HOW TO SURVIVE A RECESSION

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Business as with life has its ups and downs. There are times when everything is going on well and there are those times when you have to tighten your belt to survive. In this article we will look at some tips on how to cope when the economy and conditions for business are not favourable.

Tax Planning Basics #Uganda

How you plan your business affairs can cause you or your employees to pay more taxes than necessary. The ability to understand the tax statues and how you structure your operations plays a key role in tax planning.

Tax planning is a process of looking at various tax options in order to determine when, whether, and how to conduct business and personal transactions so that taxes are eliminated or considerably reduced.

Although tax avoidance planning is legal, tax evasion – the reduction of tax through deceit or concealment - is not.

Why significance is better than success

Success is winning, Significance is helping others win. Success leaves a fingerprint while significance leaves a footprint on the hearts and minds of others. ~ D. Trinidad Hunt.


Listening to John Maxwell talking about living a life of significance, I couldn’t help drawing parallels as to how one can run a business of significance. John Maxwell talked of 5 Rules of Significance:
1) Value people
2) Add value to people
3) Look for ways to add value to people
4) Do things that add value to people
5) Encourage others to add value to people

16 Ways to Finance Your Start-up

As I walked out of the meeting with some young entrepreneurs, one came to me and said, “all I need is Ugx500,000 and I am sorted!”. I knew she was trained in area that the rest of the incubatees weren't and would value her advise. She would have offered her advisory services for a small fee and start saving up for the money she needed.

The challenge is that most businesses want expert advise for free. Of course there is a place for probono services but not all the time. We have to appreciate that the same way we take time to nurture our businesses is the same way the experts take time to acquire knowledge and continuous professional development (CPD). Time is money and the CPDs have to be paid for as well.

I went away from the meeting thinking of how many start-ups have not yet taken off because of lack of capital as it were. I have therefore read about and made an attempt to put down some sources of funding that one may consider:

For Every Business Owner Without An Accountant

 “I am told you can create financial statements for my business?” the client asked “No I can’t” was my response.
I said no because he had no records for the period for which he wanted the financial statements produced. Accountants are meant to help you organise your existing records in order to produce financial statements and not to conjure up figures. This means that you have to get into the habits of keeping records. If you cannot write them down somewhere then at least keep the source documents (receipts, vouchers, invoices, bills etc.) and someone can help you organise these into a report.

This client wanted the financial statement in order to file income tax returns. What one should know is that whatever you file with the revenue authority should be kept available to them for a period of at least five (5) years. When they come to audit you, they will need documentary evidence of how the financial statements were arrived at.