How do service based industries earn passive income?

When we offer a service we are continually living in the ‘hour-for-money’ mindset. But as a service provider it is possible to generate income in other ways. As service based providers we are basically selling our knowledge and expertise. The key to service based industries earning a passive income is to package your knowledge and […]

How do I increase profit with limited time available?

If your small business falls under the service based industry category and are charging by the hour, increasing profit can often present challenges. There are two aspects to profit: the first is your income, and the second is the expenses you deduct from that income to get your profit. I spend a lot of time […]

Do you know what your financial position is going to be like in three months’ time?

Most business owners do not know what their financial position will be next month let alone three, six or twelve months in advance. What impact would knowing where your business will be financially in say, three months’ time have on your business? Here are five steps to get you on the road to foretelling the […]

Why is there a difference between my Profit and Loss Statement and my cash flow?

The most confusing area for small business owners can be understanding what is actually happening in their accounts. Product based industry The biggest challenge that product based industries face is the actual product they sell – stock. The key element to understanding the difference between your profit and your cash flow lies in a number […]