All Posts in "Sofia Benjamin"

5 Benefits Of Using A Proforma Invoice

Most of the customers, prior to incurring the cost for goods and services, try to get an estimate regarding the approximate amount they will have to pay. In such a situation, a regular GST invoice is not suitable. To help the customers or buyers in such a situation, the seller or client provides them with a proforma invoice.

A proforma invoice format is not to be confused with that of a regular invoice. The key purpose of a proforma invoice is to give the customers a rough estimate of the expenses they will have to make for the said good or services.

The proforma invoice format is constituted of information like time and date of the delivery of the products, the approximate charges to be borne including those name of the sender and the customer to whom the product is sold and various other terms and conditions.

The proforma invoice format before and after the GST remains more or less the same.

Benefits of Proforma Invoice

There are several benefits a proforma invoice provides which you, as a seller, can take advantage of. Some of these benefits are as follows:

Serves As A Binding Agreement Between The Parties

A proforma invoice allows monetary communication between the seller and the buyer. For whatever the goods or services a buyer contacts the seller, the latter fulfills the requisite demand and offers an estimated invoice. It is this estimation which is reflected in the proforma invoice rather than a specified sum which the … READ MORE ...

Sofia Benjamin by — April 8, 2021 in Finance Business
5 Reasons Why Your Food Truck Business May Fail

If you are the type that loves to eat, chances are you are familiar with the services of the food truck business. This form of business is more affordable and more accessible than a restaurant. Most importantly, it is overseen by independent business owners who cannot afford a brick-and-mortar shop. Rather than get a restaurant, which is expensive, they convert a large vehicle (usually trucks) into a kitchen to make and serve food.

Although the business, when handled well, has been known to be very productive; it is as well — like other businesses — open to risks, losses, and uncertainties. Checking through reviewsbird.co.uk, the following are reasons provided by business owners on why the food truck business fails. If you are interested in the business, you may need to be acquainted with them.

1. Lack of Execution and Planning

Inadequate planning and poor plan execution are not only relative factors to a failing truck business but are also dominant in business bankruptcy generally. A poorly planned business hardly meets its targets. It doesn’t take into consideration its mode of operation, marketing strategy, and financial assessments. Through food companies reviews, it is noted that most food truck businesses fail when expenses (running costs) overwhelm revenues. This is the attendant result of a poorly planned business not hitting its targets.

2. Lack of Understanding

Most food truck owners do not even know how it works before venturing into the business. Every business requires prior knowledge about its capital, environment, mode of … READ MORE ...

Sofia Benjamin by — March 27, 2021 in Economics Business Mathematics
Brand Awareness: Boost your business in 2021

Brand building is as important as quality control procedures for your manufacturing processes. Making people aware of your brand, your products, and your services, will increase your profits.

The perceptions of what potential customers and current customers have of your products and services influence your brand and how they relate your brand to their lives. It might seem a daunting prospect to you to build your brand while you’re focused on running the actual business. That’s where specialist companies and marketers provide essential skills. Which ones are best for your business, which ones are most favored by businesses like yours, and which strategies work the best? Feedbacks from your clients are one foundation of brand building. Read insights shared by real-world people of branding companies and services to help your business in 2021.

Focus groups can help you better understand your market and your customers. These are ever changing, however. By listening and responding to customers’ feedback, you will not only grow your business sustainably, but you’ll also grow your brand in the same process.

Marketing and branding are interlinked – but not the same thing at all. The overarching principle of valuable content for your customer to interact with and learn about your business and brand, you’ll be sharing ways in which your company and products create value propositions to help customers’ in their daily lives, without delivering endless sales talk about your product. The content you create and share are that which your brand and company will … READ MORE ...

Sofia Benjamin by — March 27, 2021 in Business Services
Quick Tips for Refunds in The E-Commerce Sector

Businesses of most types have to deal with the return and exchange of the products bought by the customers, irrespective of being online or offline. Consumers are shifting from traditional physical stores to modern e-commerce platforms to meet their demands. Thus, e-commerce needs to evolve with time and should provide better service in refund management. Customers want the refund process to be as fast as possible and without any complications. From a business point of view, it is an arduous task and requires a considerable amount of time, capital, and effort. One positive sign of effective refund service is that if customers are satisfied with the refund process, they will look forward to shop again from your platform. Here are a few quick tips to build a good refund process-

Have an effective and robust refund policy

Acknowledge the customer with proper information regarding the terms and conditions of the refunds. Be very clear about the products for which you offer refunds and properly mention the requisite conditions. However, it is not possible to provide instant refunds on every product, give suitable explanations to customers why a particular product is not eligible for refunds. Having such a structured format will ensure effective and instant refunds without any complications.

Provide free return shipping

Frankly, no one likes to pay for returning the products. The majority of the customer would never accept any kind of additional charges for returns. While providing free returns may be expensive in the short term but certainly, … READ MORE ...

Sofia Benjamin by — March 24, 2021 in Online Shops
When Should You Get a Loan For Your Business?

Do you face the dilemma, whether to lend money to start a business faster, ask the state for a business grant, or start more slowly? Don’t worry, you are not alone.

As a first step, make a list of all the investments that are necessary to be able to start your business, as well as to ensure the development during the first three months. Remember to add smaller items to the list, as smaller things make up more.

The list of business investment expenses may include:

  • Start-up expenses establishment of a business
  • Permissions documents
  • Deposit for rent or rent
  • Office supplies
  • Software
  • Vehicles
  • Marketing/advertising
  • Licenses, copyrights
  • E-shop or website
  • Reserve for your private expenses for the first three months
  • Legal advice, etc.

Plan (at least) twice, pay once

Before you pay for any item, first consider whether you really need it and whether you can turn the money invested in the business into a value. Because business should be all about creating value that you can turn into profit. Can you create something (new) that other people want and are willing to pay you for it?

Once you’ve decided that you need the item, consider renting instead of buying it. Today, you can rent basic business equipment, such as a mobile phone or computer. If you are in doubt about whether to finance the acquisition of the necessary equipment through a lease or a loan, compare and check small business loans reviews. Choose a more advantageous option.

Last but … READ MORE ...

Sofia Benjamin by — March 5, 2021 in Financial Mathematics Topics