A budget is very essential in ensuring that your finances and expenditures are well planned and visible. This provides a clear perspective of the business finances and what needs to be focused on. A business budget is an overview of your business’ finances. Your business budget helps you see if and where you need to…
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Navigating the Sometimes Murky Waters of Personal Relationships & Business Partnerships
The bottom line is: know your values, be transparent, be clear on expectations and document them. Entrepreneurs generally face uncertainties while establishing partnerships required to drive robust investments and resilient businesses, particularly when it comes to friends and family. As such, they justifiably harbour fears on the possibility of failed partnerships and loss of their…
Financial Literacy For Businesses
As a business owner, financial literacy is essential for successfully running your company. This is the understanding and successful demonstration of knowledge on financial terminologies, concepts, tactics, and skills such as budgeting, taxing, borrowing, investing, and so on within your business. The absence of all these is referred to as financial illiteracy. Financial literacy for…
Should I Guarantee that Loan?
You should be a guarantor when it is absolutely necessary and the borrower is trustworthy. “Do not do that!” Guarantor B responded when asked to honor the obligation of a company he guaranteed. “Your business is with company C and not with me”. He was then reminded by the loan company that he endorsed the loan agreement…
Must-Have Tools for Business Owners
Running or starting a small business is not an easy task. As an entrepreneur, you should be able to embrace tools and approaches that will help you execute your tasks easier to ensure you meet set goals efficiently. There are various apps and software available to help execute and make your job easier. For this…
Default Charges / Penalty Fees
In taking a personal or business loan, you have to be responsible with repaying it and when due. Failure to pay your due obligation to your lender or financial institution results in default and a fee is charged. This is usually stated in your loan agreement with your lender; and by executing the contract, you…
Financial Health Checklist
Managing your business’s finances is a necessary part of running a business, as well as staying on top of the state of its financial affairs. Here is a checklist that would help you in managing the financial health of your business efficiently. 1. Set a Savings Goal The earlier you plan for your financial future,…
Smart Financial Moves for Businesses
Financial independence and profit gain are things that businesses should aim to achieve. You should set up your small business for success by making smart financial moves to achieve your goals. Here are some smart financial moves to make for your business. Borrow Wisely A small business loan is a very valuable resource to grow…
How to Build Your Credit Score (What to Do If You Have Bad Credit)
Your credit score is your financial reputation. Your credit score should be kept intact to protect your financial reputation. Having a good credit score/history is very important because a poor credit score/history is one of the reasons SMEs are denied loans. A business or business owner with a bad credit is considered a risky borrower,…
Validating Your Business Idea
Validating Your Business Idea Most people have a business idea or a solution to a problem which can help their target market live better. However, not all ideas are feasible. As an entrepreneur, if you are going to be investing your time, money and energy executing an idea, you have to be sure that it…