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In an attempt to control expenditures, small business owners and entrepreneurs usually employ the do-it-yourself approach, even when it comes to accounting, taxes, and bookkeeping related matters. However, managing the finances and accounts of even a small business can become complicated over the course of time. Small errors and oversights can slowly accumulate into bigger
Small business owners usually have their hands full because they have to handle everything on their own – from marketing, sales and procurement to accounting, bookkeeping and business planning. Accounting is not everyone’s cup of tea but now things have become easier and less complicated ever since the time small business accounting software programs have
Many people have ideas and the confidence to start-up their own venture but most fail at managing one that leads to the demise of their business. Do you know that previously 65% but due to the rising competition, around 80% of the start-up businesses fail within the first 18 months of their existence? People starting
Many of the new postgraduates and entrepreneurs who have started small business ventures not quite have the true idea of operating a business. Although management universities and institutes teach and train individuals on every aspect of business, but what they fail to supply is the knowledge regarding the importance of public relations. I will start
Being business minded is important If a person is good at marketing, it does not mean that he will be good at running a marketing agency. This is true for every type of profession. Fostering a successful business has more to do with having a great business mind along with a great set of skills
Business growth is essential and can never be ignored. A business once started must keep growing in size, revenue and the number of employees to move ahead and stay in the competition. Following are some tips and considerations that should be paid great attention to while planning business growth: 1. Know your capabilities There are always
Entity Advantages Disadvantages Proprietorship 1) Easy to form and simple to operate. 2) Easy to sell assets. 3) Fewer administrative burdens. 4) All taxation to owner. 1) Limited source of capital. 2) No limited liability for owner. 3) No continuity past proprietor. 4) All net income is subject to self-employment
Employees work for money – this is a universally known and accepted phenomenon. Many employees would not be doing the job they are doing if not for the money. This leads to them performing their duties without putting in their heart and soul. They do the minimum required to complete the job and get the
Management is an effective part of any business. It is also a process, which is crucial within an organization at every level of the hierarchy. Are you facing greater employee turnover, low employee motivation levels, a tensed office environment, confusion amongst your employees or any other thing, which is not going the way it should
Many new businesses might not know of or heard of the word ‘‘audit’’. It is a planned and recognized action of qualified personnel to analyze the acceptability and compliance with the established processes and the effectiveness of application. An audit is a vast field that monitors and analyses the different departments of a business like
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