DO YOU KNOW YOUR BUSINESS NUMBERS??

 

Every transaction in Business involves numbers.  Whether you are buying or selling, numbers are important.

In manufacturing, numbers tell you the cost of each unit of goods produced.  In the service business, you need numbers to determine your charge out rate.

Business numbers show you how much you have put into your business (capital), how much you have made (profit), and how much you have taken out (drawings).

Business numbers help you know whether sales are increasing or declining.  Business numbers help you understand the difference between your cash in bank and the profit made.

Business numbers forms the basis for tracking and comparing transactions such as monthly, quarterly and annual sales; inflow and outflow from inception of business, etc.

The importance of business numbers cannot be over emphasized.

‘A business that does not know its numbers is weak.  It cannot access its growth; neither can it make projections to further grow its activities.’  This is a major reason why many businesses fail, because business owners do not understand their business numbers.

Understanding your business numbers is easy.

Let us help you know and understand your BUSINESS NUMBERS. Find contact details below.

Your friend and Financial advisor

Ehis Egbuji.

(Nigeria's Small Business Accountant)
ehisegbuji@gmail.com

**photo credit – enpnetwork.com

RECORDS KEEPING IS A TOOL FOR FINANCIAL SUCCESS IN BUSINESS (MYB™ Series)

 

Records keeping are important, whether in your business or personal life.  Well kept records helps chart a course and prompts you to the next line of action. They show whether you are still in line with your vision or have derailed.

Most developed countries like America have rich histories because they have well kept and documented records.

In business, Financial Records Keeping (FRK) creates a solid history for your business.  You can track your transactions; your sales, inflow and outflows; monitor growth from inception to date.  Financial records keeping (FRK) will prevent financial clutter and help you in making strategic decisions. 

If you are in the habit of destroying financial records like – receipts, deposit slips, contract agreements, be careful because you may have regrets someday when you need these documents and do not have them anymore .It is not too late to start keeping records, you can start now.

As you plan for a new week, month or year, make record keeping part of your goals.  Below are some reasons why record keeping is important.

THE IMPORTANCE OF FINANCIAL RECORDS IN YOUR BUSINESS

1.    Helps establish a check system for profit or losses in your business

 

      2.    Helps in monitoring/tracking debtors and creditors

3.    Helps in your tax computation (so you do not overpayment or under payment of taxes)

4.    Monitors business debt profile (whether it is increasing or decreasing)

5.    Helps you in business valuation (when you want to sell some part or all of your business)

6.    Helps determine your business cash inflow/outflow pattern

7.    Creates financial integrity for your business (your business records speak for itself)

 

THE IMPORTANCE OF FINANCIAL RECORDS IN YOUR PERSONAL LIFE

1.    Helps you determine your networth

2.    Helps you evaluate how well you are achieving your financial goals

3.    Creates transparency and limits suspection

4.    Helps you know your money character -  spender, miser, donor, saver, strategist, futurist, announcer, etc

5.    Helps you review and increase your financial goals

 

Don’t just invest in a record keeping system.  Invest in a relationship with an expert which will pay you now and in the future. 

Your accounting software will only show you figures.  It’s the accountant/finance expert that will explain what each figure represents.

 

I remain passionate about your financial success in bussiness & life,

 

Ehis Egbuji.

YOUR NETWORTH : THE PSYCHOLOGY OF THE PAY CHECK

As an employee, the idea of a pay check at the end of the month puts you in a value box.  You may be lucky to be in the top value, or unfortunate to be amongst the bottom value based on ‘Subjective Negotiation’.

Your satisfaction in work and life largely depends on your perception of your pay check, and you start believing that is all you are WORTH.

George never took time to establish his ‘real’ NETWORTH, and found it difficult to earn more despite his many qualifications.

Whether you are negotiating a new wage, an increase,  or quoting for your services,  you gain satisfaction when you negotiate base on your ‘Networth’. Your  Networth helps to ensure that you do not under-price or over–price your self. It’s not about calling a figure or ‘psyching’ your self, it’s about understanding why you should be paid a certain amount.

Your NETWORTH can be computed using a  number of criteria such as – your educational background, personality, soft skills, etc. These are criteria employers use to minimise the amounts paid as salaries.

Below is a typical example of a college graduate NETWORTH

Do not stop your self from earning more! Enrol in the NETWORTH PROGRAM today. Sign up on this link - http://eepurl.com/bQNDsv.
Limited slot are available.

Committed to increasing your wealth,


Ehis Egbuji
Finance Expert

Picture credit - cashmoneylife.com

THE SECRET FORMULA FOR BUSINESS SUCCESS (The MYB ™ SERIES )

The secret formula for Business success is as old as man.  In the past, only a few were privileged to this SECRET FORMULA.

Over the years, many have embraced it and recorded remarkable success in their lives and business.  This SECRET FORMULA is called – FINANCIAL EDUCATION or FINANCIAL INTELLIGENCE. You will achieve Financial Success in your business  when you apply this FORMULA the right way.

BUSINESS SUCCESS FORMULA CHART 

IT STARTS WITH YOU  (business owner/CEO/ board of directors).
Your  first step towards success is to invest in your FINANCIAL EDUCATION.  You are the base of your business. The success of a business enterprise relies on the knowledge and experience of the owner(s)/Managers.  The amount of financial literacy you possess is what will take your business beyond its current position.  A financial knowledge gap can holdup the growth of your business and give your customers to your competitors.

NEXT IS YOUR TEAM/EMPLOYEES
Do you remember the popular quote – ‘garbage in, garbage out’? It’s the same when dealing with your team.  if you do not equip your team with ‘sound’ financial knowledge, they will make poor financial decisions for your business, which is a greater opportunity cost to you and your business.

Choose the lesser COST; create a WIN-WIN for you, your business and your team by investing in FINANCIAL EDUCATION.  Enrol in a course; purchase a training kit; attend seminars and workshops.  You will gain the COMPARATIVE ADVANTAGE of an enlightened and broaden FINANCIAL OUTLOOK.  You and your team will gain FINANCIAL MASTERY of your Business Finances.

‘Your investment in FINANCIAL LITERACY will pay you in the present  and in the future with HIGH RETURNS!’

FINANCIAL EDUCATION + YOU + YOUR TEAM = FINANCIAL + BUSINESS SUCCESS!

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DO YOU WANT TO EXPERIENCE GROWTH IN YOUR BUSINESS FINANCES? INVEST IN A BUSINESS FINANCE HEALTH CHECK(B.F.H.C) TODAY!  Sign up and get a ‘Free’ business FINANCE’ assessment sheet.
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I remain passionately committed to your Financial Success in Business!

Ehis Egbuji. 

TOP 3 REASONS TO INVEST IN FINANCIAL EDUCATION

Robert Kiyosaki is one Mentor in finance that I greatly admire and respect.  Since I got to know about him, his message to the world has remained the same – INVEST IN FINANCIAL EDUCATION!

'You will never achieve your LlFE GOALS if they do not tie into your FINANCIAL PLAN.'

1.      FINANCIAL EDUCATION helps you to seamlessly integrate and translate your life goals with and into financial goals.  No one  was born with the knowledge of finances, so you have to learn how to master your finances.

2.      FINANCIAL EDUCATION is what has made the likes of Robert Kiyosaki, Dolnad Trump, Orpah Winfrey, Aliko Dangote, Bill Gates, etc, the successes they are today.

3.      In today’s world where information is constantly changing, FINANCIAL EDUCATION will help you easily navigate the feilds FINANCIAL uncertainties.

Begin the journey to financial fulfillment now! Follow these steps.

STEP 1 – talk to a FINANCE EXPERT online or face-to-face.

STEP 2 – invest in your FINANCIAL EDUCATION by purchasing a finance package or program based on the advice of a  FINANCE EXPERT.

STEP 3 – apply the skills and knowledge acquired from the finance program.

STEP 4 – sign up to receive regular tips from a FINANCE EXPERT.

Keep learning and asking questions.  Don’t get scared of change or trying something different! Make Financial Education your goal this  2016.

For free expert advise from a finance expert, contact us today –

e-mail: ehisegbuji@gmail.com

skype ID – ehisegbuji

twitter - @ehisbebe

call/whatsapp - +2347034450000, +2348091001173. 

We will help you achieve financial fulfillment!

Ehis Egbuji.

Picture credit - www.fotolia.com

IMPORTANT MATTERS IN BUSINESS – TAX PAYMENTS

Emily James runs a small business.   Her confusion with taxes and tax payments inspired this article.

Tax is an amount paid from your earnings to the Government for efficiently running the society.

Businesses pay tax on their profits (Income – Expenses).   Employees pay tax on their earnings (salaries and wages).

Under the Nigerian tax system,  companies pay income tax of 32%.  Employees pay between 7% and 24%, depending on the amount earned.  For casual employees,  i.e. those without a regular source of income are taxed differently, either as a fixed amount or percentage.  Computing taxes can be complicated and most often requires the help of a Finance Expert.

Not paying your tax or making wrong remittances is seen as a criminal offence.  As the year rolls to a close, ensure you have made your relevant tax payment to the relevant Tax authority.

‘Shut the Government up by dutifully paying your tax.  Then you can demand what is rightfully yours from the Government.’


I remain passionately committed to your success in life and business!


EHIS EGBUJI
Finance Expert.
Business Accounting • Personal Finance • Tax • Training

* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *
DO IT YOURSELF!!
You can make tax payments yourself!  Simply follow the steps outlined in the book – Tax Remittance Made Easy [How to easily get your Tax Clearance Certificate (TCC)].

To get a copy of this book, contact us -

E-mail: ehisegbuji@gmail.com
Phone: +2348091001173, +2347034450000
Twitter: @ehisbebe

*Photo credit -  www.marketwatch.com

THE TWO MOST IMPORTANT DOCUMENTS IN YOUR LIFE! ( THE MYB ™ SERIES )

If you are 18 years or older, there are two important documents you will need during your lifetime.  The first is your international passport.

The second most important document you need in your life is – your Tax Clearance Certificate  (TCC).  This is your ‘Tax Passport’.

A Tax Clearance Certificate ( Tax Passport) is a document issued when you pay your tax to the Government. It makes you a bonafide member of the society and gives you the right to demand good governance and amenities from the government.

Not paying tax makes you an illegal member of the society and can result in criminal charges against you.

Whether you are self employed or own a business,  it’s your duty to make tax payments at the end of each year.   If you are an employee,  ensure that your employer has been remitting all taxes deducted from your salary especially as the year end draws near.

As a self employed business owner or as an employee, there are  certain tax – free deduction you can enjoy on your earnings.   It’s your net earning that should be taxed.   To avoid a wrong tax computation and enjoy the available tax – free deduction on your earnings, please seek the help of a finance expert.


I remain passionately committed to your success!

EHIS EGBUJI 
Finance Expert. 
Business Accounting • Personal Finance • Tax • Training 

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For further enquiries –
E-mail: ehisegbuji@gmail.com  
Phone: +2348091001173 
Twitter: @ehisbebe

Photo credit - wwwrocketswag.com

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

WANT TO SUCCEED IN LIFE? BUILD A STRONG NETWORK! (MYB ™ Series )

Sometimes in life, those you already know in your personal life may turn out not to be your business customers.  Be grateful for the encouragement they bring and network beyond your immediate circle for potential clients/customers.

Build your network any and everywhere.  At the shopping mall, salon, market, gas station, your children’s schools, a party, wedding, church, parking lot, online platforms, etc.

Money doesn’t grow on trees neither does it fall from the sky. 

Your business can only reap from your network – people you are connected to. That's why the popular term – ‘your network = your ‘money worth’.

Let’s talk

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How are you minding your finances today? Managing your finances properly is key to succeeding in life.  Let's help you convert your 'Network' to 'Money-worth'. 

My name is EHIS EGBUJI. I’m a Finance Expert.  I created the ‘Minding Your Business Series’ (MYB™) because I’m passionate about helping people and businesses overcome their money problems.  Call me - +2348091001173 or send a mail – ehisegbuji@gmail.com or tweet at me - @ehisbebe.  I do love to hear from you!

HANDLING NEW OPPORTUNITIES IN BUSINESS (THE MINDING YOUR BIZ MYB™ SERIES)

During the early stage of business, there will be excitement and the temptation to do many things at once.  Try to contain it so your enthusiasm does not burn out fast.  Let go of distracting ‘great’ ideas so you can focus on the purpose of your business.  Better still, you can store in an ‘idea bank’ where you can go back to them later.

 
Trust yourself sometimes and don’t at other times.  It’s healthy for you and your business.  Be ready for opportunities.  You can adopt the IUF™ approach.

(I)GNORE – totally unrelated opportunities.  These will waste your time & resources.  It may appear attractive, but it will not help or be useful to you or your business in the long term.

(U)SE NOW – those opportunities which are usually one-offs but related to your long term vision/goal.

(F)OCUS ON – those opportunities related to your long term vision.

Pursue pragmatic education that places emphasis on practice and simplicity.  This means you are learning and applying it in your business at the same time.

Don’t stop learning, growing, and innovating. Your business depends on it.

 

Let’s talk

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How are you minding your business today? Managing your finances is key to succeeding in your business.  Let me help you manage your business finance so you can focus on your business. 

 

My name is EHIS EGBUJI. I’m a Finance Expert.  I created the ‘Minding Your Business Series’ (MYB™) because I’m passionate about helping people and businesses overcome their money problems.  Call me - +2348091001173 or send a mail – ehisegbuji@gmail.com or tweet at me - @ehisbebe.  I do love to hear from you!

 

LIFE TIPS FOR THE ENTREPRENEUR (THE MINDING YOUR BUSINESS MYB™ SERIES)

It’s great that you have decided to start out on your own.  Congrats dear friend for taking this bold step; the result of an ‘I can do this’ mindset and attitude. 

 

As you settle into entrepreneurship, here are some important things to remember.

-       You now have greater responsibilities as a business owner and an employer compared to if you were an employee.  Your customers and employees depend on you.  You can’t afford to let them down.

-       Your personal ‘goals-needs’ will be on hold for a while.  For example, regular vacations may be on hold for a couple of years to get a strong footing for your business.  Investing in things like houses, personal cars, another business may not be possible yet.  Remember, your business is an investment that you need to grow if you are to succeed.  Most of your resources, your money will be required to grow your business.

 

The beautiful thing is that once your business stabilizes and begins to make regular profits, you will be able to afford a number of your ‘goals-needs’ together!

That you do not have the life you envisage today or after a couple of years of doing business does not mean you can’t have it.  Keep at what you are doing.  Keep innovating - learning & trying new things.  Soon, you will break through; the light of success will shine through all those clutters of doubt.  I believe you can succeed; do you believe you can?

 

Let’s talk

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How are you minding your business today? Managing your finances is key to succeeding in your business.  Let me help you manage your business finance. 

 

My name is EHIS EGBUJI. I’m a Finance Expert.  I created the ‘Minding Your Business Series’ (MYB™) because I’m passionate about helping people and businesses overcome their money problems.  Call me - +2348091001173 or send a mail – ehisegbuji@gmail.com.  or tweet at me - @ehisbebe.  I would love to hear from you!

 

 

photo credit: ourdunya.com; encrop.net.

 

LIVE AND ENJOY YOUR LIFE! (The Minding Your Business (MYB™) Series)

'De-clutter your life.  Not everything is necessary; not every information is important.'

Everyone requires the basic necessities of food, shelter and clothing.  Every other need falls between a comfort and a luxury position.  Comfort makes life a lot easier for you.  Luxury gives you a sense of power, that yearning to belong to a clique, or simply to show off.  Comfort puts you at relative easy.  Basic and luxury create tension.

THE MYB™ LIFE CHART

                                              The MYB™  Life Chart

Your position on the MYB™  Life Chart is relative to your goals and aspirations.  Don’t stop aspiring to be a better you, a richer or wealthier you.  'There are no wrong or right ambitions; its your intentions that makes your ambition right or wrong'. Aspire to be above the basic needs position.  Strive to remain within the comfort position.  Aviod getting into a luxurious lifestyle (the luxury position).


If your intentions are noble, you will aim to find a noble path to acquiring wealth/riches.  If not, your path to weath maybe flawed.  Aim for and strive to remain in the comfort position; its the best position to achieve your life goals.  You can achieve your financial life goals with the help of a finance expert .  Find a finance expert  online or offline, depending on which works best for you.


Till next time…..

Treasure this information; it’s the new currency.  I remain passionately committed to your success!

EHIS EGBUJI
Finance Expert
E- mail – ehisegbuji@gmail.com
Twitter - @ehisbebe
(The creator of ‘Minding Your Business Series’ - MYB™)

WHAT STIFLES THE ENTREPENEUR’S CREATIVITY? (The Minding Your Business MYB™ SERIES)



An entrepreneur must always think abundance.  Indeed, there is enough market & resources for everyone.  All it requires is a little bit of creative ingenuity from you.   Year to year new businesses spring up, becoming profitable overtime and still remain in existence years after even with a challenging economy.



wearing many hats!



overwhelmed!

Today, entrepreneurs are constantly struggling to remain relevant to the purpose for ‘setting up shop’.  After overcoming the hurdle of pushing your services or products to the market, the next step of owning a market space becomes an even greater challenge. 

 

The main reason is – ‘the stifling of the entrepreneur’s creativity’.   The entrepreneur is overwhelmed wearing several hats. From customer service personnel, marketer, accountant to I.T personnel.  He becomes a ‘jack of all’.  Gradually, the entrepreneur begins to lose focus and creativity.  He/she becomes over stretched; worrying about so many issues and at some point may begin to regret the decision to start a business.  To own a market space, you need to stay creative and be innovative.  That’s why APPLE and SAMSUNG are still relevant players in the Mobile phone market.

 To solve this problem, the entrepreneur needs to ‘OUTSOURCE’.  Yes, outsource some of these services – I.T, finance/accounting functions, marketing, etc.  When you outsource some duties, you UNBURDEN your creative spirit.  The time spent studying and trying to understand accounting documentation for instance can now be focused on creating more value and further developing your products/services.

Outsourcing can be negotiated and even paid for without cash. For example there are new companies that are offering highly discounted fees and even free services for a start.  There is no harm in taking up any of these offers.  Where you have to pay, negotiate for the best deal.

Start outsourcing now before you get to that point of ‘stifled creativity’.  Outsource areas of non-expertise one by one, and you will be amazed at what you can achieve in a short while.

 

**This information is your currency; use it wisely.

 I remain passionate about your success,

 

Ehis Egbuji (@ehisbebe)

..Providing practical personal finance & business finance solutions!

 

#5 HABITS OF HIGHLY EFFECTIVE PEOPLE (The Minding Your Business Series)



 1.      Discipline – helps you manage your time (which of course is never enough)…'do not stifle your creativity by trying to do everything.  Learn to outsource a few’. #SME #learnandgrow

2.     Discipline – helps you manage your relationships…. ‘develop a rapport with the man at the top & you will easily reach his people beneath’. #SME #learnandgrow

 

3.     Discipline – helps you plan & set attainable goals… ‘a good plan is like a road map. It shows the final destination…’ H.S Judd  #SME

4.     Discipline – helps you manage your resources especially MONEY…’being poor is not a lack of MONEY; poverty is a lack of ideas & inspiration’. #SME #learnandgrow

5.     Discipline – helps you avoid excesses – in health, in your daily life… ‘everything is permissible; but not everything is good for you’. #liferules

I remain passionate about your success!

 

Ehis Egbuji

Twitter - @ehisbebe 

The Minding Your Business (MYB^TM) Series

  www.themoneysage.blogspot.com

 

..Providing practical personal finance & business finance solutions!

 

**(photo credit - Shutterstock.com)