When you ask an ordinary lay person his or her visions or dream or goals, a higher percentage will tell you bro, I want to be on top and nothing less.
But the question is, why after answering all this, still this same people have not find their way to the top ?
So to this end, in order to find answers I have decided to share with you a very powerful tip that will take you there.
In part one of the Six things you must do in 2018 to put your business on top, there we talked about three things one needs to do to keep his business or career at the top come next year 2018. Below we are going to treat the remaining three;
- Good Accountability Of Your Expenses
So many businesses fail today not because of the market situation but majorly because of no business financial accountability.
So many entrepreneurs today find it difficult to separate business money from other monies and as a result finds it very difficult to give account of their expenses. When you mix your business money with other money such as clubbing, drinking, family etc, you end up spending all.
The success of every business begins when one understand the financial flow of money in and out of the businesses and having a good record of all expenses been documented. This will go a long way telling you how money enters your business, how it goes out, the particular products or services that gives you the highest and frequent money etc. With this information, it will help you not only knowing how money enters and leave your business but also where to invest more money into.
It is only a wise entrepreneur that make use of this tip in building a better 2018
- Separate Your Business Bank Account From Your Personal Savings Account
Another way to keep a good accountability of your expenses is by separating your business’s account from your savings account. Every business man must learn to have at least two accounts , one for savings and for personal expenses and the other for business and business related issues or transactions.
One of the biggest reasons why we advice you to separate this two accounts is because if you and your business share one account, you end up not knowing which money is for what and what and you may end up spending the money carelessly all in the name I have money in my account and at the end your business will loose money because you never separated your personal and business finances.
- Don’t Let Your Expenses Override Your Income
One biggest mistakes I see people make in 2017, is allowing their expenses overrides their income.
The question is what do we mean by your expenses overriding your income ? When a man whose monthly income is 40k and his expenses is like 70k, you will see that his expenses is more than his income and at the end of the month when he receives his salary, he ends up spending more than half of his income settling debts.
Such people can not grow, the only solution for such people to grow is to find or increase their sources of income or look for a better job in other to uplift themself from such financial slavery.
One bad thing about this set of people is that, they are never productive in life, they never think positive things, most people in this conditions always think about women, s*x, drinking alcohol, smoking weeds etc
If you find yourself in this category or you know somebody who is in this category, then it is very important you listen and apply this I want to say if you want to be on top of your game come 2018.
You must start by cutting your expenses down, look at those things that are eating up your money and make out a very important plan to reduce it, because people who live this kind of life don’t make it in life.
After you might have cut down your expenses, then you must inculcate a saving habit, learn to save no matter how small it is.
Increase your sources of income by looking around you to see business opportunities that you can invest your money no matter how small it may be. Start small and grow your business.
In case you can not increase your sources of income then change your job. Look for a better paying job and when you get it make sure not to live above your income, inculcate a saving habit and surely 2018 will be great.
We will be glad to hear from you how this article has changed you by leaving a comment below and let’s see how we too at The Page Magazine can help you.