Whether you a running a single business or a multiple of businesses, it is important to track records of each.
Each hustle should have a separate book where you record your receipts (sales) vs expenses. This basically helps an investor to know which business is operating at a loss and which is doing good. Every investor needs to know the amount of capital that has been injected in every business.
From our business consultant’s desk, we have gathered information that before you start a business, has a computation for rent for the next six months.
It is very wrong to think that ones you start the business, you can depend on it for paying rent or even buying food for your household in the first four months. Any cash flow you get in these six months should be recycled back into the business. This will help increase stock and thus, more profits.
It is from such practices thata business grows step by step.
Similarly, these sales should be best banked by close of business. This helps to create a better credit standing and rating with the banking institution. A bank or any financier and or financial institution can only give credit/loans to any business they have a history of performance with.
It is therefore advisable to open a business account after registering one with the registrar of companies. This is such a bold step for every young investor.
Growth and success is what all of us want. Therefore, let’s all follow the little routine steps given by experts. We also encourage young graduates to volunteer in their early stages so that they can gain experience and expertise in running their newbies in future.
Discipline is also a very important skill that employees run from their predecessors. They learn how to run their businesses, mistakes employers could be making as well as teamwork and also handling juniors and employees.
Customer relations is also a topic that we shall handle on our next blog. Click https://havengoldconsultants.co.ke/blog/ for more business tips
Hallo, you need any advise from our business consultants’ desk? Call us on 0711 777 025