Month: September 2020

When it comes to being your most productive and efficient self at work, proper time management is a must. Time management is a skill that nearly every employee should have. But it can be challenging to develop. So what is time management? And why is it so important for employees?
Time management is the practice of allocating your time to tasks productively and efficiently. Often, time management involves planning out your daily activities and exercising conscious control of your time as you complete those activities. Some common themes for effective time management include clear goals, priorities, and expectations. You can apply the practice of time management to any part of your life, including professional and personal time. But in professional spheres, perfecting time management is one of the most vital skills employees should develop.
Practicing time management in the workplace is important because it can help you meet deadlines and be productive at work. Time management can also improve your mental health. You’ll feel less stressed, knowing how to allocate your time for each task. Experiencing less stress at work can help you achieve a better work-life balance. Having poor time management skills can result in late assignments, poor work quality, and higher stress. You may feel less balanced in your work and experience burnout as a result. Burnout can stifle your creativity and leave you frustrated and angry with your assignments or employer.
By implementing practical time management skills, you can do more than impress your boss and co-workers. You can become an integral member of your team, proving you’re a dependable, productive, and efficient employee.
If you are an employer or a business owner, time management is critical for making the most of your business and achieving your goals. Planning your work is the most important strategy for effective time management. As a business owner, you are under pressure to make decisions, meet deadlines, complete paperwork and handle issues like customer service and getting to know your customers. If you don’t plan your days, your time will be taken up putting out fires and doing things that your employees, freelancers, family, or friends could handle instead of you.

Contact Korsell Corporate Consult for your business solutions and consultancy. Let’s help you grow your business.

‘For your business to work for you, you need to make yourself replaceable’. There are several proven strategies to run a successful enterprise. But what if the business runs you? ‘Own the business; don’t let the business own you’.
What does it really mean? Some owners answer by asking a question. If you decide to step away from your family business for a week or a month, what would happen? Would the business thrive or suffer catastrophic failure? Many owners recount how they have spent years learning how to step back and let the business run without them.
In order for your business to work for you, you need to make yourself redundant and replaceable. To reach those goals you must think deeply about two things; what you want to do and what you are uniquely qualified to do. And then after thinking this through, you commit yourself to doing only those two things.
You have to create a flexible support infrastructure to run the daily operations of your business. You must embrace innovation, technology and crucially, enlist the support of workers to do the work you cannot do. Employees are hired for a reason. Let them do their jobs and get out of the way, say experts familiar with the final points of delegation.
When team members are empowered and not micromanaged, they are inspired and productive. ‘There is no better way to see how the company runs without you than leaving it’. When you come back, evaluate where the issues arose and unanswered questions linger. These bottlenecks will show you how you can and should empower your team.

Bookkeeping is important for any kind of business whether it is small or big. Keeping your financial records makes it easier to locate and provide to appropriate parties. Bookkeeping is important because it helps with business analysis. It is a tool used by management to analyze business performance. Poor bookkeeping can be mayhem for a business and that is why you need a qualified person to do that job.
Bookkeeping is not just about maintaining financial records; it is about analyzing them too. Every business needs to maintain a healthy cash flow in order to continue to pay staff and suppliers. Failing to do so could prevent the business from functioning as normal, which could lead to lost business and in extreme cases, liquidation of the company. As a bookkeeper it is your job to continuously analyze the business finances to ensure that cash flow is healthy and the business can remain strong.
A bookkeeper’s analysis of business finances will help to guide the overall business strategy, giving sage advice to business owners. Plans to expand, invest and budget will all be influenced by the existing financial records and as a bookkeeper you may be asked for recommendations on a regular basis. Business planning simply cannot be done successfully without looking over financial records, so bookkeeping is an important part of a business.
Many businesses rely heavily on investors to help their business grow and become successful, but these investors need to know that their money is in the right place. Thorough bookkeeping ensures that investors can access detailed reports about the company’s financial status in order that they can feel confident in their investment. Again, when approaching potential new investors the business will be expected to provide financial data in order to demonstrate that it is in good standing; as such, good bookkeeping can help to secure new investors.
It is clear that nowadays business owners have neglected bookkeeping. They do not keep records of accounting transactions, so businesses often fail in financial management and suffers bad management. Besides keeping records is necessary for businesses and it is compulsory by law. In this case, it is very clear that bookkeeping is essential for your business growth and development.

Contact Korsell Corporate Consult for your consultancy services to help you grow your business.

Financial management is very important in any business. The reason being that, it is to maximize the wealth of owners. All businesses aim to maximize their profits, minimize their expenses and maximize their market share. There are four recognized element of financial management. These are; planning, controlling, organizing and directing and decision making. The four divisions are based on the purpose of each task.
Financial management itself involves understanding and properly controlling, allocating and obtaining a company’s assets and liabilities, including monitoring operational financing items like expenditures, revenues, accounts receivable and payable, cash flow and profitability. The three types of financial management decisions are capital budgeting, capital structure and working capital management. A business transaction that would include capital budgeting is if your company should open another store or not. The primary objectives of financial management are; attempting to reduce cost of finance. Ensuring sufficient availability of funds. Also, dealing with the planning, organizing and controlling of financial activities like the procurement and utilization of funds.
In managing your business finances, the day to day operations of the business and keeping within budget much be ensured. It also includes making long term investment in equipment and obtaining the financing for your operations. Normally financial managers are responsible for financial health of an organization. They produce financial reports, direct investment activities and develop strategies and plans for long term financial goals of their organization. Financial managers typically help management make financial decisions.
Financial management is an important skill for every small business owner or manager. Managing your finances means that one must plan to pay its taxes on a timely basis. Every decision that an owner makes has a financial impact on the company, and he has to make these decisions within the total context of the company’s operations.

Contact Korsell Corporate Consult for your consultancy services to help you grow your business.

There are so many challenges that sole proprietors come across in the course of their business. A one man business comes with a lot of advantages but it also has disadvantages. Many people tend to engage in this kind of business since they get to make their own decisions and they can also terminate it whenever they want. If being your own boss sounds like a dream then one must be aware of the harsh realities of operating as a sole proprietor.
Here are some ways of tackling the challenges of sole proprietorship business in Ghana;
DISCIPLINE: If you struggle to stay focused, you may find it hard to remain self-employed. After all if you don’t work, you don’t get paid. On the other side of the coin you might burn out from overworking. Some people work well in a self-directed role, while others need external help to manage their activities. If you’re in the latter category there are some tricks you can employ to create a framework to become more disciplined. Optimize your time: Having a set time for different tasks can help you stay focused on discrete activities. Block out your day based on when you’re at your best for each task. For example, if you struggle to be productive in the morning, perhaps you should read and answer emails then, and work on tasks that need more focus in the afternoon when you’re able to concentrate. If you are more regimented, then develop a routine. If not, don’t be afraid to set time limits for tasks. Work-related time limits curb the amount of time you spend on a project, forcing you to become more efficient at completing it; recreational limits (e.g. social media browsing) allow you to have mental breaks that empower rather than derail your work. Be accountable: While having clients means you’re largely accountable to them, they shouldn’t be micromanaging every task. If you’re a bit soft on yourself, employ external accountability measures. This could be a list of tasks you need to complete each day or week, or a friend, family member or fellow sole trader who will check in with you regularly to ensure you’re on target with whatever you’re working on.
FINANCIAL ACCOUNTABILITY: It can be daunting to realize that your income relies solely on your ability to attract and retain paying clients. Many sole traders find the pressure too much and return to regular employment, but those who can wear multiple hats – proprietor of your core business, plus accountant, plus salesperson, plus marketer – reap the most rewards from self-employment. Sluggish cash flow remains one of the biggest pain points for small businesses, and it’s a key reason many sole traders fail. One of the most easily fixed issues is pursuing overdue remittance; a surprising number of small businesses hold debts for their clients. An accounting system like QuickBooks Self-Employed can notify you of outstanding invoices and help you devise a cash flow budget that projects future income and expenses, as well as the optimum timing of these payments. Sole traders also incur a higher per capita cost to do business. While larger organizations can leverage economies of scale, sole traders don’t have that kind of muscle. You can try to negotiate with suppliers to reduce costs. If it’s for capital, non-inventory purchases, you can look for a co-op or consortium to see if you can manufacture economies of scale. There are buying groups for micro-business you can join, or you can simply create one using your network.
CLIENT MANAGEMENT: Clients can be challenging in many ways – too demanding, too vague, too many, too few – but the best way to sum up what you need from them is ‘workflow’. Good workflow is the ability to find and maintain clients in a manner that gives you sufficient work without overwhelming your schedule or abilities. That means keeping project overruns to a minimum and ensuring you have more work lined up for when you reach the end of a job, all while maintaining a little breathing space to ensure you don’t burn out. Client management also entails sound negotiation skills, not just for your fee but to defend your time and headspace. Know your value proposition and listen to what your clients want. Keeping the lines of communication open will benefit your ability to attract clients as well as strengthen your workflow.
There are many ways self-employed workers can meet the challenges of running their own enterprise by combining discipline, good client management and sound financial oversight.

The primary goal of any consultant is to help a company become more efficient and profitable. Consultants usually provide the steps needed to achieve a company objective, leading to a company project. Business consultants provide management consulting to help organizations improve their performance and efficiency. Consultants analyze businesses and create a solution while also helping companies meet their goals.
Using their unique knowledge and skill set, business consultants will identify problems and help initiate change. Business consultants also provide constructive criticism, train and teach employees and even do some unpleasant tasks like eliminating staff who do not contribute to your business. If an existing company is also facing problems in their business, a business consultant can help make the necessary modifications to revive your company.

Every business needs a business consultant;
Businesses in all industries can benefit from working alongside a business consultant. Many new companies understand the importance of hiring a consultant right from the start. Consultants can help new businesses set up their accounting, develop business processes and hire talented staff. Established businesses can also gain many advantages from hiring a consultant, especially when trying to grow their business or expanding into other industries. When problems occur that affect a company’s finances or reputation, a business consultant can help find a solution before it is too late.

Contact Korsell Corporate Consult for your consultancy services to help you grow your business

A startup is a new established business founded by one or more entrepreneurs to develop a new product or service and bring it to the market. By its nature, the typical startup tends to be a shoestring operation, with initial funding from founders or their friends and families. Startups need outside experts who can do the work, as well as provide training on what needs to be done. These outside experts are the business consultants.
A startup is a business which has been established recently, works in much higher uncertainty and with limited resources and hence startups hire consultants to help them with the early steps of an enterprise. Business consultants can bring in tremendous benefits for startups when hired for the right reasons.

1. Unbiased Feedback: Most startups work with the existing talent, experience; knowledge, and expertise of the business ignore the changes happening outside. This is why receiving honest and unbiased feedback can be immensely beneficial to startups and here is where a startup consultant’s role becomes imperative. Startup consultants can provide a much-needed external outlook to the practices and core model of the startup. The startup will get feedback not only about the concept behind your business but about the details of execution, organization and other critical matters.
2. Management Advice: Right from initial idea and vision through the next phases and steps of the startup business, the blueprint of your business is just excelling sheets, word documents and PowerPoint presentations on your consultant’s computer. The expertise and advice of startup consultants can be applied to many different areas of your business, and they offer many different consulting services. Most people running startups are relatively young, who have MBA’s out of top B-schools and have decided to follow their own passion, rather than working for someone else. The people in charge of running these businesses can thus be expected to be lacking the requisite managerial experience or knowledge to steer the venture in the correct director, because of obvious handicaps, like young age and little or no experience. A startup consultant can provide management advice based on their experience in management, finance, strategy, marketing, and development, to a young relatively inexperienced CEO who is just learning to steer his business through the business executive word. The client is given insight and gains clarity through working with an experienced professional who has been through the process multiple times.
3. Creating a Road Map: Strategic planning is one of the key services provided by startup consultants. Startup consultants help clients through analysis, statistics, and strategy. Strategizing is the key for any business, but it’s especially crucial for startups. Clients partner with experienced consultants to plan critical steps for their startup business. Most startups don’t have a concrete roadmap or even objectives to begin things, hence this remains one of the major hurdles for a startup starting out. A startup consultant will put in place a strategic plan and create a roadmap for your business.
4. Expertise: A startup consultant brings in the requisite knowledge and expertise for a business which may be beyond the current expertise of the existing skill of the business. A startup consultant is considered an expert in his field of specialization and has plenty of training, and knowledge about the latest tactics and techniques for moving a business forward. Business growth comprises a number of tasks and processes generally aiming at developing and implementing growth opportunities within and between organizations, and only a professional startup consultant can help you with that.
5. Market Research: Your startup consultant will meticulously research the market and the segment in which you plan to grow your business in. Market research is considered one of the significant tools of strategic business decisions. Market Research information includes but is not limited to data on your customers’ needs, your competitors’ abilities and trends within the industry. Professional startup consultants are known for their continuous analysis of the market trends and dynamics which means that they are alert to changes and developments in different market sectors and they will advise you of any suitable chances that they come across. Being in contact with the right business consultants will in the long run help your business grow and become what you want it to be. Contact KCC for consultancy.We offer training to new and existing business owners to enhance productivity.

These are the top 5 reasons why a startup needs a business consultant: