September - 2019

Mahzan Sulaiman

#businessunleashed

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What is accounts receivable and where can it go wrong?

Sep 30, 2019
3 min

What is accounts receivable and where can it go wrong?

How do you get paid for goods or services? Accounts receivable is the short answer. Here’s your introduction to one of the most important functions in a business. What is accounts receivable? Accounts receivable is the money you’re owed by customers. Once you send an invoice (or bill), it becomes part of your accounts receivable – until it’s paid. Accounts receivable is the name given to both the money that’s owed, and the process of collecting it. So the accounts receivable

How to regain control of your business

Sep 26, 2019
2 min

How to regain control of your business

Not all business owners want to grow their business. Some may just want more control. Afterall, your business is there to serve you; you shouldn’t be a slave to it. So, how do you regain that much needed control? There are three essential tools all businesses must have: An annual Business Plan. An annual forecast. Ongoing reporting and accountability. The annual Business Plan Your Business Plan shouldn’t be a lengthy document living in a dusty drawer. It should be on one page

The Social Media Giants of Today, and The Business Models Behind Them

Sep 25, 2019
4 min

The Social Media Giants of Today, and The Business Models Behind Them

The garage-to-glory stories of social media big names aren’t foreign to most. Perhaps less enthused about though, are the actual gears behind these tech behemoths. What keeps these multi-billion dollar businesses running and thriving despite seemingly taking little from the end user’s wallet? How do they permeate both our work and personal lives while generating revenue almost imperceptibly? (Key word: almost) With all the hubbub on the state of Pinterest’s IPO earlier this

What’s in the forecast?

Sep 23, 2019
2 min

What’s in the forecast?

“Planning is bringing the future into the present so that you can do something about it now.” - Alan Lakein When we set out on a fishing trip or hike, we always check the weather forecast. It’s no different in business. The forecast tells us if there’s bad weather (poor cashflow) in store based on the direction we’re heading. Your forecast will tell you: Whether you have enough sales in the pipeline to give you the desired level of profit you want for the year. Whether your m

How to manage your finances and cashflow

Sep 20, 2019
4 min

How to manage your finances and cashflow

Money management matters The first few years for any new business are crucial to its long-term success, with many challenges to overcome and lessons to be learned. Cashflow problems and mismanaged finances are major causes of business failure in the early years. Some companies fail to plan properly, some set their sights too high or low, some don't keep track of costs, some fail to chase payment. You can maximize your chances of business success by being aware of the pitfalls

E-commerce inventory management checklist

Sep 18, 2019
4 min

E-commerce inventory management checklist

How to improve ecommerce inventory management Making sure you have the right quantity of product in stock to meet demand can take a fair bit of number-crunching and forward planning. You need to allow for seasonal changes. You also need to account for new spending trends. Use this 14-step list as your guide for improving the way you manage inventory. Start with these steps. Look at your historical annual customer order numbers. Break down the figures into daily, monthly and q

Food, drink, ambience – and cashflow

Sep 16, 2019
4 min

Food, drink, ambience – and cashflow

To succeed in the competitive restaurant industry, you’ll need a firm grip on the finances. One of the major reasons why restaurants go out of business is badly-managed accounts. With transactions going through on a daily basis and razor-thin margins, it’s important to manage cashflow well and keep an eye on inventory, costs and revenue. So it's wise to think about restaurant accounting software before you open your restaurant. You'll need a system that is: online – you can a

What is depreciation and why you should take note

Sep 13, 2019
3 min

What is depreciation and why you should take note

What is depreciation? Depreciation is what happens when a business asset loses value over time. A work computer, for example, gradually depreciates from its original purchase price down to zero as it moves through its productive life. There are techniques for measuring the declining value of those assets and showing it in your business’s books. This area of accounting can get complex so it’s a good idea to work with a professional. Purpose of depreciation Depreciation account

Choosing a new business bank account?

Sep 11, 2019
2 min

Choosing a new business bank account?

A business bank account is an essential requirement for any business. But with so many banking providers out there, how do you know which business account to choose? The key is to know what you require from a bank account, and to choose a bank that understands the banking, financial and funding needs of your business. Choosing an account that fits your business needs Whether you’re a new sole trader or an established limited company, it’s advisable to maintain a clear divide

How to do a market research

Sep 8, 2019
3 min

How to do a market research

Good research can improve your service or product, and it will make you a better marketer. Why wouldn’t you do it? Here’s a practical guide to help get you started. What’s the point of market research? You want the market to spend money with your business – repeatedly. Make that an easy decision for them by finding out precisely what they need from you. Market research helps you ensure: your product or service meets your target customers’ needs your marketing connects with ta

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