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Startup Tips

5 easy steps to save money

Even in the face of rising expenses, a sum put away every month can take you a long way.

Have you checked your personal finance lately? Some people find it hard to save for various reasons: insufficient income, rising household and business expenses, too many credit card bills, or too little time to check available investment plans in the market.  But ...

by Henry Ong and Henry Ong  | May 22, 2015 07:00:00
Business Ideas

When to consider customer credit to boost sales

Offering credit terms to your customers can help increase sales and profits

The use of credit cards and other automated payment systems that allow the customer to conveniently make purchases on credit makes it much easier to sell your goods and services. In particular, offering payment terms such as zero percent interest for credit ...

by Henry Ong  | June 17, 2013 10:00:00
Startup Tips

Choosing the right accounting system

An accounting system is vital to running your business, so having a working knowledge is crucial.

An accounting system consists of the methods and records that identify your transactions and provides a basis for accounting for your assets. It is vital to managing your business.[related|post]In designing an accounting system, it’s important that you consider starting a chart of ...

by Henry Ong  | April 02, 2013 11:00:00
Startup Tips

How much is your business worth?

In today’s rapidly changing business environment, certain situations force entrepreneurs to find out their businesses’ market value. These arise when the entrepreneur faces ownership problems – as in joint ventures – or if he’s thinking of selling the business, merging with another, ...

by Henry Ong  | February 06, 2013 02:00:00
Startup Tips

Manage your cash flow

Tracking your cash flow can help you gauge the health of your business.

Have you ever wondered why you sometimes can’t find your profits in your bank account? Your business could be doing great and reporting huge net monthly incomes, but when you check your cash balance, you are perhaps often at a loss where ...

by Henry Ong  | February 04, 2013 02:00:00
Business Ideas

What to do with weak sales?

Financial expert Henry Ong stresses the importance of a sales forecast.

Q: Sir, I am in the retail business for three years now. And in three-year’s time we transferred to three different locations. We have also been adding capital from the time we started the business until now. Some of the capital invested ...

by Henry Ong  | October 05, 2012 10:00:00
Business Ideas

5 tips to get your clients to pay in cash

Pointers on managing your cash flow better.

Cash flow is the lifeblood of any business—the cash that goes in and out of your company determines your financial position. In particular, managing how your cash flows in and out of your bank account depends on how you balance the timing ...

by Henry C. Ong  | September 11, 2012 02:00:00
Startup Tips

Things to remember before borrowing from relatives and friends

Here are some things to consider before you close the deal.

Q:  I\\\'m borrowing money from my sister-in-law to increase my capital. What\\\'s a fair interest rate when I repay my loan, which at the same time will not be too steep for me? I know I can use our relationship to "bargain" ...

by Henry Ong  | May 09, 2012 04:00:00
Startup Tips

What are the taxes imposed on a retail business?

Henry Ong says retail businesses are liable to pay VAT and income tax

Q: In retail, what taxes should I be paying and would you recommend getting a bookkeeper?  A: Retail business is essentially trading of goods. You buy goods from supplier, mark up the purchase cost and sell it at a profit.Under this situation, ...

by Henry C. Ong  | April 16, 2012 07:00:00
Startup Tips

Operating income vs. net income

Knowing the difference between the two terms can help boost your business performance

Q: In a few days, the accounting firm that we have hired will submit the financial statement of the company. How will I know if my business is actually earning? Is it enough that I have a high net income? Are there ...

by Henry Ong  | April 14, 2011 07:00:00
Startup Tips

Financial expert helps distinguish the thin line between opportunity cost and business returns

When opportunity cost rises, the expected return from the business rises too. Using the same example above, if you held on to your inventory despite incurring an opportunity cost of 20 percent, you should sell your inventory at a very good price, ...

by Henry Ong  | March 07, 2011 10:00:00
Startup Tips

Money Matters by Henry Ong: Tips on making the annual budget

Here\\\'s practical advice on how to make an annual budget you can stick to

January 07, 2010 12:00:00