THE ‘3ES’ – HOW TO PLACE YOUR BUSINESS ON THE WORLD MAP (The MYB ™ Series)

                   
EFFICIENCY
There is a popular saying that ‘less is more’. Spending less  results in more savings.  Proper financial planning creates cost saving strategies resulting in reduced costs and increased profits.


EFFECTIVENESS
This is the impression your business gives to – your existing clientele, potential customers, competitors, the Government, investors, etc.  It is one of your USPs   (Unique Selling Points).  An example is having good financial records.  This alone can give an impression of good financial integrity.


ECONOMY
How relevant is your business in the scheme of things?  In your industry, in contributing to national and economic development?

When you consistently combine proper financial planning, good record keeping and financial reporting practises, your business will take its rightful place on the world map.

passionately, committed to your business success!

Ehis Egbuji

Business Accounting • Personal Finance • Tax • Training 
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Does your business need help?  Contact us – 
ehisegbuji@gmail.com 
Call - +2348091001173 
Twitter - @ehisbebe 

Photo credit - fineartamerica.com

REASONS WHY YOU SHOULD KNOW & REPORT YOUR BUSINESS PERFORMANCE

 Reporting your business performance is known as Financial Reporting (F.R).  It means presenting your business performance in a report format for a given period, usually one year. 

 

 
PROFIT OR LOSS

The report shows whether your business made a profit or loss.  It shows your cash position, your assets and liabilities.  It usually follows a standard format and is prepared by a Finance Expert/Accountant.

 

FINANCIAL INTEGRITY

It can be scary to present your business information to the Government/public, but it will help build financial integrity for you and your business which you will need when dealing with banks, financial sponsors, potential investors, shareholders and bigger clients.

 

GOVERNMENT’s ECONOMIC DECISIONS

Your business financial reports helps the Government in making economic decisions that affect businesses.  For example, making funds accessible to small & medium scale businesses; increasing or reducing business taxes, etc.

International organisations like the International Monetary Fund (IMF) also use financial reports to monitor growth & development in countries.

 

DELISTING OF BUSINESS NAME

It is important that every business owner has a basic understanding of the Financial Reporting requirements for businesses.  Businesses that do not report their financial performance stand the risk of being delisted from the Companies’ Register.  This means your business ceases to exist as a legal entity.

 

If you haven’t been reporting your business performance, contact us or a finance expert  today.  Don’t allow your business to get delisted or lose financial integrity.

 

 

‘ Success is - little steps of deliberate actions’ – anonymous

 

We remain passionate about your business success!

 

CONTACT US TODAY!

e-mail: ehisegbuji@gmail.com

twitter: @ehisbebe

Phone no: 08091001173

Lagos, Nigeria.

 

photo credit - shutterstock.com