START AND GROW YOUR BUSINESS

Sooner than later the tax man is going to knock on your doors, guess what Nigeria is changing. Technology is changing everything. In the not too distant future, your phone number, Passport number, BVN, voters’ number etc will all be merged, and the authorities will be able to view all your transactions. It will not matter how many companies you have so long as you use any of the above services, they will be able to track you. Rather than scare you this post seeks to inform and educate you and show what you need to do to prepare for the tax man. You don’t have to read everything at once, rather start from the question that best addresses your concern. Please put your comments below and leave any questions you may have for the Tax expert . Q1.  Please introduce yourself? My name is Ayotunde Fasoro. I lead a tax practice that provides professional tax and business advisory services to companies. Before starting my practice in 1995, I had worked fo...

How to manage Cash Flow in Your  Business It is often said that in any business "cash is king". I am sure that someone reading this article would have come to this realization painfully when you have assets worth millions but don't have enough money to buy fuel to power the generator. This article aims to give you a working definition of cash flow, show how to prepare a cash flow forecast, increase inflows, how to delay and if possible reduce outflows. What is the cash flow? In simple terms, cash flow is the movement of cash in and out of a business. It tells the story of how money is entering and leaving your business. If more money is entering than is leaving we say you have a positive cash flow. If on the other hand, more money is leaving than is entering we would say you have a negative cash flow. Positive cash flow is the name of the game. Take note that profit on paper is not the same thing as cash in the business. Profit only becomes valuable when it ...

How to turn your passion into a business "I have no special talents. I am only passionately curious."  -Albert Einstein We are passionate about so many things but more often than not just having passion is never enough to make it in business as many have found out the hard after millions may have gone down the drain. This article is going to help you discover your sweet spot. Often defined as where your passion meets skill with enough people willing and able to pay for what you are offering. What is Passion? When I talk about passion, I am talking about that thing whatever it may be that you love to do, something you are even willing to do for free. I believe that Passion is innate, its somewhere on your inside wired into your DNA.  It is called different things by different people: your assignment, your purpose, the question life has given you to answer etc. Passion is not enough to be successful in business, you need much more. ...

3 Ways of Hiring Effectively “Hiring should always be part of your long-term strategy, not a quick fix to an immediate problem.”   ―  Steven J. Bowen, Except for those that start their own businesses after working in formal organisations most entrepreneurs or small business owners like to do things in an informal or ad-hoc manner. This approach usually backfires, particularly as regards recruitment. You are stuck with a family member or close friend that is not productive and difficult to fire! Recruitment or hiring has an element of science to it. To be successful you must develop a strategy to help you find the right people all the time. Essential effective recruitment or hiring involves at least 3 distinct processes: 1.       Job Profiling 2.      Advertising and Interview 3.      Onboarding A good place to start is for you to list out all the jobs that will...