It is only when it’s someone else’s dime that sticking to the budget is vital. Keeping to your own business’s budgets is a basic task of financial wellness. Here are 5 tips to boost your budgeting skills and hold your business down.
1. Involve your staff
Dale Carnegie says in his book “the only way to influence people is to keep them involved. To talk about what they want and arouse in them what you want”. Involving the staff even in every step of the decision making and planning. This makes them feel like they are a part of something and creates greater synergy for the business.
2. Don’t underpay yourself
Every business owner gets fulfilment from seeing their hard work pay off. For most business owners, as they begin to build their business they don’t consider paying themselves. But, it is important to pat yourself on the back every now and then, this can be done by not under paying yourself. By first paying your employees and then paying yourself last.
3. Define and understand your risk.
Most business owners do not understand their risks. Risks are related to a business’ strengths, weaknesses, opportunities and strengths. When business know their risks and clearly define them, they are able to leverage off opportunities and strengths because you cannot understand what you don’t know. Risks can help you better understand what opportunities to take advantage of.
4. Pay attention to your sales cycle.
Many small businesses only aim to survive, not to grow and diversify and so most of them don’t pay attention to their sales cycles. This means they don’t learn from their sales cycles, because they leave things to chance. Keeping track of small businesses helps you monitor and check for red flags that may affect sales which in turn will help your business thrive.
5. Remember that time is money too
Time is money, and the greatest resource everyone has is time. If time is used well, because it is the only resource that cannot be gained, once lost. Time should be treated like any other resource, it should budgeted for-by having a schedule, so that no resources are lost. It should be recorded, that is, monitor how it is being used so that it can be used well.
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AUTHOR:
SheVestor Africa is a pan-African digital community that empowers young African women with financial knowledge to hone their financial skills. Our vision is to contribute to economic development by equipping young African women with financial knowledge and skills, connecting them with personal finance experts and becoming the #1 digi-sphere for financial resources, Inspiration and expert advice.
