This week on STEP @CoPS. Week of 26/04/2023
Session eight is anchored to the rise and fall of any business establishment. This accounts for why it is an essential aspect of entrepreneurial training. It exposes the recipients to the rudiments of keeping financial track of their business.
Relevant research has shown that the major cause of business collapses, especially after the third generation, is the knowledge gap in accounting and controlling the business’s financial activities.
In response to this ugly situation, this module is designed, among other things, to help entrepreneurs:
- Learn how to combine their books: income & expenditure books.
- Calculate their profit or loss.
- Prepare a balance sheet to determine their business‘ financial position.
- Learn the necessity of being accountable to themselves and other stakeholders in the business.
- Learn how to separate their personal needs from the needs of the business.