In the world of business, to avoid mistakes one must learn to make the following decisions especially from the inception of that business. There’s is no business man or woman that won’t succeed if these five inceptive steps are taken.
No credit sales if you have no stashed away: Do not be deceived, even the richest man you know is indebted to someone or organisation. And every business man has someone owing him. It all depend on the kind of business and who the debtors are. It is usually difficult not
to sell on credit especially in the times we live in. However, it should be limited
to your stashed away money. Let me share a business woman secret with you. She deals
on clothes/wrappers. She always split her capital into two, for example if she
is having N600,000 she will first buy goods worth N300,000 knowing fully well
most of the goods will be bought on credit.
Instead of leaving her shop empty while waiting for her creditors to pay
up, she will invest the other N300,000 before she’s done selling those goods,
the returns of the first set would have been given back to her. And she will
then invest that. On no account will she invest all her money at once because
everything will be scattered and that won’t of course be good for business.
Do not take loan if business plan is not ready: One of the greatest mistakes you can make if you want to use borrowed
money to start a business is misusing that fund. Before taking any loan to pursue
a business, be sure you have made all necessary arrangement like the stores,
who, where and when to buy the goods and how to go about the business. So, that, immediately you get the fund you
channel it to that direction. If delayed other issues might arise if you’re unfortunate
. That will cause you to spend the money inappropriately.
Do not spend your profit and your
capital: For a
business to grow, you must invest and invest and invest again into it for some
time until the profit is sufficient enough. Many businesses collapse within
months because the person couldn’t manage the capital properly. I do understand
you probably started that business to make money but learn to spend only the
money you are making from it not the one you are using to make the money. However,
in the beginning, it is better you put back the profit into the business. That way
your business will grow faster and greater.
Do not sign any document without
reading through it: Many
today do not have to be told the risk of signing documents without reading
them. But some still are too very trusty, hence the need to remind you not to
sign any document without reading through. This is usually necessary in
partnership. If some things aren’t clear, ask and be sure before signing. It doesn’t
even matter if the person is your husband or wife.
5) Payment of tithe: This is where some people get it
wrong. It is not about who will spend the tithe after paying it but about your
obedience to God. Don’t wait for any preacher to scare you by telling you ‘if
you don’t pay your tithe, things will be tight for you.’ No! Let God know you
appreciate Him for what He has blessed you with and how expectant you are for
the manifestation of greater success by been obedient, which is better than scarifies.
PS: I pray your weekend ends well. And do remember I care. Cheers!