SMEs Need Business Budget to Succeed

As a business start up and small business consultant, I have noticed a great deal that one of the major reasons 80% of starts ups don't last the first two years is due to lack of proper business budget.

A budget is simply "an estimate of income and expenditure for a set period of time"

Who needs a budget? Every businesses need a budget annually.

The same way large corporations spend a lot to put their company budget together as to provide guidance, strategy and direction for the company, so also micro, small and medium scale businesses must also have business to run with.

Having a profit and loss account is not enough, that is an aftermath. 

The budget provides direction, focus, discipline, accountability, prudence and even propels the business for hard work.
With the budget, you already have tried to map out all that you would be venturing into and exactly what you want to achieve with a period, so you are not dissuaded by whatever wind that comes around.

DOING BUSINESS IN NIGERIA - TAX MATTER

As Nigeria undergo series of CHANGES and restructuring to ensure corruption is eradicated and good governance is enshrined, kindly note that the government is depending on TAX to augment the shortfall in crude oil prices.

While a number of difficulties may be experienced as event unfold, it would rather be an easy ride for businesses that are well prepared ahead before the TAX MEN hit the streets.

What is Tax?

Tax is defined as a compulsory Money paid to the government other than transaction-specific goods and services.

It can be said to be a burdensome demand.

This implies that everyone of us are liable and responsible on this assignment to pay our taxes to the government.