5 Tips to help business owners better manage financial risk
Mitigating risk and preparing for the unexpected is something business owners should understand and plan for.
Don’t be a victim of Africa’s growing cybercrime
Cybercrime is a major challenge in Africa. So, if you use cloud computing, or just email and a website, have cybersecurity in your business plan.
5 Accounting mistakes that kill SME growth
To help ensure you maximise your profitability and business compliance, here’s a list of five common accounting mistakes business owners make.
What’s your debt collection battle plan?
It’s not enough for your business to only generate sales. Collecting payment for the products and services you’ve supplied is equally important.
What does procrastination cost you?
No doubt you’re well aware of the obvious ways procrastination impacts your life – late for a meeting (again), the fully-booked house you wanted to reserve for the holidays, or the apologetic call to a client for not delivering a project on time. But do you realise that you’re paying an even bigger price in lost opportunities and bottom-line financial costs?
3 Simple financial ratios that measure business performance
If all you’re doing is keeping track of your transactions, you could be missing key information about your businesses’ financial health. To measure your success and plan for the unexpected, take some time to consider these financial ratios next time you review your financial statements. Management thinker Peter Drucker is quoted as saying that “you […]
Bad debt: how SARS views it
Every business owner’s dreaded scenario. You’ve done the work, the quality’s great, the product’s excellent, your workmanship exceeds expectations, but your client isn’t paying. You’ve exhausted every avenue for finding a way for the account to be paid and now you’re faced with writing off the debt. What are the tax implications for your business? […]
Running your business with your head in the clouds?
Running your business with your head in the clouds has two vastly different meanings. You’re either running around absentmindedly, using impractical systems or (our preferred option) your head’s in the clouds when it comes to your company’s financial management. In which case, you’ve already adopted cloud-based accounting.
Has your accountant left you in the lurch?
Fraud: the f-bomb you never want to hear connected to your accountant. But sadly, it happens. You’ve been with your accountant for years. You’ve built a relationship and he (or, indeed, she) knows your business and your dreams for success. He’s been there to celebrate the profits and refocus when there were losses. But the […]
Are you using your business as a vehicle to create personal wealth?
The most common way to accumulate wealth is by making good money choices and recognising bad ones quickly, setting financial goals, being financially disciplined, and managing your finances well. Importantly, you need to develop habits that ensure you’re able to accumulate assets and generate more money, year after year. Being an entrepreneur often means that […]