For many businesses, specifically in the manufacturing and distribution industry, companies such as manufacturing and distribution, inventory represents a large, if not the largest, portion of their assets. Therefore, it is important that management understands how to effectively manage their inventory. In this article,we will learn the importance of a good inventory management system. Inventory refers to goods that are…
Most small business owners are fully aware of the standard business costs like office rent, marketing, payroll, etc but it is the hidden or unexpected costs that hit hardest. It’s about time you stopped playing hide and seek with these costs and got your cost- control game on. Here’s what you need to be on the guard for: Time Your…
There are two ways that a business can account for its transactions: manually through the use of notebooks/exercise books or electronically through the use of accounting software. Each of these has its merits and demerits. However, the benefits the use of accounting software comes with is invaluable and far surpasses the manual approach. In this piece, I take you through…
Obtaining funding for your small business The survival of every business depends on the availability of funds and the efficient management of the funds. Proper management of capital propels a business to grow and that might in turn require additional funding for the continued growth of the business. Financing business is securing capital for business operation, and finding sources of…