Book Keeping and Accounting help small businesses to determine the financial position and accurate assessment of their financial performances. Book keeping must not be handled with levity in business. Whether you are comfortable with numbers or not, you must have the basic understanding of the financial aspects of your business. You have to know accounting. It’s the language of practical business life, said Charlie Munger. You may say that I am biased towards accounting because of my profession as an accountant. Yes, this may contribute to it. But the question I want to ask is that, have you ever seen any Continue ReadingImportance of Book Keeping to Small Businesses
Information Technology is not an option in small business; it is a must. I can say that one of the best things that have happened in this generation is the advent of Information Technology. Information Technology has made a lot of things easy for us. Some things which ordinarily would have taken years to accomplish can now be done within few hours. If you are in business, Information Technology is not an option; it has to be embraced. Nowadays, I don’t think of any business that can survive without the use of Information Technology but the degree of usage may Continue ReadingThe Relevance of Information Technology in Small Business
A guide on how to register a business in India. When it comes to register a business in India, a lot of people complain of hurdles to be crossed. Instead of complaining of hurdles, what you need to do is to get relevant information about what it takes to register your business in India. Like any other countries, there are rules, regulations and procedures that need to be followed. For anybody that wants to register a private limited liability company, below are the steps you need to follow: Obtain Director Identification Number (DIN). This application form (DIN-1) can be completed online from Continue ReadingHow to Register a Business in India
How Do You Price Your Product To Ensure Profitability? Pricing is one of the important decisions you have to make about your business. For you to be able to run your business profitably, you should know how to price your product or service appropriately. The pricing decision is so vital that it will determine whether you will report profit or loss at the end of the day. It is not enough to have your products sold to customers; they must be sold at the price that will guarantee profitability. If you sell too cheaply or on unfavourable terms you are Continue ReadingHow Do You Price Your Product?
You need to register your small business before it can be seen as a business. In a recent time, I learnt that there are some individuals who claim to be entrepreneurs but have no registered business. Those people that easily fall into this class are those who turned their hobby into business. Examples are artistes, comedians, decorators etc. This is not good enough. There is a need for you to register your small business so that so as to give your business its own identity. Just as a baby is given a name after he is born, your business should Continue ReadingWhy You Must Register Your Small Business