Welcome to our Third Lesson on the How-to Online Learning Series on Spread Media. Today we’ll be sharing tips on How-to Manage your Finances. Feel free to use the Comment Box if you have questions. Enjoy!!
As a business owner, you’ll find that there are many areas that need your consideration. Trying to divide your time sensibly and fairly across them all while you’re managing the finance and steering the business is a real challenge.
That’s why top finance directors are paid high sums to keep track of a company’s profits (or, indeed, losses). It’s no simple task.
It’s understandable that you might choose to spend a lot of your own time focusing on the accounts when you’re starting up your business after all, every kobo counts. After you launch a business you often worry about where the next paycheck will be coming from. You regularly spend months reviewing and signing every amount you pay out.
One thing you should have in mind is that, there are many other important factors to contend with besides the pressure of worrying about managing your finances. Money might be the last thing you should be thinking about.
If you don’t have a head for numbers, it’s probably a good idea to let someone who is experienced in finance tackle the accounts. You should instead focus on the areas of the business you’re best at and those you enjoy. But even if you are an expert at accounts, it will certainly benefit your business if you let someone help you out. While it may take some time before you fully trust others to take responsibility, the sooner this happens, the sooner you can start doing the real job of running a business.
It’s clearly important that you keep a close eye on the numbers when you’re starting up a business, but it may become less of a focus for you over the years. I’ve found that if you ensure that your staff and customers are happy and that your product or service is of good quality, the finances often take care of themselves.
This is particularly important for your business because businesses and small companies have survived but are unable to expand due to the fact that finances are not properly managed.In contrast, this formula can lead to successful growth and expansion in your business.
So my advice is to delegate, but keep your eye on how the business is doing. There’s no better way to do that than through personal communication with staff and customers. It is crucial that you get out there and meet them.facts have it that It is best to always look for the best in people, to enjoy the time spent together and to learn from such experiences. These are useful skills for any business leader, and they can’t be exercised from behind a desk.
However for better management of finances and in general any aspect of your business that you are not an expert in delegate and see how much change you will get and also more value for you time.
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