Managing cashflow efficiently involves having a clear understanding on when and where cash enters and exits a business, it also involves being able to predict future occurences in order to be able to prepare properly for it and if possible, avoid them. 1. Late payments. Although it is highly anticipated that every client pays their […]

Cash is the most important factor in the financial management of a company. However, there is a time lag between the outlays of cash and the receipt of monies. The solution to this bottleneck is cash flow management. Cashflow is therefore the means by which outlays of cash and and receipt of cash are balanced […]

1. Have you done your Product/Service evaluation? Understanding the purpose of the product or service provided is important to assess consumer behavior and purchasing habit. If a similar product exists in the market, differentiating your product in terms of purpose and target audience will prove to be beneficial. 2. Who is your customer base? Identifying […]

1. Allowing belief to override the business plan Owning a business is not for the weak in spirit. You need a strong mind and heart to face the day-in and day-out work. In the early days of the dream, it’s easy to be so excited and enamored with the idea of “your” business that you […]

1. Executive Summary Within the overall outline of the business plan, the executive summary will follow the title page. The summary should tell the reader what you want. This is very important. All too often, what the business owner desires is buried on page eight. Clearly state what you’re asking for in the summary. 2. […]