Business Tips Archives

29Apr 2020 by admin

Important Things All Small Businesses Must Have in Order to Survive

Business Tips

Image credit: Unsplash It cannot be said enough: a great product alone does not make for a successful small business. For any company to succeed, all its ducks must be in a row. Even a little disorganization can result in lost product, unfulfilled invoices, and wasted working hours. Here are several things your business must have in order if you want it to survive. Tax Information There are many reasons a small business can fail, but by far, the worst is the failure to pay taxes. It may be irritating, it may be annoying, it may even be depressing, but it's vital. You can't run the business legally if you don't give the government is due. Spend on accountants or software to make sure you don't miss a thing. Manufacturing Creating your…

22Oct 2019 by Lumeng Lim

5 Reasons You’re Not Having a Profitable Business

Business Tips, For SMEs

Connected Women, headed by Ms. Gina Romero and co-founder Ms. Ruth Yu-Owen, in partnership with Facebook, through Prof. Aries Patawaran, conducted a one-day seminar about starting up a business and marketing it. One of our team members was present at the event; thus, we are sharing the things to avoid so you, too, can have a profitable business in the Philippines. Note that the following items are not listed according to how they were discussed in the seminar. Also, this is a mash-up of the two topics mentioned above. Reasons Why You Don’t Have a Profitable Business You don’t understand the market. Understanding your market, through market research, is crucial for any business. The University of British Columbia says accurate data about your market is critical. The video below explains…

17Jul 2019 by Lumeng Lim

How To Increase Profitability In the Modern World: Experts Reveal 3 Tips

Business Tips, For SMEs

Let’s face it. In today’s ever-changing environment, the ever-growing consumer demands and expectations and technological advances, competition in business is fierce. Which means to be profitable, your business has to come up with a long list of strategies. But who has time for all these? So we scoured the internet for the fastest tips on how to increase profitability, and almost all them point to one thing: Productivity. The thing is… What productivity workshops have been telling us does not apply any longer. The modern business setting calls for modern productivity techniques. Relying on time management alone no longer works. What should be done instead? We gathered information from different sources, and here are the top tips from the experts. How to be productive in the modern world Have time…

05Apr 2019 by Lumeng Lim

Is Knowledge Really Power?

Business Tips, For Accountants, For SMEs

If you had a television in the 1990s until the early 2000s, you might have heard Mr. Ernie Baron say, “Knowledge is power” right before ending his segment on TV. And if you believe in this statement, we feel you. We've upheld this declaration from the moment we heard it until we came across another statement that’s taking quite a different route: Knowledge is not (enough) power. Before you raise your eyebrows up so high your hairline has to take a step back, let us define what knowledge and power are first. According to the dictionary, “knowledge” is a noun that means “facts, information, and skills acquired by a person through experience or education; [it is] the theoretical or practical understanding [emphasis added] of a subject.” “Power,” on the other…

26Oct 2018 by Lumeng Lim

How to Attract and Retain the Next Generation of Accountants

Business Tips

The latest board exam result for accountants has just been released and many of you are probably eyeing for the crème de la crème you can hire for your firm while making sure the current pool you have stays. But do you know how to attract more so retain them? In a previous article we published, we discussed some of the traits of this new generation AKA the millennials, and how employers can manage them. Here we are sharing tips specific to accounting firms. Adapt to new technologies and trends We all agree that technology is unstoppable. We’re left with no choice but to embrace it. That doesn’t mean, though, that we have to replace our human resource with robots. Instead, what we can do is automate the simple repetitive…

21Jan 2018 by admin

Tax Changes 2018: A comprehensive list

Business Tips, For Accountants

Editor's note: This article was first published on Jan. 21, 2018. It has been revamped to make sure the contents are up to date. Also, if you are viewing this from a mobile device, please make sure your handset is in landscape orientation. We know you have a lot of questions regarding the tax changes for 2018 and the period hereafter. There are a lot of articles published discussing these changes; however, they are usually on different posts. You can always open several tabs at a time, but who has time for that? So we scoured the web for as much information about changes in tax policies as we can and combined all of what we gathered in one comprehensive list. And here it is. Before After Reduced taxes Personal Income…

15Dec 2017 by admin

4 Simple Ways To Avoid Fake Invoice Scam

Business Tips, For SMEs

In case you haven’t heard about it, there is a fake invoice scam that has been circulating targeting business owners. These scams may be an attempt to fool you or your employees to pay for products or services you haven’t really availed or may not even exist at all. It's similar to smishing, but the fake invoice scam is usually sent via email.Other times, these scams require you to download and install a file that contains malware. This malware is created to steal your private information, usually related to banking.How does the fake invoice scam work?There are different versions of this scam but, by and large, you’re sent a legit-looking invoice that has a subject looking like this:[caption id="attachment_28124" align="aligncenter" width="620"] Credit: Telegraph UK[/caption]Sometimes, it may be labeled “past due”…

01Aug 2017 by admin

Little Known (Free) Marketing Strategies for Startups

Business Tips, For SMEs

When a product is nearing its completion, start-ups begin to map out their next moves. One of which is promoting the business. While bigger corporations tend to outsource marketing to specialized companies, most start-ups don't have the finances to do the same. Thankfully, in today's highly digital era, there are a lot of marketing strategies for startups you can do for free. You only need to manage the resources you have to effectively promote your products and services. Here are some of them. 5 marketing strategies for startups Email marketing Email marketing has been around for a long time, and with good reason: it's an effective way to promote without shelling out the big bucks. Customers often check their emails during their downtimes, so it's likely that they have time…

19Jun 2017 by admin

Startup Management: 5 Mistakes You Could Be Doing

Business Tips, For SMEs

Startup management is undoubtedly crucial. Setting up a business entails lots of risks, which when not properly managed could result in damaging consequences such as bankruptcy or failure. Problems in business are common. Hence, business startups must consider them carefully for the business to thrive in a really challenging world. Common startup management problems and their solutions Financial Mismanagement It is understandable in any business endeavor that finances are very important when it comes to starting a business. The lack of it will just lead to problems such as being in too much debt or bankruptcy. According to a study, about 79 % of failures of small businesses have something to do with starting out with little money or lack of financial support. Aside from the lack of budget, financial…

11May 2017 by admin

5 Simple Steps that will Increase Business Productivity

Business Tips, For Accountants, For SMEs

Let’s face it. In today’s ever-changing environment and ever-growing consumer demands, expectations, and technological advances, competition in business is fierce. Difficult as it is, however, the intelligent entrepreneur knows that increasing business productivity spells a great difference for any business. What does business productivity mean? Being productive does not mean your employees have to break their backs creating the products or services you offer. Just because they are busy doesn't mean they are productive. Nowadays, productivity means increasing efficiency in all areas of work. Productivity means continuous involvement and engagement. For the businessman, this means finding the right tools to make work more efficient. Thus, a huge part of that productivity involves work management. Five steps to increase business productivity Analyze the situation The first step to productivity is finding…

Category: Business Tips