In the current economic environment, most Singapore business sellers find it difficult to sell their business for a good price and in a reasonable timeframe. However, amidst difficulties and frustrations, it is important to stand sturdy in maximizing your sale. Most of the troubles that a seller confronts in selling his business can be avoided by learning the pitfalls of business selling ahead of time. Here are five common mistakes that a seller should avoid.

1. Insufficient Preparation
Lack of preparation is one of the most common mistakes that Singapore businessmen know and commit in selling their business. Before selling your business, you have to check all of its aspects, such as the financial documentations, sustainable profitability and staff problems. These factors to know will affect the saleability of your business once you place it in the market. Preparation cannot be done overnight. So whenever you decide to sell your business, start preparing now.

2. Exaggeration that leads to fraud
Sellers will always have the intention to represent their business to the best light. However, there comes a time when sellers misrepresent their business to buyers by overstating their businesses. During the process of selling, there is a temptation to avoid for sellers to distort projections, cover up problems or manipulate the numbers. This is very risky especially when the buyer scrutinizes your actual financial reports. The best way to avoid this is to look for lawyers or business brokers such as buysellbusiness.com.sg in Singapore to facilitate you in making you actual reports properly represented.

3. Overpricing
Price is the single most important factor in determining how long the Singapore business stays in the market. The problem with inexperienced seller is that they usually set a price that is higher than the value of the business overtime. It is impossible to land a buyer when this happens so before assigning a price, sellers should conduct a thorough valuation of their business and how can it defend its price when positioned in the marketplace.

4. Only accommodating cash
Rushed business sellers often fall for this trap. The problem with entertaining all-cash only is that it is quite impossible in the business world. It is very rare for Singapore buyers to consider buying a business through cash. Some prefers to offer the seller with some concessions such as seller financing, or paying in an instalment basis. This would actually benefit you as the seller since you will be paying smaller tax payments once you are no longer the sole owner of the business.

5. Sudden identification of buyer
Some sellers would skip the all-important process of pre-qualifying buyers fearing that they might scare potential buyers away. This results to selling their business to unqualified buyers and later realizes that they made a wrong deal. Short-listing buyers is very important in order to avoid random, unserious buyers from viewing the details of your business. Most of the promising buyers are those who are interested to both small and large details of your sale.
It requires time to prepare for selling your Singapore business but the most important thing to do is start preparing now. Avoid all misconceptions and cramming so that on the day of the sale, all odds will be beneficial to you.

What is financial planning and why do we need it?

There are many people in Singapore who have not yet started financial planning, and if you are one of these people, it is high time you started as your future as a financial planner as well as those of who are important in your life is entirely dependent upon your financial standing. How? As a financial planner you will know that inflation eats up whatever you keep in cash or in your saving account with the result that you are unable to fulfill your liabilities or responsibilities towards your family. Having a financial planner career is a step by step necessary process that makes better use of money by investing it in more productive schemes.

To fulfill responsibilities, financial planning is necessary

This is done keeping in mind that the income and other resources of an individual with a financial planning career in Singapore is meant to help him as a financial planner to have necessary money at his disposal to fulfill his responsibilities and to lead life in a better way than today. It is all about money really and this is why financial planner as a career in Singapore is necessary. Even a simple housewife can be a financial planner as she too to monitor her finances necessarily because she has to budget the family’s monthly expenses and spending what she gets from husband in such a manner that she is able to save small amount every month. Most of us have goals that we set for ourselves to be attained in future.

Worry about retirement is a major cause for financial planning

A lot of people practice financial planning or hire a professional financial planner for their own life after retirement. The steady stream of income that is there while being in the job is gone and the person is forced to live a life of lower standard after retirement. But unless we start saving and investing today, it is impossible to achieve our goals as anything that has some price today will have a much higher price in future depending upon rate of inflation in Singapore. If we start on our financial planner career much earlier, or if we hire a financial planner we can trust, then we can live life with the same standards as today after retirement.

Accounting software allows a businessman to channel his energy in productive areas Singapore is one place where businessmen face cutthroat competition from each other and an entrepreneur require all his focus upon his business rather than spending a lot of his time on book keeping. Making use of accounting software frees a businessman from accounts and allows him to devote all the time to devising business strategies and meeting clients to improve upon sales.

There are many benefits to using a ubs accounting system but the biggest is its ability to make available financial statements at all times and from all places. Yes, being online, one can get access to his accounting software records from anywhere in the world and even get all facts and figures regarding financial aspects of the business.

Having the financial information on your fingertips makes you feel confident as you know the direction in which your business is moving. Imagine being in the midst of a business meeting with a client and being able to produce financial statements to impress upon him with the credentials of the business. Another instance where ubs accounting software does wonders is of course at the bank where the user is applying for a loan for expansion and the bank manager requires some information that you come up with by logging in to your accounting system records from ubs.

Doing business in the advanced state of Singapore is no joke, and trying to outperform other businessmen takes some effort on the part of the entrepreneurs. Accounting software ubs accounting does exactly this by making it easier and more efficient to keep accounts.

It also makes hiring the services of an accountant redundant and a businessman saves on his hard earned money that was going to the accountant in the form of salary. Making use of accounting software in Singapore has become necessary today to stay ahead in the competition and to increase the productivity and efficiency of the business. Be alert while buying the accounting software so as to buy suitable product.

One can purchase accounting software online or from one of the many companies selling it in Singapore. Whatever the source of purchase, one must ensure that the product is reliable and efficient. One way to ensure efficacy of the ubs product is to ask the company to run a demo of the accounting system inside the business and to give hands on training to all the employees who will eventually make use of the features of the software.