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.

Ambode says Housemaid, Gateman to pay Tax henceforth

 ...Reduces Cost of Replacing Electronic Tax Clearance Card (e-TCC)  ...Goes tough on Tax Evaders in Lagos State

Executive Chairman, Lagos State Internal Revenue Service (LIRS), Mr. Olufolarin Ogunsanwo

As part of efforts to enhance the ease of doing business in Lagos State, the Lagos State Internal Revenue Service ((LIRS) has announced various initiatives aimed at achieving efficient tax administration in the State. The Executive Chairman of LIRS, Mr. Olufolarin Ogunsanwo made this known on Tuesday March 8 at a press conference held at Lagos Press centre, Alausa, Ikeja in the company of the House Committee Chairman on Finance, Lagos State House of Assembly, Honorable Oluyinka Ogundimu, Lagos State Commissioners for Finance, Mr. Mustapha Akinkunmi, Information and Strategy, Mr. Steve Ayorinde and the Attorney General of the State, Mr. Adeniji kazeem. According to Ogunsanwo, the agency has consistently been at the vanguard of reform activities aimed at easing the process of doing business in Lagos State in particular and by extension Nigeria, thereby championing several initiatives aimed at supporting His Excellency, Governor Akinwunmi Ambode, in achieving his electoral promises to Lagosians.

L-R: Chairman, House Committee on Finance, Lagos State House of Assembly, Hon. Oluyinka Ogundimu; Commissioner for Information and Strategy, Mr. Steve Ayorinde; Executive Chairman, Lagos State Internal Revenue Service (LIRS), Mr. Olufolarin Ogunsanwo and the Commissioner for Finance, Mr. Mustapha Akinkunmi, during a world press conference by the Management Board of Lagos State Internal Revenue Service (LIRS), in Lagos…..yesterday 08-03-2016

Among the initiatives is the introduction of a new two-page tax form to replace the old six-page form which is to be used for both direct and self assessments. He stated that the revised form and its guide notes would be translated to Pidgin English and Yoruba for ease of completion and wider reach" In the same vein, the chairman noted that physical filing of Annual Returns is already being complemented with e-submission (on-line submission of Annual Returns) to ease compliance by Tax Payers. Another initiative by the LIRS according to the chairman is th

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.

Startups: Apply to the MTN Enterprise Challenge powered by Jumia and win $25,000

Applications are now open for the MTN Entrepreneurship Challenge powered by Jumia.

The MTN Entrepreneurship Challenge powered by Jumia is a pan-African competition which will bring together over 1000 entrepreneurs, students and investors, to collaborate on ways to amplify and consolidate the continent’s entrepreneurs. The competition will see entries from more than 60 universities in 13 countries across Africa, who will develop a unique digital application or smart solution that will solve a tangible problem faced on the continent.

The winner of the MTN Entrepreneurship Challenge will win a cash prize of $25 000 towards their start-up, and have access to a Facebook Start Program valued at $15 000, which includes tools and services needed to build mobile applications. The winner will also enjoy a yearlong partnership with Jumia where they will have the opportunity to work from any of JUMIA’s offices across Africa. This will enable the winner to learn from, and be mentored by experienced and successful entrepreneurs in the JUMIA network. Two runners-up will each receive US $5 000 towards their projects.

Apply to African Entrepreneurship Award 2016 and win $1 million; business ideas also welcome

Do you have a business idea that will create jobs and improve lives in your region?

Well, the 2016 edition of the African Entrepreneurship Award is open for applications. This means you stand to benefit from personalized, online mentoring over the next few months by people in your region, across Africa and around the globe as they help you finetune your business idea.

You also have the chance of joining a new network that can lead to new customers and investors, and finally, if you emerge among the ten finalists, you get to share in the $1 million award.