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Entrepreneurship

BEFORE YOU START THAT BUSINESS; Read This!!!

by Ore Solana

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Remember that United Nations World Youth Skills day event I spoke at? Here are a few points from the talk i delivered; I adopted a few of them from Bedazzle’s first day, some I learnt by reading books (I’m a knowledge junkie)/attending business classes/seminars and others I learnt the HARD WAY!

1. Keep proper records; separate the business’ money from your money, you are 2 different entities. Buy a current diary and enter in every single daily credit (sales; revenue) and debit (expenses)

2. Never spend money directly from your daily sales; all funds must pass through the bank first

Entrepreneurship

ENTREPRENEURSHIP 101: Simple BOOK KEEPING tips for the small Business Owner

by Ore Solana

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So I woke up this morning to balance my accounts. It’s such a daunting task for someone like me, with a medical science degree!

I started out with writing my books in a jotter in plain English ” I bought this and sold this” but I had a hard time reconciling it so I moved on to drawing a table in the jotter (S/No; Date; income; expense; remarks)….reconciling this was much less tedious but I knew it could be done better.

That was my EUREKA moment

I asked myself ……what stationary is printed with Dates and line? ………

DIARY!!!

……….. I started using diaries……….so as it stands, i have a diary of “mybooks” for every year I’ve been in business (asides the first year)

I no longer have to rule in Dates! I just write “Revenue, Expense and remarks (cash deposit into bank account) if any” under each pre-printed date etc.

It’s easier for accountants to upload the data I’ve collected on excel (or any accounting software) and work out profit and loss and the likes!

If you struggle with keeping proper books for your business; Go and buy a Diary today!

Entrepreneurship

ENTREPRENEURSHIP 101: Business Policies

by Ore Solana

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News broke sometime ago on Instagram. Freeze called out a certain lady, Kibati, for refusing to pay him for an event appearance/ performance.

The lady in question, argued that she didn’t owe him a dime. Apparently she had reached out to him about a joint appearance with him and DJ exclusive. He pegged their “joint” fees at 900,000 naira (I think) and the plan was to get paid 500,000 naira upfront.

DJ Exclusive is reported to have cancelled his appearance (I guess because payment hadn’t come in as scheduled).

According to kibati’s argument, she stylishly stalled freeze, hoping he’ll take a hint and walk away too but guess what? Freeze showed up and freeze “performed” with Gideon.

It’s been a few weeks since and he hasn’t received any payment; which he has now been told he isn’t being owed.

In freeze’s counter argument, he shows when he was contacted and practically begged to help support the event. He also shows an email with a list of questions he is expected to answer (or attempt to answer) at the scheduled event.
There’s no cancellation email. (Well, both parties didn’t put up any)

It’s good to be nice you know! However being nice isn’t good for business. From time to time, certain customers, find and use your mumu button. Experience shows that’s this type of customers come packing a lot of wahala (trouble) disguised underneath a lot of contagious smiles. They promise heaven and earth at the point of agreement (verbal or otherwise), get you to give a little more discount, bend your rules a little etc and then show you H-E-L-L when it’s time to pay up.

So here are a few policies you must NEVER bend….

1. Always Collect at least 70-80% of your payment upfront.

2. Always Collect your balance before you dispatch or upon delivery

3. If your mumu button has been pressed. Refer to 1 and 2 above

I strongly believe that as at the time a potential customer is in negotiations with you, they already have the funds.

So, one-man business or not, make it your Mantra this year, to run your business with standards (systems and structures).

This is the only way you can measure as well as plan your company’s growth.