Maintaining financial discipline in any business set-up is non-negotiable.. You must maintain financial discipline and accountability before you can succeed in your business. You have to keep detailed records of your financial dealings. This allows you to know where the business stands financially and what financial challenge you could be facing in the future. In business, you need to be careful with every kobo, percent that comes your way.
Always budget your expenses, don’t spend money impulsively. A business man can make money handsomely but if he does not control it, he will lose it. Make sure your financial life is under your control. In order to control money effectively, you need to value money because whatever someone values, he does not waste.
try to differentiate between your capital and net profit as a business person. All the money you have at your business disposal is not your profit. In this aspect, you need to have some basic accounting knowledge. This knowledge will prevent you from eating up all your net profit and eat deep into your capital. Capital simply means money or money’s worth used in starting a business while net profit (gain) means gross profit less all expenses incurred in generating the net profit of there business. Gross profit means sales less cost of goods sold. You can consult an accountant for further clarification and education in this area. Some business have been nipped in the bud not because they did not make profit, but due to lack of basic accounting knowledge. For you to succeed in business, you need this knowledge. If you can’t acquire it, employ someone that has acquired this knowledge in your business. Candidly, it is high sensible and beneficial to do so.
Don t waste your life by expecting Mannas to fall from heaven. The days of Mannas are over. Prayer without work is dead. I stand to be corrected, someone that works but did not pray will achieve more than someone that prays but did not work. Prayer cannot take the place of work and Vice versa. Prayer and work must complement each other for a meaningful result to be achieved. Aside prayer and work, one needs financial intelligence to be free from financial stress. Even if someone has ND, HND, B. 80., Master Degree and possibly PhD certificate but does not have financial intelligence, one is likely to end up a financial failure. Experience has shown that financial intelligence are not always acquired from school. This is the reason why you have some uneducated people that are millionaires, landlords and landladies, while you have some educated people that are wallowing in abject financial poverty. For example, I have a friend at Mile 12, Lagos State. This my friend is a stark illiterate but swims in affluence. Ask me what he does, he specializes in renting of wheel~harrows to people that carry loads at Mile 12 market on daily basis. One wheel-barrow is rented at the rate of three hundred naira (N300) per day. Believe you name, not less than thirty five people rent these Wheel
barrows on daily basis. Let s do the analysis: N300 x 35 people: NlO,500 daily x 26 days (Saturday inclusive) == N27 3,000 in a month. Ask me, how much are people collecting or rather receiving as monthly salaries. You see, my friend is educationally illiterate but financially literate. He has financial intelligence… You can start any venture from the scratch and get to the top. All you need is to set a goal, be focused, believe in yourself, be persistent and hold your God tenaciously. There is no remarkable achievement without influence. Always commune with your maker, Almighty God is the one that opens door(s) for those who call on Him. Do not joke with your destiny. Endeavor to grow with God rather than go with God. When you grow with God, you will forever stay with God but when you ‘go with God, circumstances of life are likely
‘ to pull you down. Whatever you go with, there is likelihood of you departing from but Whatever you grow with becomes part and parcel of your character.