I have seen lots of businesses who make the mistake of focusing on increasing their sales but showing no urgency in collecting their money from customers (debtors). Remember you are in the business of supplying whatever it is you supply and not in the business of lending your money to finance your debtors’ businesses. The…
Month: March 2018
Is it worth paying Goodwill?
There are two ways of owning a business. You either start it from scratch or buy an existing business and continue running it or even better, improving it. When you buy an existing business; over and above the value of the assets, the seller is likely to ask for a Goodwill amount for the non…
Get your business structure right
There is no such thing as “one business structure fits all or even similar businesses’ and getting the business structure wrong can cost you in the long run. Don’t simply register a company and think that it is the best structure for you because everyone else is using it and you are in a hurry…
What got you to good won’t get you to great…
It’s not that hard for business owners to make a decent living out of their business or for employees to reach a salary level that they are comfortable with. For business owners – we have an idea, we do a bit of research, start a business, start getting clients, service them reasonably well and the…
7 things business owners are getting caught out on
Being a business owner may be rewarding but owning a business comes with the responsibility of making sure that the business complies with various obligations. Below are the 7 things business’ are getting caught out on: Minimum wages. The current minimum wage is $694.90 per week ($18.29 per hour) and paying employees below that either intentionally or unintentionally can…
Don’t try to be the best…
There are people and businesses out there who are claiming to be the best at doing one thing or another and there are also those that are trying to get there but my advice to both the groups is to stop trying to be the best in the world and just try to be the…
Increase your bank balance by not focusing on your costs
CLIENT QUESTION: I want to increase my bank balance (profits). How can I cut down my costs (expenses)? OUR ANSWER: There are lots of people out there who think that the only way we can increase profits in a business or bank balances (if you are an individual) is by cutting down the expenses we…