New Year starter-pack for every business owner
For the umpteenth time – Happy new year all! We are still super excited about 2023, and all the dopeness its about to bring all of us! Before business activities get into full gear, It’s important to decide how you will be doing business this year. [bctt tweet=”Look back at where you have been, where you are and on to where you want to be. ” username=”SheLeadsAfrica”] Choose what to improve, continue or probably stop doing, it’s important to go through the year consciously. Here’s a routine to help you get your business off to a good start… 1. Review your financials to determine how well your business is doing or not doing…Take a close look at your financial records and ask yourself these questions. Is my business making profit or loss? Is my cash flow positive or negative? Do I have loans from the business to repay? 2. Review your business operations How have you been delivering goods/services to your customers/clients? What can you do to improve on that? How will your business serve customers/clients better this year? These are questions you need to ask yourself and provide answers to, before moving forward. 3. Review your customer base, profile your existing customers, determine the ones that bring in the most income and the ones that can potentially bring in more. With this information, you can get more out of the market, and you’ll be able to know what kind of customers you should be advertising more too, how you can provide more value and sell more to them. 4. Service your most vital equipment(s), put them in order. This can be a good way to reduce sudden breakdowns during the year. 5. Sort out your personal/ company taxes; so many opportunities these days are tied to taxes, its best to have it sorted so you don’t miss out on great opportunities. 6. If you did not already do this at the end of the previous year, create your vision for the year ahead (you can do this using a vision board); based on your vision, set goals, write down your action plan and ways you intend to implement these plans as you go through the year In all, stay positive, keep an open mind and don’t start the year without a plan. Cheers to a great business year! Got a business experience to share with us? Share your experience with us here.
Pensions, Savings, Trusts, Insurance. What is This All About?
With so many investment products on the market, we understand that it can become quite overwhelming and confusing when trying to make the best investment decision for your financial goals. But, fret no more! We’ve produced a pensions, savings, trust, insurance guide that will help you make the In-Telligent Choice and be on your way to financial freedom. Pension A pension scheme is a type of savings plan that helps you save money for later life. It has favourable tax treatment compared to other forms of savings, which is an added advantage. How it Works? You save a little of your income regularly during your working life so you can have an income when you retire or decide to work less (at retireable age). There are several types of pension schemes. Some may be run by your employer, others you can set up by yourself. Saving in to one scheme doesn’t mean you can’t save into another or use other tax-efficient savings plans. When the time comes for you to start enjoying your pension, there will be several options available to you. These may include being able to take a tax-free cash sum and the added security of being able to receive a regular income, now that you are not working full time. Savings Saving is income designed not to be immediately spent. Methods of saving include putting money aside in, for example, a deposit account, a pension account, an investment fund, or as cash. Saving more than just an account, it is also a deliberate act to reduce expenditures in your life. In terms of personal finance, saving generally specifies low-risk preservation of money, as in a deposit account, versus investment, wherein risk is higher; in economics more broadly, it refers to any income not used for immediate consumption. To be considered financially secure, an individual or household should save at least six months’ worth of expenses. For example, a household that has N20,000 per month of expenses should have at least N120,000 in savings (N20,000 multiplied by 6 months). To reach this amount, it is recommended that 10- 20% of net income should be saved until the appropriate amount of savings is reached. Trusts A trust fund is a fund comprised of a variety of assets intended to provide benefits to an individual or organization. A grantor establishes a trust fund to provide financial security to an individual, most often a child or grandchild, or organizations, such as a charity or other nonprofit organization. A trust fund contains cash, stocks, bonds, property or other types of financial products. The recipient of a trust fund must typically wait until a certain age, or until a specified event occurs, to receive a yearly income from the fund. Prior to this, a single trustee, or a group of trustees, manages the fund in a manner appropriate to the trust fund’s specifications. This usually includes some allowance for living expenses and perhaps educational expenses, such as private school or university. Insurance Insurance is a means of protection from financial loss. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. An entity which provides insurance is known as an insurer, insurance company, or insurance carrier. A person or entity who buys insurance is known as an insured or policyholder. The insurance transaction involves the insured assuming a guaranteed and known relatively small loss in the form of payment to the insurer in exchange for the insurer’s promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms, and must involve something in which the insured has an insurable interest established by ownership, possession, or preexisting relationship. The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insured will be financially compensated. The amount of money charged by the insurer to the insured for the coverage set forth in the insurance policy is called the premium. If the insured experiences a loss which is potentially covered by the insurance policy, the insured submits a claim to the insurer for processing by a claims adjuster. For more information about investment products and services, contact United Capital Plc. Web: www.unitedcapitalplcgroup.com Phone: +244-1-280-7596 Email: customerservice@unitedcapitalplcgroup.com Twitter: @UnitedCap Facebook: Facebook.com/UnitedCapitalPlcGroup United Capital Plc is a leading Investment Banking Group providing capital financing solutions to governments, companies and individuals across Africa. We are well positioned to play a strategic role in helping Individuals achieve their strategic objectives through our robust suite of financial and investment service offerings. Sponsored Post