Career Key Skills – Managing your Cash Flow

Cash flow forecast or cash budget is a forecast for income and expenditure for a particular time period. It usually covers the next week or month or quarter.
The cash flow document will list expected cash receipts from sales and other income, and all known and anticipated expenditure due to be made in the period.

It is the business equivalent of a household budget, and is designed to allow management to ensure income will be sufficient to cover expenses, and to seek outside financing if necessary.

Quick Facts: Managing your Cash Flow

Review the cash flow forecast regularly to ensure there are no missed payments or shortfalls in your account.

This will need to be at least weekly, if not daily, if cash is tight. This involves checking that forecast amounts become actual amounts i.e. expected payments are received, and expenditure goes to plan.

Raise and dispatch invoices promptly, endorse them with a due date and state that interest will be chargeable if they are not paid by the due date. Have a process in place to follow up late payments.

Know when your customers usually pay and follow up any delays. You need to know if your customer has cash flow problems, because if they go out of business, you will not get paid at all.

Keep stock levels tight to avoid spending money on unnecessary stock. Operate a “just in time” buying policy.

Check all spending is necessary or beneficial, and rationalise spending and costs. Continue reading Career Key Skills – Managing your Cash Flow

10 Profitable Large Scale Business Ideas in Nigeria

Nigeria is  a country with enormous business ideas and opportunities for entrepreneurs. Why is this so? It is because in Nigeria, there are lots of needs to satisfy and problems to solve. If you as an entrepreneur can find a need to satisfy or a problem to solve, then you are definitely on your way to establishing a successful and profitable business in Nigeria. In my earlier articles, I published the list of top profitable business opportunities in Nigeria, I also explained the pros and cons of doing business in Nigeria. Using 2015 statistics in the country, I listed top 10 business destinations in Nigeria.

In this article, I am going to list and briefly discuss using recent statistics in the country top 10 profitable large scale business ideas or opportunities in Nigeria.

List of Top Profitable Large Scale Business Ideas in Nigeria

1. Real Estate Business in Nigeria
Nigeria is a country with a growing population of over 173 million people and a growing deficit of houses. The statistics released late last year by the National Bureau of Statistics and the Central Bank of Nigeria show that for the country to meet up with her high demand of houses, a whooping 17 million housing units must be constructed annually. Real estate business does not only have to do with building houses for living, it also include structures for offices, for companies. Real estate business in Nigeria involves management of properties of lands and the buildings on it. This could be selling of those properties or renting of them.

2. Agriculture
If you are skeptical about this particular idea, then you are not current with the trend in the country. Nigeria seeks to diversify her economy following recent global fall in oil price. A typical example of how profitable this large scale business idea is can be seen in Obasanjo’s Farm. It is reported that Obasanjo Farm makes 34 million daily from the farm. Agriculture can be an exciting business to go into, and the beautiful thing is that is equally rewarding. The Federal Government are working on policies that will encourage and support Agriculture in Nigeria.

3. Hotel Business in Nigeria
The hospitality industry (hotel, guest house, etc) in Nigeria is fast growing. With Nigeria becoming the hub of foreign investment in West Africa and increase tourist attraction sites, hotel business in the country will continue to grow. The key is to target the right strategic location for it. When you locate hotels and guest houses in a place where there are more activities and visitors, you are sure to succeed in the business.

4. Manufacturing & Production Business in Nigeria
Nigeria seeks to manufacture most of her goods in the country instead of importing. This is evidence in her recent Forex Policy and the foreign currency restrictions in the country. There are so many business opportunities in the manufacturing industry in Nigeria. Nigeria currently import cars, electrical appliances and accessories, clothes and jeweleries, tooth-picks, to mention but a few. The country has enough resources to manufacture most of these imported goods in the country. This is a very profitable large scale business idea to venture into in Nigeria.

5. Fast Food Business
Fast food business is growing into a very profitable business opportunity in Nigeria. With the growing busy schedule faced by business owners, employees and others in the country, most people tend to settle for fast food which saves time. Continue reading 10 Profitable Large Scale Business Ideas in Nigeria