Small Business Owners in Nigeria

TIPS TO HELP SMALL BUSINESS OWNERS IN 2018.

TIPS TO HELP SMALL BUSINESS OWNERS IN 2018.

SMEs

There are twelve months in the year, keeping your business in good shape is very important. A good place to start is to reflect on the past year, and get a clear understanding of what success looks like in 2018.

Below are few tips to help business owners in 2018:

Year in retrospect:

It is always good to look back especially on the finance of the company, in other to know where to make adjustment in the New Year. Though it might not be the end of your financial year, it is always good to do review. Such reviews should be carried out on sales receipts, invoice, and bank account details to ensure the figures add up. A good quality accounting software like “Sage Software” makes this easy to do and will do most of the work for you.

Interact with your accountant:

A brief chat with the accountant goes a long way in understanding the true state of the business books of account. Your accountant should give you a rough idea of what your tax will be, which will help in avoiding unpleasant surprises.

Review all goals (Revenue, sales, company, and growth):

Take some time to ask questions as to whether you are achieving the set goals, compare your set revenue to the previous year to check for any achievement. If there are lapses, it might be time to get professional advice from seasoned specialist.

(Check our website we render such services; www.pml.com.ng)

Reminder on tax law and filing deadline :

Always ensure you check updates on tax laws and regulations because it changes on a regular basis, the tax calendar can be placed on your table. It’s always good to know when to file and pay taxes.

Find out what customer think :

Feedback from customers is a great way to improve any product or service. In the New Year, what could be done better, strategies on getting and sustaining clients should efficiently be the target.

If only small business owners resolve to manage their account well and plan business finances carefully, there won’t be stress at the end of each year.

To achieve this, get help from an accountant or financial advisor like PML Advisory. You can visit our website for more details about our product and services. Click here to visit…. www.pml.com.ng

TIPS TO HELP SMALL BUSINESS OWNERS IN 2018.

In today’s global economy, the demand for businesses to operate sustainably has never been higher. Stakeholders, from investors to consumers, are increasingly holding organizations accountable for their environmental, social, and governance (ESG) practices. This has given rise to sustainability audits—a systematic process for evaluating an organization's performance across these critical dimensions.

What Are Sustainability Audits?

Sustainability audits involve a comprehensive evaluation of a company’s social, environmental, economic, and governance practices. They assess whether organizations are operating in ways that minimize harm to the environment, benefit society, and uphold ethical governance.

Key components of sustainability audits include:

1. Environmental Assessment: Examining impacts such as energy consumption, greenhouse gas emissions, water usage, and waste management.

2. Social Assessment: Evaluating labour practices, human rights adherence, community engagement, and product safety.

3. Economic Assessment: Analysing financial stability, supply chain efficiency, and economic contributions to communities.

4. Governance and Management Assessment: Reviewing governance structures, leadership accountability, transparency, and stakeholder engagement practices.

The Benefits of Sustainability Audits

Sustainability audits offer a range of benefits that make them invaluable for businesses:

1. Improved Transparency and Accountability: Audits enable organizations to demonstrate their commitment to sustainability and maintain open communication with stakeholders.

2. Risk Management: Identifying and addressing sustainability risks helps companies avoid reputational damage, regulatory penalties, and financial losses.

3. Cost Savings: Implementing sustainable practices can lead to significant cost reductions through energy efficiency, waste reduction, and streamlined supply chains.

4. Enhanced Reputation and Brand Value: Organizations that prioritize sustainability often enjoy increased trust and loyalty from customers, employees, and investors.

5. Regulatory and Standards Compliance: Sustainability audits help businesses meet the requirements of global frameworks such as the Global Reporting Initiative (GRI) and the Sustainability Accounting Standards Board (SASB).

Types of Sustainability Audits

Sustainability audits are not one-size-fits-all. Depending on organizational goals, audits can take several forms:

1. Internal Sustainability Audit: Conducted by an organization’s internal team to evaluate and improve sustainability performance.

2. External Sustainability Audit: Performed by independent third-party auditors to provide objective assurance on ESG performance and reporting.

3. Certification Audits: Focused on verifying compliance with recognized standards, such as ISO 14001 for environmental management or ISO 26000 for social responsibility.

The Rising Need for ESG Auditing Expertise

As the pressure mounts on businesses to provide credible ESG disclosures, the role of sustainability auditors has become pivotal. Beyond compliance, sustainability audits empower organizations to lead with integrity and make informed decisions that benefit all stakeholders. Businesses that proactively embrace this approach not only ensure their longevity but also contribute meaningfully to a sustainable future.

In conclusion, sustainability audits are more than a regulatory requirement—they are a strategic tool for building resilient, ethical, and forward-thinking organizations. With the growing importance of ESG, the expertise of sustainability auditors is poised to remain an essential asset in driving responsible business practices.