Spending money is an interesting thing – it can help against stress, but then again, it can get you into a lot of trouble. Trouble in the sense that you may find you’ve spent too much and aren’t really able to continue without taking a loan for an example.
As it happens, there’s a difference between spending and spending. Whilst one is an excess spending, i.e. on something you really don’t need, the other is for keeping your business going. Continue reading
You’ve accounted for various provisions; they are all enlisted in your provisions accounts, but are you sure they all should be there? Are they are relevant? Is the situation that arose them still there?
It’s one thing with provisions to have them as needed, but you don’t want them or they’re not needed, it’s just hurting your business. Continue reading
Having various provisions can cause a problem in itself. It’s not to say that you shouldn’t have numerous provisions though. If the situations demand one then so be it.
However, with just more than one provision you need to first off keep a detailed list of them including information on what’s the essence of each, updated information about due dates, relevance, i.e. if the provision should still be there etc. Continue reading
Sometimes things happen or business happens and things change. As they change, you may discover you’re tied to certain relationships, i.e. agreements, you have no way out other than after their full term. As such, with your situation changing, you discover you no longer benefit from the agreement in your business or more over your business doesn’t benefit from it. Continue reading
No matter which type of agreements – client, supplier, employee etc., they all need to be managed and kept in certain manner.
First things first, all agreements need to be stored properly and safely considering their nature. For an example, employee contracts shouldn’t be accessible to unauthorized personnel and should be locked away securely. The same goes for bank agreements containing information that not everyone should have access to. Client agreement are most probably needed for sales representatives and accountants and vice a versa, supplier agreements should be accessible to people dealing with suppliers themselves and purchases in general. Continue reading
The problem with the suppliers’ contracts is that they are all in different formats; they are on different terms suiting mostly the suppliers’ needs and what’s more, they are representing your business’ needs.
When dealing with your suppliers’ agreements, the first thing you ought to do is read the general terms. It’s an essential part of the contractual relationship wording out the basis of it. One hint here is to also take notes for your own base agreement you sign off with your own customers – maybe there’s an idea for you there. Continue reading
You may be in a business without any need for customer agreements, like selling goods in a store, but you may also every now and then need to have signed contracts with your clients, i.e. you’re in a longer term relationships or where you’re not selling on spot, but making credit sales (meaning they get an invoice and will pay at a later date, usually in such situations you need signed agreements). Continue reading