general

Do you ever wonder how your business compares with others in the industry? One way to find out is through benchmarking. Benchmarking is the process of evaluating your business’s performance by comparing it to other similar businesses in your industry. The first step is to identify processes that you and other businesses follow. This would help give […]

“If you think it’s expensive to hire a professional, wait until you hire an amateur.” In business, one of your most valuable assets is your team. This is why many entrepreneurs follow a thorough hiring process. They want to make sure that their people don’t just have the right skills but also fit into their business’s culture.[…]

One of the essential things you’ll have to think of when starting a business is its structure. Depending on how you want to run it, you may think about putting up a proprietary limited company, a partnership, or a trust. You may also consider becoming a sole trader. Each type of structure has various implications on asset[…]

What will happen to your business when you retire? You’ve spent all your life building and growing your company. Make sure it continues to flourish even after you’ve stepped down as head of the business. You could do this by developing a succession plan. Succession planning helps you identify the right people to lead your business once[…]

Good communication is the bridge between confusion and clarity. Communication is the foundation of any relationship. When you encourage people to voice out their thoughts, you could avoid conflicts and misunderstandings. With effective communication, you and your team could increase productivity and resolve issues quickly. Here are some ways to improve and practise excellent communication in your[…]

You’ve just opened up your new business and are determined to get your finances all sorted out. The problem is, you’re confused about bookkeeping and accounting. You’re not alone. Many small business owners often get confused between these two essential business financial processes. Do you need to do both? Yes. What’s the difference between the two? Read[…]

Once you get your small business set up and running, it’s time to think about accounting. Don’t let the word intimidate you. Accounting may seem complicated, but it doesn’t have to be. It all comes down to tracking how your business makes and spends money. “Know your numbers” as they say. There are different ways to track[…]

The key to a successful farm business is to have your finances all straightened out. Unfortunately, some business owners are often overwhelmed by financial planning and don’t know where or how to start. Sorting your business finances doesn’t have to be complicated. You could start looking into your farm budget, and from there, you’d be able to[…]

Your cashflow is the lifeblood of your company, so why are you not paying attention to it? Cashflow forecasting is the process of analysing the inflow and outflow of money in your business within a given timeframe. Proper cashflow forecasting lets you anticipate dips and surges in your available fund so you could make the right decisions,[…]