Mr Timothy owned a thriving Clothing Company with warehouses and delivery outlets in all the states within the country. He Imported and exported goods regularly within the tenth year of the existence of his company. Mr Ambrose workers were laid off due to lack of funds to pay workers, the warehouse were either sold or locked down by the financial institutions from whence he collected loans . That was how Mr Timothy’s company died before it saw it’s 11year anniversary!
Most Businesses today are heading for the rocks due to lack of efficient Financial management. Sole owners of businesses often forget to correct their books and credit their Business Accounts. Worse still some others don’t even have a business account !!!!
As a business owner there are steps you can take to ensure that your business doesn’t head for doom Like Mr Timothy’s.
Amongst them are;
1. GOOD ORGANIZATION: In order to achieve this you must have a to do list that clearly maps out all you intend to do within a particular time frame .
2. KEEP DETAILED RECORDS: For every general activity and business tansaction that goes on within and around the firm must be put on record. By doing so you will know the direction your business is tilting to,where it stands and the prospects of growth.
3.STUDY YOUR RISKS AND REWARDS: Every successful business takes calculated Risks . By having a record you will be able to know when to take this risks and when not to a perfect scenario is when to go into a merger and Acquisition.
4. BE CREATIVE: Creativity is key in the world of business as the world is dynamic and evolves with time so also should businesses.
5. BE CONSISTENT: Consistency is key in order to always stay on top of the ladder.
By this You will rise above the fear of Mr Timothy’s lapses.