Starting a business is a challenging endeavor that requires careful planning, execution, and management. One of the most common pieces of advice given to aspiring entrepreneurs is to start small. Starting a small business has several advantages that can help entrepreneurs achieve their goals and grow their companies in the long run. In this article, …
Benefits of Starting a Business in a Small Scale Read More »
Fixed costs are those expenses that a business incurs regardless of its level of production or sales volume. These costs do not vary with changes in production or sales volume, which can create a significant financial burden for a business. For example, if a company has a lease for a fixed amount of rent each …
Introduction: Costs are an integral part of every business. To maximize profits, businesses must manage their costs. Cost can be classified into different categories such as fixed costs, variable costs, semi-variable costs, direct costs, indirect costs, etc. In this essay, I will discuss fixed costs and variable costs, their differences, and the impacts they have …
Preparing a budget is an essential part of managing a business effectively. A budget is a financial plan that outlines the expected revenue and expenses for a specific period. It allows a business owner or manager to plan and control finances to achieve business objectives. A budget helps to ensure that a business has enough …
Starting your own business is often seen as a dream for many people, as it offers a chance to be your own boss, work on something you are passionate about, and potentially achieve financial success. However, it is important to recognize that entrepreneurship comes with a set of challenges and risks. In this article, we …
Starting your own business can be an exciting and rewarding experience, with numerous benefits that can be both personal and professional. While starting a business can be challenging, it can also be incredibly fulfilling, allowing you to build a career that aligns with your passions and values. Here are some of the many benefits of …
Deciding to leave a stable job and start a business is a major life decision. While it can be exciting and rewarding to become an entrepreneur, it is also a risky and challenging endeavor. There are several steps that individuals should take before quitting their job to start a business to minimize the risk and …
Things To Do Before Quitting a Job To Start a Business Read More »
Inflation refers to the general increase in the price level of goods and services in an economy over a period of time. It affects businesses of all sizes, and small and medium-sized enterprises (SMEs) are particularly vulnerable to the negative effects of inflation. This is because they often have limited resources to cope with rising …
How SMEs Can Protect Their Businesses From Inflation Read More »
In Nigeria, the Company Income Tax Act allows businesses to deduct certain expenses from their taxable income. Here are some tax-deductible expenses for businesses: Employee Salaries and Wages: This includes the salaries, wages, bonuses, and allowances paid to employees. It also includes contributions made to pension funds and group life insurance. Rent: Rent paid for …
Tax Deductible Expenses for Companies in Nigeria Read More »
Introduction A recession can be a challenging time for small and medium-sized enterprises (SMEs). During a recession, demand for products and services tends to decrease, which can lead to reduced revenue and cash flow issues. In such times, SMEs need to adopt recession-proof strategies to survive the economic downturn and emerge stronger on the other …
