Preparation of Financial Statements for Small Business

How to prepare a financial statement for a small business. Financial statements are the outputs of your book keeping and accounting efforts. It can be described as the report card of your business. Financial statements are an important management tool. When correctly prepared and properly interpreted, they contribute to an understanding of financial condition, problems and possibilities of a business. Financial statements are the principal means of reporting financial information about a business to stakeholders. Stakeholders include people within an organization and to people outside the organization such as shareholders, lenders, employees, customers, creditors and the government. It can be Continue ReadingPreparation of Financial Statements for Small Business

How To Set Budget on Marketing

How To Determine The Amount To Budget on Marketing. Now that you know the need to spend money on marketing, you may like to know the amount that will be appropriate to be set aside for this. There is no ‘one fits all’ approach to this.  But generally, amount of a marketing budget can be a function of any of the following: Read Also: Usefulness of email marketing to small business Personal Judgement. This involves you determining how much you think expedient to be spent on marketing your product or service. You are in the best position to understand everything about Continue ReadingHow To Set Budget on Marketing

How to Adjust Price to Maximize Profit

You can adjust your price to maximize profit in your business. You should not be afraid to adjust your price to the amount that helps you maximize profit. Over time, you will have a better understanding of the price that best works for you. . The essence of your business is profit maximization. Generating sales is not equal to profitability. Whatever type of business you are doing, if you are not making profits, it is just a matter of time that the business will close down. Making profits is not difficult if you perfectly understand profit equation. What is profit equation? In accounting sense, Continue ReadingHow to Adjust Price to Maximize Profit

How to set goals for your small business in 2016

You Need To Set Goals For Your Small  Business. Happy New Year to you all! The year 2015 has gone forever but the impact will still be felt in your small business this year. It does not matter how the year 2015 was to you or your small business. We have another opportunity to do whatever we were unable to do last year. Yes, it is another year; a year of opportunities and challenges.  I hope you are not surprised to hear that the year 2016 has come with its own challenges. As an entrepreneur, the word ‘challenge’ should turn you Continue ReadingHow to set goals for your small business in 2016

How to Get Loan From Bank of Industry for Small Business

Procedure for securing loan from the Bank of Industry As a small business owner, I understand that you may be facing some challenges in raising funds for the expansion of your small business. Growing a small business organically can be very challenging. But the good news is that the Bank of Industry is out to assist small businesses with funds that they might need to grow their businesses. Unfortunately, small businesses still find it difficult to access the funds. It is not that the Bank of Industry is not willing to release the funds. The problem is that most small Continue ReadingHow to Get Loan From Bank of Industry for Small Business