Discover how outsourced CFO services can turn your SME’s financial chaos into clarity.
Gain expert insights on cash flow, budgeting, and risk management—without the overhead of a full-time hire.
Grow smarter, not harder.
Transform your SME with strategic cost management. Learn how smart cost control can empower your business to thrive, innovate, and stay lean, ensuring every expense fuel growth. Don’t let inefficiency hold you back—act now to streamline costs and secure long-term success.
Unlock the secrets to balancing cash flow and profit with actionable strategies designed for SMEs. Learn real-life tactics, explore expert tips, and boost your startup’s financial health for sustained growth and profitability.
Leading CFOs assert that ERP systems not only streamline operations but also redefine financial management—are they better than accounting software. Read more.
Streamline your SME’s operations and skyrocket profits with expert supply chain management—discover how strategic improvements can transform your business.
Embrace digital finance transformation to unlock efficiency and competitive advantage for your SME, ensuring sustainable growth in the evolving market landscape.
Business forecasting transforms market uncertainty into actionable strategies, helping SME owners boost efficiency and profitability.
For SME owners losing sleep over cash crunches, this guide provides a lifeline. Discover 10 proven tactics from an expert to get cash flowing smoothly again – from forecasting to tech tools. Regain control of your finances and the freedom to drive your business towards lasting growth.
Protect your business from costly procurement fraud with this comprehensive guide. Learn a 12-step plan to secure your buying process, spot red flags, prevent scams, and safeguard your profits. Actionable tips from experienced finance experts.
Strong internal controls are critical for SMEs. They help businesses run smoothly, keep financial records straight, and follow rules. These controls are the backbone of a business, ensuring money is safe, reports are correct, and operations are smart.
Effective inventory management in SMEs ensures optimal stock levels, saving costs and boosting customer satisfaction.
This post unlocks the secrets to mastering your finances, boosting profits, and keeping your business running strong. Learn smart strategies for invoicing, managing expenses, and predicting the future of your cash.
1.0 Introduction: Aligning Business Goals with Trade Payables 1.1. What Are Trade Payables for SMEs? In small and medium businesses (SMEs), trade payables are the amounts you owe to others for things you bought for your business. Managing these payables well is super important. It helps keep your business’s money matters healthy and ensures you […]
Empower your SME’s financial health with myCFOng’s strategies to confidently manage overdue accounts receivable and sustain growth.
AI transforms SME financial strategies, enhancing decision-making, reducing errors, and fostering competitive growth through smart data analysis.
Effective debt management in SMEs is vital for growth and stability, requiring a balance between strategic borrowing and careful planning to avoid high-interest pitfalls and ensure financial health.
Elevate your SME using myCFOng’s 10-step approach: refine financial processes, boost operational efficiency, slash expenses by 20%, and foster business expansion through meticulous financial process optimization, smart automation, and ongoing refinement tactics.
Data analytics are an essential tool for small businesses, aiding in optimizing trade payables, managing cash flow, fostering strong supplier relationships, and detecting fraud. Additionally, they play a strategic role in cost reduction and future financial predictions.
Project Accounting is vital for Small and Medium Enterprises (SMEs) to manage project finances, assure their viability, and guide smart resource utilization. It involves principles of transparency, consistency, accuracy, timeliness, and compliance. Additionally, technological advancements such as AI, Machine Learning, and real-time data analytics are transforming project accounting, helping to make data-driven decisions and improve financial future.
Enterprise Resource Planning (ERP) systems offer significant advantages over standard accounting software for SMEs, as illustrated by finance expert Ajibola Jinadu. ERPs provide integrated solutions for multiple business functions, enable better collaboration, and are scalable for growth. Contrary to common misconceptions, ERPs are not overly complex or only for big firms. They simplify work, are adaptable, and offer significant ROI. Cloud-based ERPs offer additional benefits of cost efficiency and flexibility. Overall, ERPs are essential strategic tools for efficiency, growth, and cost-saving for modern businesses.
The article provides an in-depth guide on product costing for SMEs. It explains the importance of accurate product costing, challenges SMEs face in it, and reviews different traditional and modern costing methods along with their pros and cons. The piece promotes automation and the use of dedicated software for more precise and efficient costing. It also suggests ways to implement a successful costing system, presents case studies, addresses future trends in product costing, and gives advice to SMEs and young accounting professionals. The importance of choosing an appropriate costing method to enhance profitability is emphasized.
Discover the essence of Break-Even Analysis for SMEs as it acts as the gateway to achieving profitability. It is crucial for every Small and Medium Enterprise (SME) to understand their break-even point – the juncture where total sales match total costs, thus ceasing losses and commencing profits. However, reaching this point necessitates well-thought-out strategies and adjustments to business operations.
This article discusses key strategies for small and medium enterprises (SMEs) to effectively manage their business expenses including cost of goods sold, R&D costs, operating costs, interest, depreciation, non-operating costs, and the importance of understanding and controlling these costs for business growth and profitability.
1.0. Introduction: Unravelling SME Capital Structure Myths In the dynamic world of SMEs, there’s misinformation that often goes unnoticed: capital structure myths. These misconceptions can sidetrack even the most robust enterprises from their growth trajectory. 1.1. SMEs: The Powerhouses of Today’s Economy SMEs are the driving forces behind economic growth, innovation, and job creation. They […]
1.0. Introduction to Asset Management: Unlocking Value 1.1. The Spectrum of Assets in Business Assets, tangible like machinery or intangible like patents, are crucial for any business. They bolster a firm’s market position and operations. For SMEs, smart asset management can significantly improve competitiveness and financial stability. 1.2. Importance of Asset Management Effective asset management […]
1.0. Introduction to Innovative inventory management Inventory management is crucial for Small and Medium-sized Enterprises (SMEs). It affects cash flow, customer happiness, and success. As supply chain demands shift, SMEs see the value in moving from traditional to more innovative inventory management strategies. This article contrasts old vs. new strategies and underscores why SMEs should […]
1.0. Introduction to Business Financing 1.1. The Integral Role of Capital in Business Evolution Business financing or Capital is the cornerstone of business growth. For SMEs, securing the right amount at the right time is crucial. It’s not just about staying afloat but advancing on the growth trajectory. Take the case of Airbnb. In its […]
1.0. Grasping Operating Cash Flow: A Lifeline for Business Cash keeps businesses alive. Operating Cash Flow (OCF) tells you how healthy your business is. This chapter discusses OCF, why it is vital for a long business life, and what mistakes to avoid. 1.1. What is Operating Cash Flow (OCF), and Why Does It Matter? Operating […]
1.0. Introduction 1.1. Why Avoiding Excess Inventory Management Matters for Small Businesses For Small and Medium-sized Enterprises (SMEs), keeping the right amount of stock is crucial. Avoiding excess inventory helps them have the right products on hand. It is not about storage—it is about thoughtful business planning. 1.2. Finding the Right Balance: Stock Too Much […]
1.0. Introduction: Why Financial Metrics Matter for SMEs In the world of business, financial metrics are essential tools for SMEs. These metrics provide insight into a business’s health. They also offer foresight into potential challenges and opportunities. 1.1. The Significance of SMEs SMEs are not merely smaller versions of big corporations. They play a pivotal […]
1.0. Introduction to SME pricing strategies 1.1. The Price Puzzle: A Stumbling Block for SMEs One challenge that stands tall for SMEs is pricing. It is not merely about covering overheads or securing profit. It is a strategic play entwined with market demand, competition, and brand value. Wrong SME pricing strategies are slippery slopes. Underprice, […]
1.0. Introduction 1.1. The Importance of FP&A for Small Businesses Financial Planning and Analysis (FP&A) helps companies, big or small, plan for the future. Small businesses especially benefit from FP&A as it helps them maximise their limited resources. In the corporate world, FP&A is a beacon guiding giants and start-ups. FP&A is not merely a […]
1.0 Introduction 1.1. What is Strategic Capital Expenditure? Capital Expenditure, or CapEx, is money a business uses to buy or improve physical assets, like property or equipment. It is not for daily costs; it is for long-term business growth. Regular CapEx keeps a business running. Strategic Capital Expenditure, however, is for game-changing moves. It is […]
1.0. Introduction 1.1. Traditional Cash Flow Management Traditional cash flow management aims for stability, ensuring more money comes in than goes out. It’s straightforward and predictable, ideal for small and medium businesses. However, this method might not always be the best in today’s changing financial world. Its strictness can hinder growth and quick reactions to […]
1.0. Introduction to how to digitally transform your finances 1.1. Embracing Digital in Small Business Finances The digital age has revolutionized how we operate daily. For small businesses, to digitally transform finances means more efficient financial management. It means replacing old-school ledgers with innovative technologies. With tools once reserved for big players now accessible to […]
1.0. Introduction 1.1. Why Inventory Valuation Matters Inventory valuation is essential for small and medium businesses. It goes beyond counting stock and involves making decisions that impact profits, taxes, and other important choices. 1.2. A Quick Guide to Inventory Valuation Methods Businesses have ways to value their inventory, each with its pros and cons: 1.3. […]
1.0 Introduction to the Loss Leader Strategy 1.1. What is the Loss-Leader Strategy? Businesses are constantly finding new ways to boost sales. One popular method is the Loss-Leader Strategy. Here, a product sells at a lower price than it costs. The idea? This cheap product pulls customers in, and they buy other, pricier items. A […]
1.0 Introduction to Buy or Lease Options Every Small and Medium Enterprise (SME) faces the crucial decision of whether to buy or lease assets. This choice affects its financial health and ability to grow and adapt in a changing market. 1.1. Buy or Lease: The Pros and Cons Buying an asset, like machinery or office […]
Chapter 1: SME Accounting Basics Small and Medium Enterprises (SMEs) rely on accurate accounting. It’s not just about tracking money but guiding growth and long-term planning. As SMEs operate in a complex business environment, transparent accounting becomes more crucial. Let’s explore SME accounting matters and the challenges they face. 1.1. Why Accounting Matters for SMEs […]
1.0 The Rising Need for Financial Literacy in the Workplace Businesses today need their employees to understand finances. This is not just for company decisions but also personal financial well-being. This need for employee financial knowledge, or “staff financial literacy”, has become a top priority. Staff financial literacy means how well employees understand and handle […]
1. Introduction 1.1. Understanding the Critical Role of Talent Management in Finance Finance Talent Management in today’s business world is more than just hiring individuals who are good with numbers. It involves creating a system where professionals combine technical and soft skills. Businesses must be compliant, forward-thinking, strategic planners, and skilled communicators. Leadership in finance […]
Chapter 1. Introduction 1.1 The Digital Era: Impact on SMEs The technology space is changing in the digital era, affecting even SMEs. Machine learning, AI, and data analytics are impacting SMEs’ operations. Businesses have had to adjust their strategies, processes, and workforce to stay competitive. This brought about the need for digital finance talents. 1.2 […]
1.0 Introduction: Moving Forward with a People-Focused Strategy in Financial Changes At myCFOng, we trust in human-led finance transformation to modernise business operations. Harnessing the potential of your workforce is vital in the digital age. Transform your finance team into strategic partners with the proper training and technology. In modern business, financial operations are undergoing […]
1.0 Embracing the New Normal: Digital Finance Talent Digital technology is transforming the finance world in this fast-paced era of change. SMEs must ensure that everyone can adapt and thrive amidst these rapid transformations. This imperative includes developing and leveraging digital finance talent. Here are the top three questions users frequently search for: Here’s a […]
1. Introduction: Understanding the Need for Revenue Diversification Small and medium-sized businesses need to earn money from multiple sources. This is to protect themselves from changes in the market and consumer demands. Relying on one source of income puts them at risk of instability. Therefore, a Revenue Diversification strategy is crucial. This guide provides SMEs […]
Introduction SMEs need strong financial strategies to help them through tough times and stay competitive. One good strategy is to focus on making as much profit as possible. We call this profit maximisation. Profit maximisation is often the main goal of a successful company. This involves making more money than you spend, but it’s more […]
Introduction to Debt Optimisation Debt optimisation is important for small and medium businesses to manage their debt. This helps them stay financially stable, have more cash, and make more profits. It is not easy to master this strategy. It requires careful planning and execution. I have helped many SMEs improve their finances through debt management […]
You may have heard the saying, “Keep expenses low and productivity high.” Businesses thrive on it but managing cost control in a small or medium-sized enterprise (SME) often balances resource optimisation and growth potential. For SMEs, cost control is important for success and growth. This guide can help leaders balance spending and expanding their business. […]
Introduction Implementing a capital optimisation strategy is crucial for SME growth and sustainability. SMEs must manage their money well to make the most money and take advantage of chances to grow. This guide helps small businesses create a capital optimisation plan with practical advice. SMEs can succeed by using these strategies to manage finances and […]
Introduction: Power in Strategic Partnerships for SMEs Small businesses can use strategic partnerships for growth and competitiveness. SMEs need more resources, market reach, and economies of scale. Strategic partnerships can help address issues. They share risks, combine expertise, and develop market strategies. This helps small businesses compete with larger ones. This article helps small businesses […]