Every country has its own business guides, regulations, and standing bodies that certify businesses to run as a recognized entity. While registering your small enterprise is a legal duty, it comes with a huge benefit for your business. And that one big deal is you get to be trusted by your customers once they see…
Money. Profit. Business. Whether directly or not, everyone has a money or business situation lurking somewhere. Doing business is one of the popular ways to hit the rich status landmark. And when we talk about business, along with it comes major and minor challenges that can grow or bring down any multimillionaire idea. That is…
No matter what size your business is, cash flow is an essential part of your success. Knowing how much sales you get within a period and how much expenses you incur becomes part and parcel of your journey. To keep your business alive and floating, cash flow management should be your best partner. How then…
As of February 2023, the NIBSS says POS transactions have already hit #39.58 trillion. This is a 40% growth from the previous year. A quick reminder, POS business in Nigeria is a mini-banking business where you deal with cash and other online banking transactions most of the time. Now, Nigeria’s banking industry is still prone…
I remember a throwback teaser I stumbled on on a social media platform. The poster mentioned how in the early 2000s the big umbrella stand was known to be for call centers where you are charged between #20-#50 per minute depending on your location. Today, the same umbrella stand is a common marketplace for POS…
It is an unspoken business rule to review the financial books every day, usually at closing hours. And the why is so that the business owner can know exactly how much sales were made and how much expenses were incurred. The life of a business owner is usually between making profit and incurring expenses. While…
Typically, any business deals with at least two to three inventory types to effectively fulfill its business mission. Inventory is a key part of any business regardless of size. Managing inventory across the board becomes another responsibility of a business owner. Improperly managed inventory is a disaster waiting to happen. As a result, businesses will…
Managing inventory is a crucial part of any business, especially small businesses that are trying to thrive in a crowded market. As a small business owner, your inventory is not something you want to slack about. A procedure for managing inventory depends on the nature of business operations. In most cases, most small businesses have…
Intangible or tangible, every business deals with the kind of product they sell. Sometimes it may come in the form of what is used in rendering services to customers. Whichever way, there is an item you offer as a business. Inventory is directly related to businesses that deal with tangible products stored to be sold…
From many small and medium business stories and journeys, we can say that despite the very minimal state support for Micro, small, and medium enterprises (MSMEs) compared to what we have in other places, the sector has contributed greatly to national GDP. As of 2022, MSMEs in Nigeria accounted for 48% of gross domestic product,…
