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  • Elvin Zhang, Author at SG Small Business Centre
    Links Singaporean Small Business Owners Should Read This Weekend 7 August by Elvin Zhang on August 7 2015 Every week we ll be featuring 5 links that would be useful to you as a small business owner in Singapore Here s what caught our eye this week 5 Key Lessons Every Entrepreneur Can Learn From Unbroken Louis Zamperini Being an entrepreneur requires Read Views 376 10 Places to Find Free Images for Your Website by Elvin Zhang on August 3 2015 As you create content to help grow your business you ll need to find images to go along with that content After all a picture is worth a thousand words Articles that include an image have on average 94 percent more views than articles that don t includ Read Views 368 5 Links Singaporean Small Business Owners Should Read This Weekend 31 July by Elvin Zhang on July 31 2015 Every week we ll be featuring 5 links that would be useful to you as a small business owner in Singapore Here s what caught our eye this week 7 science backed strategies for getting over your fear of public speaking Public speaking is an extremely Read Views 373 3 simple ways to price your products for better sales by Elvin Zhang on July 29 2015 Sales is the lifeline of small businesses and pricing plays a huge role in how well your products sell Fortunately figuring out how to price your products doesn t have to be tricky Plenty of research has been done on pricing techniques Here are 3 simple Read Views 415 24 Accounting Terms Every Business Owner Needs to Know by Elvin Zhang on July 27 2015 Every industry has its own special jargon the accounting world does too To help you better understand that

    Original URL path: http://quickbooks.intuit.sg/r/author/elvinzhang/ (2016-01-01)
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  • The Top Fears of Startup Founders - SG Small Business Centre
    in order to grow your business over the long term The goal is to choose a business model that will support your company s future development Poor Hiring Decisions Your employees represent your business everyone else and they have a significant effect on your ability to grow over the long term One of the top fears of entrepreneurs is worrying that they will make poor decisions when it comes time to hire While founders are naturally eager to grow their business most startups can t support a full staff in their infancy Instead you can do one of two things First you can sell your vision and try to bring people on board who are excited to work with you for equity Second if you have the funding you can hire a few contractors and part time people who can work only when absolutely necessary Along with hiring too quickly inexperienced managers often choose people who are destined for failure To minimize turnover founders should evaluate people for fit and then for skills When it s only a few people each person affects the entire company so be careful not to let bad seeds in Starting Too Early Startup founders have a wide array of concerns on their minds not the least of which is when to actually start their companies While many entrepreneurs wait too long to get their products on the market launching too early can also be a serious error By going forward with a substandard product or service you can permanently harm your business reputation before you have time to correct early issues What s best really depends on the type of business you own For tech early release and constant iteration is the name of the game For other products and services more market research and planning may be needed Not Delivering Absolute Perfection It s only natural for founders to want their businesses to produce top quality goods and services from Day 1 However the truth is that most startups suffer some amount of growing pains on the road to success Don t let a fear of mediocrity hold you back from starting a business Additionally entrepreneurs must often test various products before determining what their customers truly want Instead of holding out for the perfect product create the best version you can with the resources at your disposal and make adjustments as needed Overcome Your Fears to Achieve Your Dream of Business Ownership It s no secret that launching a startup business can be frightening However the truth is that no career path is entirely without risk Many large businesses experience significant turnover and even the best paying corporate jobs don t offer the safety and stability they once did If you have an entrepreneurial spirit and the skills to succeed don t let fear prevent you from achieving your goal of owning your own business See all articles 3 simple ways to price your products for better sales 4 Ways Your Small

    Original URL path: http://quickbooks.intuit.sg/r/starting-up/the-top-fears-of-startup-founders/ (2016-01-01)
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  • Starting Up Archives - Page 2 of 3 - SG Small Business Centre
    As a small business you may not have the budget to offer high salary packages and employment benefits Even though you might not be able to provide monetary rewards as motivation there are other steps you can take to motivate your employees Here are 4 of th Read Views 541 Why You Should Build Your Corporate Culture from Day 1 by Derrick Kwa on May 13 2015 As you grow your small business you ll eventually have to start hiring new employees This presents a whole new challenge Managing people takes up a lot of time and a different skillset Your new hires need to understand you and your business This is Read Views 554 Guide to Co Working Spaces and Alternative Office Spaces by Derrick Kwa on April 27 2015 Leasing an office space comes with quite a high cost Rental rates in Singapore s CBD are at a record 9 88 per square foot per month To reduce your business expenses you might want to consider moving into a co working space Co working spaces offer ent Read Views 614 Checklist for Setting Up a Home Based Business by Derrick Kwa on April 15 2015 Maybe you ve

    Original URL path: http://quickbooks.intuit.sg/r/starting-up/page/2/ (2016-01-01)
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  • Starting Up Archives - Page 3 of 3 - SG Small Business Centre
    a lot of planning that has to be done before even starting a business Here are some aspects that you need to research and think about before opening your doors Select Your Type of Business and Consider Its Effects on Your Taxes and Liability Read Views 620 7 Questions to Ask a Potential Business Partner Before Signing on the Dotted Line by Derrick Kwa on March 26 2015 Entering into a business partnership can be a great way to combine the talents and skills needed to build a successful company But if the partners aren t able to effectively work together or have different ideas about how to run the business it can lead Read Views 561 What Does It Really Take to Become Your Own Boss by Derrick Kwa on March 20 2015 Many people both in Singapore and around the world dream of starting a business But not everyone is cut out to do so We talked to Melinda Emerson known as SmallBizLady and author of Become Your Own Boss in 12 Months about what it takes to successfully Read Views 692 Insider Management Tips for Small Business Owners by Derrick Kwa on March 1 2015 The startup

    Original URL path: http://quickbooks.intuit.sg/r/starting-up/page/3/ (2016-01-01)
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  • 3 Must-Know Tax Benefits for SMEs in Singapore - SG Small Business Centre
    amount is S 7 500 for next S 290 000 after 50 exemption the exempt amount is S 145 000 thus the total exempt amount for income up to S 300 000 is S 152 500 50 percent of Singapore s economic output and 70 percent of employment comes from the SME sector Prior to establishment they will need all the help they need and such exemption schemes are designed to redirect maximum tax savings to the SME sector Productivity and Innovation Credit PIC Scheme Singapore s government has always placed an emphasis on innovation and automation With that in mind IRAS introduced the Productivity and Innovation Credit PIC Scheme in Budget 2010 Under the scheme from 2011 to 2018 companies can enjoy 400 tax deductions allowances and or 60 percent cash payouts for investment in approved innovation and productivity improvements Even though the PIC Bonus component has already been terminated where companies can enjoy an additional 100 cash bonus on top of existing PIC benefits there are still substantial cost savings that SMEs can leverage These are just a few of the main tax savings benefits you ll get as a small business check out http www iras gov sg for a full list It ll make tax season slightly more enjoyable for you See all articles How Small Businesses Can Stay On Top Of Their Finances 24 Accounting Terms Every Business Owner Needs to Know How to Calculate the Ideal Profit Margin for Your Small Business 4 financial tips for new business owners How to Project Profits With Cost Volume Profit Analysis Maximize Profit and Minimize Loss 5 Components of a Solid Financial Plan Choosing and Defining Invoice Payment Terms Cloud Based Accounting Three Steps to a Bright New Way of Working 3 Must Know Tax Benefits for

    Original URL path: http://quickbooks.intuit.sg/r/finance/3-must-know-tax-benefits-for-smes-in-singapore/ (2016-01-01)
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  • Choosing and Defining Invoice Payment Terms - SG Small Business Centre
    to make a payment at this time the seller is legally able to repossess his or her goods While immediate payment can be beneficial for the small business owner this term may inconvenience clients Net 30 One of the most common payment terms not only in Singapore but around the world Net 30 days or N 30 means that a buyer must settle his or her account within 30 days of the date listed on the invoice Businesses may also set invoice terms to Net 60 or even Net 90 depending on their preferences and needs 2 10 Net 30 Like Net 30 invoice terms 2 10 Net 30 requires buyers to pay within no more than 30 days of receipt However this payment type offers a discount of 2 for clients who submit payment within 10 days and benefits buyers with additional cash balances to increase liquidity for the seller Line of Credit Line of credit payment terms offer buyers credit toward the products and services they purchase This type of payment term presents each buyer usually large companies with a monthly invoice which is then paid via check or bank transfer Sending an Invoice As the owner and operator of a small business you likely send multiple invoices each month However getting your invoice out the door is only the first hurdle You also have to take steps to ensure your invoice will be paid in a timely fashion Be sure to discuss payment terms before distributing products or services to clients It s a good idea to keep industry standards in mind when choosing a payment type You can find a sample invoice template below his article Receiving an Invoice Most small business owners deal with both outgoing and incoming invoices on a regular basis If you receive an invoice from a vendor it s important to pay close attention to the options for repayment so you don t risk losing them While some supplier invoices set rigid payment guidelines such as requiring cash upon delivery others offer the option of earning discounts by paying early While paying early may save you money in the long run you should take steps to ensure that doing so won t leave your business short on cash Communicate Payment Terms Clearly It s no secret that small business owners have to contend with hectic schedules Revamping your invoice system may seem like just one more thing to do but it ll save you time in the long run Set up a clear and specific invoicing system and communicate payment terms to clients thoroughly Be clear timely and consistent in dealing with payment terms to boost your chances of getting paid on time To download a free customizable Invoice Template click the image above or click here See all articles How Small Businesses Can Stay On Top Of Their Finances 24 Accounting Terms Every Business Owner Needs to Know How to Calculate the Ideal Profit Margin for Your Small Business 4

    Original URL path: http://quickbooks.intuit.sg/r/finance/choosing-and-defining-invoice-payment-terms/ (2016-01-01)
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  • 7 Accounting Formulas Every Business Should Know - SG Small Business Centre
    predictable costs that you must pay in order to conduct business These costs include insurance premiums rent employee salaries etc Sales Price is the retail price you sell your products or services for Variable Cost Per Unit is the amount it costs you to make your product This tells you how much of your product you need to sell in order to cover your costs and start making money 4 Cash Ratio Equation Cash Ratio Cash Current Liabilities What It Means Cash is simply the amount of cash you have at your disposal This can include actual cash and cash equivalents i e highly liquid investment securities Current Liabilities are the current debts the business has incurred This gives you an idea of how much cash you currently have on hand The higher the number the healthier your company 5 Profit Margin Equation Profit Margin Net Income Sales What It Means Net Income is the total amount of money your business has made after expenses have been removed Sales are the total amount of sales you ve generated This shows how much you re making per sale If it s too low it may reflect that your costs are too high or that your business is not very healthy 6 Debt to Equity Ratio Equation Debt to Equity Ratio Total Liabilities Total Equity What It Means Total Liabilities include all of the costs you must pay to outside parties such as loan or interest payments Total Equity is how much of the company actually belongs to the owner or other employees This ratio shows how much of your company s financing comes from external sources A high number might make it more difficult to get more financing or investors 7 Cost of Goods Sold Equation Cost of Goods Sold Cost of Materials Inventory Cost of Outputs What It Means Cost of Materials Inventory is the amount of money your company has to spend to secure the necessary products or materials to manufacture your product Cost of Outputs is the total cost of the goods sold This tells you if the costs you re paying to make your product are in line with the revenue you earn when you sell it Even if you re not planning to manage your own accounting you should have a good grasp of these fundamental accounting formulas The more knowledge you have regarding your finances the better you can manage your business See all articles How Small Businesses Can Stay On Top Of Their Finances 24 Accounting Terms Every Business Owner Needs to Know How to Calculate the Ideal Profit Margin for Your Small Business 4 financial tips for new business owners How to Project Profits With Cost Volume Profit Analysis Maximize Profit and Minimize Loss 5 Components of a Solid Financial Plan Choosing and Defining Invoice Payment Terms Cloud Based Accounting Three Steps to a Bright New Way of Working 3 Must Know Tax Benefits for SMEs in Singapore When should I start preparing

    Original URL path: http://quickbooks.intuit.sg/r/finance/7-accounting-formulas-every-business-should-know/ (2016-01-01)
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  • Brad Peterson, Author at SG Small Business Centre
    on August 5 2015 SMB although this is an acronym for Small and Medium Businesses the amount of work that goes into building a small business is far from small or medium Most small businesses are highly passionate about their ideas and also very good at executing them Read Views 352 For Small Businesses View QuickBooks Online plans Online Invoicing Software Automated Bank Uploads Add ons Features and Benefits Balance

    Original URL path: http://quickbooks.intuit.sg/r/author/bradpeterson/ (2016-01-01)
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