Small Business Guides – Robley Baynes

22Sep 2023 by Robley Baynes No Comments

Setting Achievable Financial Goals For Your Small Business

Goal setting can sometimes be challenging especially when setting goals for your business’development and growth. You might think about what you want to achieve with your money but turning this into a reality requires creating a specific, measurable, and achievable plan to follow. What are financial goals? A financial goal is considered to be a monetary goal you strive to hit or accomplish. Your financial goals can relate to saving, spending, earning or even investing. Financial goals can often be grouped together with your budget and financial plan but it’s important to remember that your financial goals are completely separate. If you have a specific financial goal sometimes, it may be a bit crucial. Without a financial goal in mind, you may lose sight of what you’re saving for, and…

07Sep 2023 by Robley Baynes No Comments

A Guide To Management Accounts

Robley Baynes, Small Business Guides

Did you know that it’s very simple to track business growth? Using management accounts, your business can have access to valuable insights that will increase revenue and business growth. WHAT IS MANAGEMENT ACCOUNTS? Management accounting is a discipline that involves generating and presenting financial and non-financial information to aid managerial decision-making within an organization. While there is no universally agreed-upon set of principles for management accounting, there are several key principles and concepts that are commonly followed. THE BENEFITS OF MANAGEMENT ACCOUNTS Management accounts allow you to have access to detailed information of the operations of your business. The analytic report usually contains vital information such as the cash flow, the profit and loss position and the financial operations. Without a full grasp of how your business is performing,…

29Mar 2023 by Robley Baynes

Six Strategies your small business can use to survive inflation

Small Business Guides

Six Strategies your small business can use to survive inflation. If you’re a small business owner, it’s likely you’re feeling the pressure of uncertain economic conditions, rising costs and the impact of inflation within Trinidad & Tobago. For many small businesses, the natural reaction to inflation is to raise prices for their products or services; however, this can cause you to lose customers and make it difficult to survive in competitive markets post COVID-19 period. In this blog, we’ll share some beneficial tips and strategies on how to deal with inflation so that your small business is able to survive any financial challenges that come it’s way. What is inflation and how can it affect your small business? Inflation is a ascent in prices, which can be interpreted as the…

15Mar 2023 by Robley Baynes

Cash Flow Tips And Tricks For Your Business

Small Business Guides

Cash flow tips and tricks for your small business When it comes to managing a successful business, your main aspiration you’re likely to aim for is seeing your company grow and perform exceptionally well financially on a year-to-year basis. However, cashing in big profits does not mean resting on your laurels: you also must consider keeping your cash flow consistent. Where the profits that you make can provide a good indication of whether your business is operating efficiently, your cash flow is the metric that shows how money is entering and leaving your business. And if you need a positive cash flow, you need to ensure that more money is entering the business than the amount that is going out. It’s a fact: any small business comes with operational costs…

08Apr 2019 by Robley Baynes

Bookkeeping to run your business

Small Business Guides

Accountants help keep your finances in order but bookkeepers play an important role too. So what's the difference between a bookkeeper and an accountant? And how can a bookkeeper help you run your business? Bookkeepers and accountants are not the same If you’re a small business owner, you’ll be familiar with juggling several tasks at once. As well as keeping things running, you need to generate income, keep your customers happy and look after financial information. Tracking the financials can be a chore though, and one of the biggest questions you might have is who you get to help with your accounts. Do you need an accountant, a bookkeeper or both? Let’s demystify things. Accountants and bookkeepers have different jobs and responsibilities. An accountant’s main focus is: the preparation and…