Gross profit margin

“Gross profit margin is a financial metric used to assess a company’s financial health and business model by revealing the proportion of money left over from revenues after accounting for the cost of goods sold (COGS). Gross profit margin, also known as gross margin, is calculated by dividing gross profit by revenues.”

Investopedia.com

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Boosting cyber security

“It is highly essential for firms in the financial services sector to bolster their cyber security measures. It is better to be safe than sorry. Don’t wait for a cyber attack to shake the very foundation of your organisation before you act.”

Edem Affram, Founder, Synergia Business Solutions

Timeliness of financial statements

“The usefulness of the financial statements of a business entity may be seriously diminished if its publication is delayed too long after the reporting period. For this reason, various national and industry-specific legislation impose specific timelines for the filing of audited financial with tax authorities, industry regulators and the stock exchange.”

Edem Affram, Founder, Synergia Business Solutions

The “informal” nature of many SME business structures is hindering them from growing into global brands.

Philip Oti-Mensah, CEO of Omnibank Ghana (culled from a speech delivered at the International SME Business Network)

SMEs need to brace up, work with proper accountants and try as much as possible to formalise their business.

Philip Oti-Mensah, CEO of Omnibank Ghana (culled from a speech delivered at the International SME Business Network)