Witty Innovations Consult

26/03/2024

You are passionately working hard to build a legacy business and make huge impact on society but have you taken the time to ponder what happens to your business in your absence? Planning for the future and continuity of your business is an important step in your business growth journey. It ensures your business continues to live on several years after you're no longer in the business! This eBook provides a comprehensive roadmap for succession planning and business continuity for your sole proprietorship business. Grab a copy and start planning for the future of your business now! https://buff.ly/3voedQ9

26/01/2024

25/01/2024

Please join the Telegram Group using this link: https://t.me/+aziDtl-RL9w0MTBk

17/01/2024

Some points to note from last Saturday's webinar:
1. Ideas are everywhere so your idea is not unique. What differentiates your business idea from others is the implementation or model used.
2. The design thinking process is a good way of designing a product or service that is entirely customer focused and solves the pain point or need of the customer.
3. A good market research will show you whether your product or service is viable and will generate income for your business.
4. Creating a target market persona will help you determine who exactly will be paying for your product or service.
5. Your initial product or service does not need to be perfect. However, some key features of what you want to build must be incorporated in the initial product in order to test its capabilities.

We continue on Saturday, 20th January with how to conduct initial market research and find the first customers. I will be honoured to have you join in this session! See you

08/01/2024

This year, we are going back to the basics of building successful businesses by going through the process of idea generation to building an Minimum Viable Product (MVP) to acquiring our first customers and then going on to build solid and successful businesses with appropriate funding.
Join my free webinar series this and every Saturday as we go through this journey while sharing our experiences and frustrations and finding the best solutions to our business problems.
If you have a business idea, struggling to take your idea to the market or looking to solve the challenges in your business, this webinar series is for you!
I can't wait to see you on Saturday!

23/11/2023

Community and Entrepreneurship Development Initiative (CEDI), in collaboration with the Ministry of Land and Natural Resources, Queens University and DDQIC, have opened applications for the next Ejobs4All Program. This current call is focused on enrolling startup ideas and businesses in the mining regions (please check the attached flyers for information on the mining regions). The focus of this year's project is to tackle illegal mining through the creation of jobs through businesses.

Your business idea does not necessarily have to be in the mining sector and you do not have to be currently residing in any of the mining regions but you should be willing to set up your business in any of the mining regions as stated should your application go through.

Please ask any questions you may have about the program and the application process in the comment section, and I will respond accordingly.

23/11/2023

As winners from the first cohort of the Ejobs4All Program, we paid a visit to the Canadian High Commissioner and the Head of CSR of the Databank Foundation to discuss the progress we've made so far in our various businesses and the opportunities and further support available to us. The passion and zeal of these young entrepreneurs cannot be overlooked. The future is exciting!

The second call for applications into the Ejobs4All Program is opened. Please check my next post for the application details.

09/11/2023

UNDERSTANDING BUSINESS FINANCE (4)

The Cash Flow Statement:
The cash flow statement tracks the movement of cash in and out of your business. It categorizes these cash flows into three main sections: operating, investing, and financing activities.
It reveals whether your business is generating or using cash, and it helps you understand the cash effects of your operating and financing decisions.

The cash flow statement connects to both the income statement and balance sheet. For example, it explains why net income (profit) on the income statement does not always translate directly into an increase in cash on the balance sheet.

Interconnection:

The income statement affects the balance sheet through the net profit (or loss). A positive net profit increases equity (capital) on the balance sheet, while a loss decreases it.

The balance sheet, in turn, influences the cash flow statement. For example, when you purchase a new asset (e.g., equipment), it affects your cash flow by reducing cash in the investing activities section.

The cash flow statement offers insight into why the balance sheet's cash position changes. It helps explain how profits are converted into cash or how losses impact your cash reserves.

08/11/2023

UNDERSTANDING BUSINESS FINANCE (3)

The Balance Sheet:
The balance sheet is a snapshot of your company's financial position at a specific point in time, often at the end of a quarter or fiscal year.

It consists of three main components: assets, liabilities, and equity.

The equation that connects these components is: Assets = Liabilities + Equity

The balance sheet provides a clear picture of your company's financial health, showing what it owns (assets) and what it owes (liabilities), with the remaining value belonging to the owners (equity).

07/11/2023

UNDERSTANDING BUSINESS FINANCE (2)
I once listened to a pitch video of a startup founder. In that video, the founder mentioned that he is giving away 30% of his business for a $50,000 seed capital investment in return. A few questions came to mind. Did the founder understand the implications of giving away 30% of his business for that amount on his business? What went into the valuation of the business? Did he also know that the entire value of the startup is hidden in the quoted figures and communicate more to the investor?

Before we get into the technicalities of these numbers, let's start from the basics. The three financial statements every business owner must have in place, how each of these statements relate to each other and the effects each business decision has on these statements translating to profitability and growth or otherwise.
1. The Statement of Comprehensive Income (The Income Statement): The income statement (also known as the profit and loss statement) provides a summary of your company's revenue (sales), expenses, and net profit or loss over a specific period, typically a month, quarter, or year.
It answers the question: "Is your business profitable?" by showing the revenue generated and the costs incurred to generate that revenue.
The simple formula for the income statement is: Revenue - Expenses = Net Profit (or Loss)
We continue tomorrow with the Balance Sheet now known as The Statement of Financial Position