Setting up and running a business in the formal sector of Nigeria requires that you follow the laid laws and steps. Businesses also need to pay taxes as required by the government.
Great business insights can be gleaned from financial analysis such as knowing if you are making profit, if you are at a loss, the level of your expenses and many other indices. Understanding numbers is a skill you must have.
When financial management is mentioned, what comes to the mind of business owners is how to raise money to finance their business ventures. However, our experience shows that whether you can raise all the initial start-up capital for your business or not, the skills for financial management are essential for the survival of your business.
With the technological and digital evolution, people have discovered and are taking advantage of running online businesses. These businesses are borderless and allow business owners the opportunity to reach wider audiences than traditionally possible through physical shops.
There are established rules and regulations that govern the setting up and running if businesses in Nigeria and globally. If these rules and principles are not understood before venturing into business, there could be dire consequences for business owners.
Financial Planning is the deliberate act of making decisions about managing our finances.