did not put processes in place that…

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8 Effective Ways to Raise Capital for Your New Business

There are effective ways to raise capital for your new business that you don’t know about. You are not alone! Getting the needed funds to get his ideas off the ground is every aspiring entrepreneur’s nightmare – well may be not all.  If you happen to be a beneficiary of a large inheritance, you probably will not have any difficulty raising capital for your new business.  For majority of others, however, finding the initial money to finance their business ideas is not as easy as having the idea in the first place. If you plan to get people to put…

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Steps to Register A Business In Nigeria

Post updated April, 2019 EASY STEPS TO REGISTER A BUSINESS IN NIGERIA Whatever be its nature, to get your business registered is one of the very important steps you must take to bring your business idea to reality.  Some people would have commenced trading before registering their businesses but it is advised that you do this at the preliminary stages of your business planning process. This post Easy Steps to Register A Business in Nigeria highlights the advantages you derive from registering your business and how entrepreneurs can register their business in Nigeria. Benefits of Business Registration Generally, business registration…

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Free Accounting Software – 20 Best for Your Business Records

Proper book keeping helps you to track the progress of your business, measure performance, and take informed decisions.  It is a fundamental tool of strategic planning and most importantly, it helps you meet the requirement of the law.  As a matter of fact any entrepreneur who wants to avoid business failure must keep proper accounting records. Fortunately there are free accounting software packages that help you keep proper records without much hassle. In the following paragraphs, I highlight  20 free accounting tools you can start using right away to manage your business finances.  Lack of financial statements will no longer…

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How to Access Intervention Funds to Grow Your Businss

Did you know that there are intervention funds set up by the government to help SME’s finance there businesses? Why am I discussing it in this post? Available data shows that 8 out of 10 new small businesses do not survive beyond the first 18 months after they started.  That is a staggering 80% mortality rate.  Many reasons have been adduced for this parlous state of affairs.  However, research shows that money is a major challenge.  Many entrepreneurs are confronted with finance problems early in the life of their businesses. But truly, getting money to finance your business need not be…

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6 Reasons Your Bank Would Not Give You That Business Loan

Have you ever tried to get a business loan from your bank?  What was your experience like?  Most small business owners I ask these questions give depressing answers: frustrating, nightmarish, not very palatable. Their frustration usually begins from the complex application process to the stringent conditions the banks would require them to meet.  Their conclusion always come to this: banks do not lend to small business owners. I will rather say that banks are reluctant to lend to small businesses. You will soon get to know why. The major business of a bank is to get money from people who…

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