Learn to RETAIN Money
If you are an entrepreneur, it’s wise you learn the importance of ‘availability’ of cash. This can’t be over emphasized. That little profit from your first transaction is often times the introduction of cash flow into your business. If the ‘profit’ is spent, you might begin to struggle in your business.
In case you didn’t know, 82% of businesses are forced to close their doors due to inadequate cash management.
I know there will be temptations to get the ‘good’ things that your friends or contemporaries are enjoying, but the opportunity to get those things will still come, you only need to be patient.
Let me tell you a secret, don’t share it with anyone o…as in ssshhhhhh…. Do you know that in most cases, banks had given out loans to businesses after seeing impressive financial records?
So if you have not imbibed the culture of CONSISTENTLY leaving some substantial amount of cash in your corporate bank account, you better do NOW! (Note: Substantial is relative to what comes into your account)
As we get into the last quarter of the year, and you intend to grow your business to a bigger one in the coming year, then you have to manage your cash collections well now, otherwise you could find yourself drowning in debt.
Chase your Clients for the money you’ve earned, stop wasting precious resources, and save for the rainy days.
Do have a blessed week everyone!
An Advertising/Digital Marketing Consultant
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