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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.