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  • Nana Aisha Mamudu

Spending Discipline!

I cannot emphasize enough the importance of getting trained in business before you venture forward.

There is a lot one needs to know about how to run a business before you begin. I'm not just talking about the basics. I'm referring to the nitty gritty. And I mean.....Everthing! ie. Costing, profit making, management etc.


Many have a laid back attitude that makes them treat their businesses like a personal spending account.

If you have ever wondered why your business isn't growing, it's probably because you haven't separated yourself from your business.

As a Business trainer once told me... "You are not your business. Your business should be able to function with or without you." 

Place yourself on a salary and stick to it. Do your production costing meticulously, and manage your profits sensibly.

Some of the expenses you must account for can run into a lot and leave you in the negative. some to note are..


  • Bank fees and interest

  • Rent.

  • Utilities.

  • Insurance.

  • Company car.

  • Equipment or Equipment rental.

  • Software.

Profit is the most important source of finance for a business. Reinvesting it back into the business or company will present you with better growth opportunities.


So think and spend wisely.

Until next time....


Love always,

Nana.


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