Few finance tips that can be helpful to your growth business.

The difference between a marginally profitable and a very profitable company is good financial management. Below are few finance tips that can be helpful to your growth business.

Have a budget : A budget is telling your money where to go instead of wondering where it went.Statistics have shown that over half of small businesses fail within the first four years of existence.One of the major reasons attributable to this failure is the lack of budgeting.No organization can effectively plan without a budget because when you fail to plan, then you are already planning to fail.

Don't spend from sales : Please, always resist the temptation to spend from your sales, especially, if your major revenue source is cash based.

Always retire expenses :if you don't retire your expenses, you're actually laying a bad example for your staff.They may collect funds for official use & not retire and get away with it because you've subconsciously made yourself a prototype. Always ensure you set the "tone at the top" by retiring and accounting for every kobo spent.

Keep track of your accounting records : With this, you can conveniently study and notice the patterns in your cost and revenue. Having something has trivial as an invoice or receipt on file might save you in the court of law.

Don't commingle your finances:Finance is the equilibrium of the soul of every business.Try as much as possible not to commingle the personal with the official.

Have a lovely week ahead.

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