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.

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!

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™)

#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)

ITS TIME TO MIND YOUR BUSINESS! (Part 1)

Hello!  Happy new to you!!  Hope you are still feeling new? Guess what?????  We are starting the year by minding the business that is ‘YOU’.  Yes, ‘YOU’; because you are a business of such potential magnitude that you can’t afford to let things just happen by chance.

YOU
Your personal attitude can affect the outcome of this year for you as an individual and even in business.
Convince yourself again about your life’s purpose: what do you really want from life?  How does your personality work with this, is there a conflict or are both in harmony? Your goal should be to keep developing your strengths and not wear yourself out doing too much or too little.



YOUR FINANCES 
If you are unable to manage your personal funds adequately, chances are you are likely to be unable to manage your business money.  ‘Being poor is not just a mindset; it’s an attitude and a lifestyle.’
Focus more on ‘resourcefulness’. ‘Resources may increase your current income, but resourcefulness will create an unending stream of WEALTH’.  Apple started out not resource focus but on being resourceful.  Today Apple is renowned not for its resources but for its resourcefulness (innovation). 




Be open to learning and trying new ideas.  Start where your strength lies.  The good news is that whether you decide to quit your job to start a business or stay put, you can still make more money.  You can be an investor, partner, affiliate, etc.

So, are you as passionate as I am for great chances in your finances?  Then join me for my next article – ITS TIME TO MIND YOUR BUSINESS (Part 2). 

Till next time,

Remember – information remains the new currency!

PS. 
This article is for you and someone else.  Remember part of your life goal should be to give and share with others.  Share your resourcefulness with someone else by sharing this article.  Let us help make 2015 a year of great financial success for us and those we care about.  Please share.  


Photo credits (google search).

YOU CAN STILL W-I-N!

Everyone’s goal in life is to win. It’s perfectly normal to win some and lose some, unless you are not being true to yourself.

Do you have a hectic work schedule? Have you been trying to save up some money to start a business? Are you dealing with declining profits? Don’t worry, you are about to boost your chances!

As the holidays draw near, how do you create a WIN-WIN situation in business, your personal life or job??????????????????

DO S-O-M-E-T-H-I-N-G BIG FOR SOMEONE!

For a BUSINESS - Buy a unique gift for each customer. Forget about the branded mugs, jotters, pens, etc. get a real personal and special gift. For example – buy a bouquet of flowers for a female customer with a note attached – ‘From Company A. we love you’. Or you can do something obvious for your community; plan a Christmas visit to an orphanage, or show massive support for a local initiative.

For an INDIVIDUAL – Are you thinking of starting a business with a friend, a colleague? Then buy an interesting book on the subject matter. For example a book on ‘great partnership’. Remember to include your name and a heartfelt message. Also, remember your boss. Please get something for the big man!

A WIN-WIN

In the end, you make someone feel appreciated and boost your chances in work, greater business patronage or business opportunity.
So get going for “your position determines your attraction”.

This will create more rewarding and earning opportunities in the coming year.

Till next time,

Remember – Information is the new currency!

A HAPPY ATTITUDE IS KEY

To succeed at anything – job, business, relationship; you need to have a right attitude: the HAPPY ATTITUDE.

A happy attitude is a positive attitude that creates positive energy which translates to successful results. A pessimistic attitude on the other hand suppresses the desire to reach out, create or move on; its really that simple.

If you desire change, or you are feeling stuck and thinking how to get ahead, try this out. It’s what I call the ‘HAPPY-GO-LUCKY’ charm.

“I CAN; I WILL; LIFE CAN BE BETTER”!

Before you step out in the day say the above affirmations. Repeat them anytime you feel the energy drain from your body or feel like giving up.
Give it a 30 days trial period and watch out for astonishing results!

QUOTE FOR THE DAY: 'when you are happy & hopeful, finding joy in what is meaningful & good, the things you most desire will definitely come to YOU!'

 Till next time,

Always remember – ‘information is the new currency’
(Don’t forget to share this with someone you care about!)