Irene Namuli & Co. Advocates

Irene Namuli & Co. Advocates We are a Business and Finance Law firm that is positioned to partner with SMEs to ensure their growt

INCA has been set up as a law firm for businesses that are focused on their growth and Profitability. Our services are bespoke to the client needs, challenges and opportunities. We don't only advise, we are always innovating and researching ways that we can have our clients businesses be the on the leader board of their chosen field.

May the joy this day brings surround you and your family.
20/07/2021

May the joy this day brings surround you and your family.

A detailed plan must be developed if you hope to reach your profitability goal. Once you have a certain figure in mind, ...
02/07/2021

A detailed plan must be developed if you hope to reach your profitability goal. Once you have a certain figure in mind, you and your staff need to determine all the steps necessary to reach that goal and act on them. Review your company's progress at regular intervals, so you can continue with the strategies that work well and change or eliminate the ones that don't give the results you are looking for.

Your profit goal is the amount of money you need to meet a number of predetermined commitments that are important to bot...
30/06/2021

Your profit goal is the amount of money you need to meet a number of predetermined commitments that are important to both you and to the future of your business. Identifying a profit goal will help you direct your actions and strategies (once you've identified your profit drivers) to reach your target.

To set a profit goal, you will need to consider the following: costs (both fixed and variable), owner's annual income, operating expenses (fixed and variable), return on borrowed capital, return for risk and, return for future growth.

Profit is the positive financial gain your business makes after you've subtracted all your expenses. The ability to gene...
28/06/2021

Profit is the positive financial gain your business makes after you've subtracted all your expenses. The ability to generate profit is crucial to the survival of your business. It is about more than just making money — it's also about the ability to use surplus funds to invest in and grow your business in the future.

There are a number of ways you can calculate your break-even point. One simple formula uses your fixed costs and gross p...
25/06/2021

There are a number of ways you can calculate your break-even point. One simple formula uses your fixed costs and gross profit margin to determine your break-even point. Fixed costs exist regardless of how much you sell or don't sell, and include expenses such as rent, wages, power, phone accounts and insurance. Your gross profit margin is the percentage of sales money left after subtracting the production cost of goods sold from the total sales figure.

Your break-even point is the point at which total revenue equals total costs or expenses. At this point there is no prof...
23/06/2021

Your break-even point is the point at which total revenue equals total costs or expenses. At this point there is no profit or loss — in other words, you 'break even'. Your business could be turning over a lot of money, but still be making a loss. Knowing the break-even point is helpful in deciding prices, setting sales budgets and preparing a business plan. The break-even point calculation is a useful tool to analyse critical profit drivers of your business including sales volume, average production costs and average sales price.

By understanding where your break-even point is, you are able to work out: how profitable your present product line is, how far sales can decline before you start to incur losses, how many units you need to sell before you make a profit, how reducing price or volume of sales will impact on your profits, and how much of an increase in price or volume of sales you will need to make up for an increase in fixed costs.

Knowing your break-even point is helpful in deciding prices, setting sales budgets and preparing a business plan. ...
21/06/2021

Knowing your break-even point is helpful in deciding prices, setting sales budgets and preparing a business plan.

Healthy cash flow is important for any business, but particularly for small business owners in those first few “make it ...
18/06/2021

Healthy cash flow is important for any business, but particularly for small business owners in those first few “make it or break it” years. Business owners who set clear payment terms with their customers, invoice quickly, and follow up on late payment can avoid the dreaded cash flow crunch that can quickly put them out of business.

Payment terms define what credit facilities you will offer your customers. Part of writing an invoice properly is includ...
16/06/2021

Payment terms define what credit facilities you will offer your customers. Part of writing an invoice properly is including the appropriate payment terms on the invoice, as they specify the exact terms and conditions of the sales agreement including when the customer must pay. Payment terms depend on how your business operates, but standard terms for credit include payment within 7, 14 or 30 days after the invoice date. Having transparent payment terms can help ensure you get paid and makes it easier for your customers to understand your billing process. As you start to invoice customers, remember that your payment terms should match your business goals. Selecting appropriate payment terms is an important step toward building and maintaining a healthy business. Always include your payment terms on your invoices, but discuss them with your clients first. And should you ever need to take legal action to deal with a late payer, having documented evidence that you clearly communicated your payment terms up front will be in your best interest.

Because your business doesn’t stop running while you wait to get paid, setting the right payment terms early on can help...
14/06/2021

Because your business doesn’t stop running while you wait to get paid, setting the right payment terms early on can help you avoid being out of pocket.

Debtors are people or businesses who owe you money. Proper management of your debtors will help you get paid faster and ...
11/06/2021

Debtors are people or businesses who owe you money. Proper management of your debtors will help you get paid faster and prevent bad debts. Prompt collection of debtors' accounts will also help you maintain a healthy cash flow.

Here's to those that reach out for greatness. Happy Heroes Day!
09/06/2021

Here's to those that reach out for greatness. Happy Heroes Day!

Address

Plot 49, Rovis Apartments, Suite B8, Ntinda Road
Kampala
256

Opening Hours

Monday 09:00 - 17:00
Tuesday 09:00 - 17:00
Wednesday 09:00 - 17:00
Thursday 09:00 - 17:00
Friday 09:00 - 17:00

Telephone

256392001850

Website

Alerts

Be the first to know and let us send you an email when Irene Namuli & Co. Advocates posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Shortcuts

Share

Category