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Business Financial Management

Business Financial Management

Financial management might be one of your greatest challenges you will face in starting your own business. Managing and controlling your business’ financial activities might seem hard specially if you don’t have any experience doing so. But, as a new business owner, you should have at least the basic knowledge and skills in financial management. Yes you can hire a financial advisor or a treasurer to help you out, but being completely ignorant about financial management will do your business no good. It is important that you invest time in learning the basics and eventually you might be able to manage your business’ finances all by yourself.

Let’s discuss the things that you should learn to start managing your business’ finance:

  1. Capital Expenditures

There will be a lot of things you need to spend on when starting a business. You need to consider that your expenditures must balance your income. You should not overspend on your assets and they should be able to produce a profit.

  1. Book keeping

If you have no experience in bookkeeping, you can hire someone to do this important job. They can set up your bookkeeping system and do basic financial analysis. But still, you should be able to learn to understand financial data and if you could learn bookkeeping yourself, it will be better for you and your business.

  1. Managing Cash Flow

You need to make sure that you make enough money to pay off your bills. Creating a cash flow statement will help you manage your business effectively. This is extremely important especially if you have staff salaries to pay. Monitoring your outstanding invoices is critical. Get a good admin to chase the outstanding payment from your clients to maintain a good cashflow health.

  1. Budgeting

For every type of business, it is important that you need to set your budget on things you spend on. A budget will tell you how much you need to spend and how much you will earn over a period of time. It is like a projection of planned income and planned expenditure over a certain period of time.

  1. Tax Planning

One of your responsibilities is to plan taxes. You need to know how much you should pay for taxes to make sure you have a payment on hand. If you are aware how much tax you need to pay for every year so that you could anticipate how much you need to save for it. Do some donations, you can always get some tax off and do charity work at the same time!

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Turn your Passion into Money

Turn your Passion into Money

We all have that one thing that we love doing. It could be singing, dancing, painting, reading, writing, designing or something else. Have you ever thought about making money out of your passion? Wouldn’t it be great to get some profit from things that we love doing? Admit it, some of you hate your job but you can’t just quit because you’ve got bills to pay and mouths to feed. That’s fine, but how long do you have to stay in that situation? Working on a job that you don’t even like will never give you success. If you know you can do something else and you can be happier and more successful doing it then it is high time that you quit your job and start turning your passion into profit.

Some believe that mixing passion with entrepreneurship is not the smartest idea but I disagree on that because I believe that integrating your passion with your business will make you more motivated to endure any entrepreneurial hardship. It is not always about enjoyment and you need to realize that there will be a lot of mishaps in starting up a business and you need to be ready for them. You may take advices from experienced people and do your research.


Here are some of the tips from successful people who turned their passion into profit:


  • Get out of your comfort zone

Though you will start to make money out of something that you used doing, entrepreneurship might be something really new to you. It is not an easy road to take but you should not be afraid to take it. Not easy but not impossible too. Be at ease in uncomfortable situations and test your limits to discover more things that you are capable doing.

  • Determine your place in the market

There will be businesses out there who are already doing what you are planning to do but competition is always good. Find out what these businesses are missing and use that in your advantage.

  • Combine other skills with your passion

Your passion will be the center of your business but if you use your other skills then the chance of your success is greater. It will make your service unique.

  • Make connections

Getting on social media is one of the best ways to get to possible clients. A lot of people are on the internet and promoting your business in social media platforms is an effective way to get to these people.

  • Start today

If you are really decided in starting up a business then you should start doing it. The process is going to be long and hard so the best time to start is today. Do not be someone who keeps on delaying doing what you ought to do. Remember that time is of the essence.


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Tips for Winning at Life

Tips for Winning at Life

Who wouldn’t like winning? Doesn’t it taste so sweet? Each one of us is fighting a battle and there are times when we just want to give up. But giving up should never be an option. Remember that we were given trials because we can overcome them, it is up to us if we will choose to win or lose. Life is about making choices. Most of the things that are happening in our lives are the results of our own choices. So to win at life, one of the most important things to do is to make smart decisions.

Here are some of the tips I’ve created that could guide you in winning at life:

  1. Take responsibility for your actions

Always remember that you are the only person who has full control of your life so whatever happens to you do not put the blame on other people. Accept that you are a human being capable of making mistakes and by accepting you will be willing to learn.

  1. Do your best

Do your best at school, at work and at every aspect in your life. Do not be someone who feels regretful at the end of the day because you did not give it your best.

  1. Be in control of your emotions

There are outside factors that you cannot control that could bring bad situations but what you can control is your attitude towards it. If life throws you lemons then make a lemonade. It is okay to feel upset, frustrated and mad at times but do not dwell on these feelings too much as they will not bring any positive result. Learn to move on.

  1. Act with humility

Do not focus on yourself only. Respect others and their importance. Be confident and be humble at the same time.

  1. Set up specific goals

If you set specific goals, you would know exactly where you are going. It is okay to not have everything figured out but at least set a goal to know what you are aiming at. Some people fail in life because they invest their time and effort in doing nothing life changing.

  1. Focus on solutions

Problems r inevitable. You are not the only person who experiences trials in life. But instead of complaining about your situation, why don’t you focus on thinking of ways on how you could overcome your obstacles.

  1. Believe in yourself

Believing in yourself will help you a lot in life. If you know that you are capable in conquering challenges then you will be able to. You are also able to identify your strengths if you believe in yourself.

  1. Show love

Love makes the world go round. If you show love to other people, you will receive love in return. Loving is one of the greatest thing that could happen to anybody. With love, you will be more confident, more daring to take risks and you will not be afraid to fall then stand up again.

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Things that Successful People Have in Common

Things that Successful People Have in Common

Ever wonder what these successful people like Bill Gates, Mark Zuckerberg, Steve Jobs’ secrets are? I mean, how come they became that successful while most of us are still struggling in life? Were they just born lucky or did they work harder than everyone else? Because I was curious about their secrets myself, I’ve done a research to see the things that successful people have in common and here are 7 of those things:


  • They are willing to fail and use that as motivation to succeed

Successful people did not become successful the first time they tried. Like most of us, they have experienced trials in their lives, they might be bigger obstacles than we have. Success doesn’t come easy and they know that. But they are willing to fall every time and they are ready to get back to their feet and use each failure as a motivation to keep going. Even when they are already successful, they r still failing at times and they feel thankful about it because it gives them the opportunity to learn more.

  • They welcome change

Change is the only constant thing in this world. If you are not willing to get out of your comfort zone then you will not be able to discover the things you r capable of. Successful people are innovative. They know how to adapt to changing situations. They know that nothing stays the same and that they should be ready to whatever change that may come their way.

  • They set realistic goals

It is always okay to dream big, in fact dreaming is the start of a success. These people that we look up to set their goals straight and they make sure that they are capable in accomplishing their goals. They only set goals based on what their skills and strengths are.

  • They know their priorities

It is normal for a human being to want to try different things but know that we can only do so much. If you want to be successful, focus only on what you think you can benefit from. The world is big and there’s a lot of places to visit, people to meet and things to do. If you waste your time trying to do ALL things then success is farfetched for you. Figure out what you really want to achieve in life and focus on it.

  • They don’t live in the past

Moving on is not only applicable in a failed relationship but to almost all aspects in our lives. Champions use their experiences in the past only to learn lessons so that they could avoid doing the same mistakes again. They do not dwell in the past instead they live their present with the knowledge that whatever it is they are doing at the moment will greatly affect their future.

  • They are resilient

People and situation may try to break them but they always know how to recover quickly from any difficulty life throws at them. They are strong willed and they have a positive outlook in life.

  • They know when to stay and when to leave

Champions know exactly what they want in life and they only stick to things that make them happy. If they are in a situation where they know it is not bringing anything good to them, they don’t hesitate to leave. They are not afraid to make difficult choices.

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The Power of Positive Thinking

Do you think that there is always rainbow after the rain? Do you always see the good in everybody? Do you think of the brighter side of any situation that you’re in? If you answer yes to all three questions then you have a positive outlook in life. We always hear how positivity is important and how it could help us get through any trial that we face in life, but how true is that? Well, if you are a positive thinker you always think of the solution to a problem and not just dwell on the problem itself. Some might think that positive thinking is a concept, some think it is absurd. Some people are pessimists because they think that they’d rather anticipate a bad result so that it will be less frustrating if it actually happens. But I still believe that positive thinking is something that each one of us should possess in order to overcome the challenges in our lives.


I truly believe that positive thinking leads to happiness and success. If you think positively, your self-confidence and self-esteem are boosted because you will always think that you can do anything, no matter how hard it might be. For example, if you are on a job interview and you think positively, then you will be confident enough to answer the job interview and you’d be able to express yourself more. Chances are you will score the job. Compared if you are a pessimist, through the job interview you will be bothered by the thought that you might fail the interview and instead of you concentrating on answering your interviewer, you will be bothered by the thought of failing all throughout. Also, our way of thinking affects our decision making. Do you think you’ll be able to decide smartly if you have a negative thinking? I don’t think so. If you think negatively, you’re just focused on how bad the situation you are in. If there is a snake in front of you and you think that it will bite you, you are more likely to run away. What will happen next? You’ll get bitten by the snake because you will threaten the snake by running. But, if you have a positive attitude then you might think of other possible ways to escape the situation. Your brain will work more effectively giving you more options.

Your relationship with other people will be well if you are a positive thinker. If you’re given a criticism at work, you will think of it as constructive. Instead of hating your boss for saying something about how you do your job, you will be grateful instead and use his constructive criticism to become better at what you do. It is not hard to have a positive attitude. You’ll be happier and you’ll find yourself more at peace. It is an attitude that every one of us should have. There is nothing wrong about expecting the best to happen. Positive thinking will make you work hard to get the result you want. It makes you anticipate something good. You are less afraid too if you think positively. You are willing to take risk and you will enjoy life more. I encourage everyone to have a positive outlook in life because we only pass this road once, so make the most of the journey.

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Importance of Social Media for your Business

Importance of Social Media for your Business

Social media marketing is very rampant these days. There are 3 billion internet users and over 2 million of them have active social media accounts like Facebook, Instagram and Twitter. Social media gives businesses opportunity to reach these 2 million people. If you want a lot of people to know about your business then social media is the best place to promote it. In case you are still not convinced of the importance of social media for your business, here are some reasons why it is:


  • Increases brand recognition

Social media boosts your business’ visibility. It also gives you an opportunity to directly share your content to people. People nowadays look online to find a product or service, and if you are not on the internet especially on social media, they would not know about your existence.


  • Social media posts can be used to drive traffic

If you share the link of your website on social media, chances are people will click it and voila you will have more visitors to your website. You just need to have the right social media strategy so that more people will click the link you’re sharing.


  • People will listen to your message

Since Facebook, Twitter and Instagram are social networks, people will see your post not as an advertisement and they will likely hear what you have to say.


  • Improved customer experience

Buyers and potential buyers expect fast response from companies they are buying from. They expect fast response to their questions. Social media allows you to be more responsive to people. If you have administrators that can take care of your social media accounts 24/7 then you will be able to deliver exceptional customer service.


  • Build relationships

Getting your business on social media is not just about selling your products and/or services. It also gives you the opportunity to communicate with your customers. People love feeling valued and you can let them feel that by being responsive to them and acknowledging their comments and suggestions.


  • Lower marketing cost

Traditional marketing like print or digital ads, postcard mailers are expensive. If you use social media marketing, you can do it for free or for a cheaper rate.


  • Higher opportunity to convert

Somehow, social media marketing makes customers feel that they are dealing directly with a seller, not with companies. Brands become more humanized when promoted in social media channels thus gaining more trust from customers.

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How to Write a Business Plan

how to write a business plan

In starting a business, whether small or large, one of the first steps that you need to do is planning. It is like a draft of the things that you want to do and accomplish. Once you’ve come up with a business idea, you need to create a plan out of it. It is an exciting part of the whole building a business process as it is where you can draw all your ideas and have a look at it. Writing a business plan is also a way to build your concept in details and prove that it could actually work because admit it, not all business ideas are good. The following are the necessary steps you need to take in writing a business plan:


  1. Executive Summary

This should say what you want people to know about your company. The executive summary gives people a view of your business. Basically, this will let people know about the products and/or services that you will sell, the market, company profile and financial considerations.

  1. Company Description

This is a summary of what your company is about, your mission statement, and a short description of the industry. You should also talk about your products in here and what people could expect from your company. Also tell them where you will be located and how your products and services will meet people’s needs.

  1. Market Analysis and Strategies

Market strategies let you define your target market. It is important that you determine if your business has a place in the market. You need to know who your audience will be. You could do surveys and interviews to determine the probable success of your business. Also, by doing market analysis, you would be able to determine the correct strategies to use in order to be successful.

  1. Competitive Comparison

It is important that you know who your competitors are. You need to determine their strength and weaknesses and how they are or they are not successful. In that way you could determine your advantages over them and develop ways to overcome barriers that existing companies have faced.

  1. Operations & Management Plan

Basically, this section will show your business organization and management structure. This will show your management team and their responsibilities. You could write brief bio of each member and relevant experiences. The capital and expense requirements should be tackled here too.

  1. Marketing & Sales Plan

It is important that you know how you will sell your products and this is where you should discuss it. You need to be able to answer questions like: How can you penetrate your target market? How will you communicate with your consumers? What is your target sales per month/year?


  1. Financial Factors

Here is where you will outline your financial model. You need to be able to determine your start-up cost and financial projections. This part is important especially if you are pitching for investors so make sure you back this up with accurate information.

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How to Setup a Serviced Office Business

A serviced office business provides company work space with devoted services and all amenities needed in a standard professional office. This business is becoming popular as people find it more convenient and cheaper to just rent an office space for their businesses. If you are thinking about setting up a serviced office company, you need to be very careful with your decisions and be mindful of the things that you have to consider. This is a profitable business indeed, you just have to run it right.


Here are ways on how to set up a serviced office business:

  1. Choose your location

Businessmen will be more interested in renting an office space if it is in a great location. It has to be in an accessible and secure area and as much as possible put it in the commercial area where businesses can be found at.


  1. The size of the office

This will depend on how much budget you have and how many offices you want to rent out. Of course, the more spaces you have available, the greater profit you could gain.


  1. Take care of legal documents

Make sure that you have the permits and/or licenses required to run a serviced office business. Follow all protocols concerning the business so that you will not have any legal issue. Do read up on the taxation in each different country too.


  1. Make sure the necessary amenities are available

One thing that people like about serviced office is that they have most of the things that they need to start their business ready like internet service, phone system, copy and fax machine, computer desks and chairs and other standard office amenities. You need to make sure they are getting those once they rent out your office space. These are the investment you need to put in to purchase all these furnitures during the start of the business.


  1. Decorate your serviced office

Your unit should look attractive and professional at the same time. If you only rent for specific kind of businessmen or professionals, you could design your building depending on your niche. If your building is open for any kind of businesses, then you might want to choose a more neutral color and designs for your building. Also, make sure that your building is sanitary.


  1. Hire staff

You may need to have a receptionist and office administrative staff for your serviced office. You need to make sure you will be able to attend to your customers’ needs so form a team that could cater to them.

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How to Set up an Online Store

Online business is one of the trends these days. Since a lot of people have access to the internet, it is convenient for many business people to sell their products online. The use of social media is one of the most effective ways to get buyers to view one’s products and/or services. Setting up a store online is way easier than setting up a physical store, not to mention cheaper. Also, you can get to more potential clients online as your audience is much broader. You are not just limited to offer your products to one specific geographic location, instead you can get to people miles away from where you are located physically. Amazon, ebay, Zalora are a few examples of successful ecommerce stores out there which I am sure you already heard of. Now, we get to the most important question – How do I go about setting up my own online store?

You don’t really have to be a computer expert to be able to set up an ecommerce store. Remember, you can hire a technical person or team to help you out. But let me give you the steps on how you could set up your dream online store:


  1. Gathering the tools you need

First thing you have to fuss about is your website because it will serve as the store itself. This is where people can view what you are selling and this is where they can also purchase. It is very important that you choose the right platform. There are a lot of ecommerce builder available out there which you can see with a simple google search. To name a few though are Shopify, 3dcart, Bigcommerce, Volusion, and Magento. These website builders will save you a lot of time because you can skip a few steps listed below, and just focus on designing your store and not on coding it. The benefit of coding your own is to have a more customised design that stands out from the rest of the internet world, instead of having template designs.


Also, to set up an online store you need to have the following:

  • Domain Name – It is simply your website name
  • Web Host – It is a service provider that enables your website to have a name on the Internet
  • Dedicated IP address – A unique address dedicated to single hosting account
  • Shopping Cart Script – There are web hosts that offer this for free. Sample free shopping cart scripts are osCommerce and Zen Cart which r readily available to be installed


  1. Setting up your website

If you do not have experience building a website, you can always ask somebody else to do it for you. I’m sure you’ve already seen an online business store’s website so you already have an idea how yours should look like. It should have all the necessary information your potential buyers need to see. Guidelines in creating a website should be available for you and the things that you need to learn are:

  • Understanding and Writing HTML
  • Styling and CSS
  • Launching the website


  1. Installing your shopping cart system

There are tools available that will let you auto-install the shopping cart system. The steps in installing the system depends on what system you will use.


  1. Customizing your online shop

You need to customize your website based on what you are selling and how you would like people to view your site. Your website needs to look attractive and credible at the same time. Think hard of the logo that you will use as it will serve as your branding. The logo itself will already speak about your business and it is the first thing that people recognizes.


  1. Setting up your products/services

This is the time when you will put what you are selling on your website. You will place your products online using the shopping cart system. You need to customize it based on what you are selling.


  1. Fulfillment and Shipping

There are a lot of ways for people to pay for your product/s like PayPal, using their credit/debit card, payment centers and cash on delivery (cod). You need to select a carrier that will deliver your products to your buyer and it needs to be a trusted one. It is important that you let your consumers know about the shipping fee if there’s any. Also, you and the consumer should receive email notification once they purchase and receive the products. You need to set it up that way.

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How to Deal with a Difficult Boss

How to Deal with a Difficult Boss

Admit it, not everyone of us has a boss who we like. Sometimes, they can be a pain in the neck and they add pressure to our jobs. I understand that it is frustrating when you feel like you did your job right but still it seems as though it’s still not enough for your boss. It is demotivating when your boss keeps giving you destructive criticisms. You feel undervalued when you are not given the recognition you deserve. But before you think about leaving your job, why not think first of ways on how to professionally handle your relationship with your boss? I’ve gathered some of the best advices to help you deal with your bad boss.


  1. Empathize your boss

Try to put your shoes in your boss’ to better understand what he is coming from. What are the things that motivate him/her? What drives them to work hard? Try to look at the workplace as they might. Do you know what makes them happy or mad? Is it important for them to impress others? When you better understand your boss that’s the time you could talk to them more effectively. You’ll be able to carefully choose your words so that it will be in line with his values and they might listen to you.

  1. Identify Triggers

Some bosses have anger management issues that need to be handled. If you are able to identify what triggers that attitude then you could avoid it.


  1. Don’t let it affect your work

I know this is kind of hard to do since your boss could really have a great impact on your motivation at work. Remember that it’s not only your boss who you need to deal with. You have other superiors and co-workers that you can be in good terms with. Enjoy some few laughs with people in your company that you don’t have problem with to divert your frustration. And most importantly, focus on getting your job done.


  1. Talk to your boss

Talking resolves a lot of conflicts. If you try to talk to him/her, you might find out that he/she is not as bad as you thought. Maybe they are going through some personal issues and they just need someone to talk to about it. Your relationship with your boss doesn’t have to be personal but they are still human beings that are capable of feeling.


  1. Ask your boss if they need your assistance

Be proactive. Ask about their goals and see how can you be of assistance. They will appreciate that.


  1. Manage your own emotions

When you’re upset, a lot of things goes through your head but you should get a grip of your own emotions. Learn to respect your superior for you to earn the respect you well deserve. It is important that you know how to stay calm so that you can think clear.