Building your own business or brand will always be challenging that is why you must carefully develop business model that derives result. Whatever business strategy you deploy; the following tips will be of great help to you. As a chartered accountant I have over the years helped businesses drive results through these tips;
1. Learn to manage your business without running out of cash;
2. Track and monitor all spendings;
3. Track and monitor all inventory/stocks;
4. Spend less on fixed assets/expenses i.e. try make your expenses variable than fixed;
5. Develop a financial plan/budget, projections and business plan;
6. Learn to prepare financial report of your business no matter how small your business make look (Income statement, Financial position and Cash flow statement);
7. Make every money spent count;
8. Do a proper risk analysis of your biz and learn mitigating strategies. Even though you are a prayer warrior, just know things may not go as expected. so prepare for the worse and learn from failure;
9. Learn to monitor and measure your performance;
10. Never accept a loan from a bank without proper consultation;
11. Never use your business bank acct for personal transactions;
12. Try and understand the tax implications of every business transactions.
Anonymous
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