One factor that differentiates one successful business from another is the ability to mitigate and exploit the effect of taxes and market information.
Several factors affect the survival of a business no matter how big or small. Some of these are within the control of the managers of the business and the others aren’t. Let us explore some of them:
With January almost over, you may have taken the time to set goals and resolutions for the new year.
However, we all know that it is very easy to lose sight of our plans: the targets we set for ourselves may become less and less realistic, we could lose the interest and drive to continue and eventually, we can find that we have abandoned them completely.
We all identify with the end of the year as the season for glad tidings, reflection, thanksgiving and gifting.
There are many ways to give. You can donate provisions, clothes and other amenities to orphanages and other non-profits. If you prefer to do this more directly, you can identify an individual or a family in need and donate to them.
Another way to be charitable is to volunteer your time or skills to a cause. It could be a Christmas party for the sick, or at a skill acquisition centre etc.
If you are into budgeting, you may have realized that creating a budget is the easiest thing to do. The most difficult task is sticking to it – truth is, no one ever does. At the end of the week, month or year (depending on how you plan your budget) you realize that you aren’t able to follow the budget to the letter and just throw in the towel.
Finding an apartment anywhere in Nigeria that is within your budget can be difficult. One rule of thumb is to keep your rent well under one-third (1/3) of your income but an informal survey showed that most people try to keep rent expenditure under 10%, with varying levels of success.
According to the rule of thumb, if you take home N100, 000 every month after tax, pension and other deductions, 30% of that is N30, 000 monthly and by 12 that is N360, 000. Your rent should therefore be no more than N360, 000 annually. If it is more than that, you are living beyond your means.
They say “clothes don't make the man”, but few people are seen without them. We know clothes cost a lot of money and you want them to last as long as possible. To protect your sartorial investments, we have some tips that can help you spend less on your wardrobe.
Our website will be refreshed to give you a memorable experience. Our redesigned website will have a new layout to make navigation easier so that you can find product content and usable information easily.
We will also have tools to help make sure you can reach us easily.
We expect that the quality of your experience when interacting with the new website will be improved.
Please reach out to us with any feedback on Twitter: @StanbicIBTC or Facebook: fb.com/StanbicIBTC
In the past few weeks, there have been reports of a cholera outbreak in Nigeria. This outbreak has been reported to have caused the death toll of up to 80 people in states such as Zamfara, Sokoto, Plateau and Lagos with more than 74 deaths recorded across the rest of the country.
To protect yourself from the disease, we explain what cholera is and how to ensure you are safe from it.
While a business plan defines what you want to achieve and how you plan to achieve it, your financial plan is a complete financial picture of your company, including planned income, estimated balance sheet, and cash-flow projections. Read our simple guide to a business plan here http://bit.ly/18RnECP
Small businesses should take the time to do a financial plan at least annually. The plan helps the business owner to better manage cash flow by preparing for situations that could result in cash shortages, such as seasonal fluctuations in revenues.
A good business plan defines what you want to achieve and how you plan to achieve it. It should contain your analysis of the operating environment, marketing & sales plans, resource plan, risk management plan and financial projections (usually balance sheet, income statement and cash flow forecasts).
If you intend to access finance or credit for suppliers, you will need a good business plan.
Here are key questions to consider when writing a business plan:
• What service/product does your business provide and what need does it fill?