- Issue invoices and receipts for all sales.
- Record all revenue received.
- Write down all your expenses.
- Open a dedicated bank account for your business.
- Look for ways to cut costs especially overheads like fuel etc.
- Keep records in dedicated box files.
- Have written contracts for key expenses like rent, employment etc.
- Use a cash register for your shop.
- Pay yourself a salary and keep personal matters separate from the business.
- Compute monthly profits/losses and also your assets/liabilities to check how the business is doing.
- Get insurance like motor comprehensive if you have delivery vehicles.
- File tax returns in time to avoid penalties.
- Invest surplus funds to grow the business.
- Put in place controls to safeguard your cash and assets. For example cash should be banked daily.
- If you don’t run the business full time do random stock and cash counts to make sure no one is cheating you.
- Look for ways to grow revenues. Like sell different products to different people in different places.
- Hire an accountant to organise your finances.
- Partner with people or institutions which can provide funding for expansion.
- Invest in an accounting system.
- Limit credit and follow up for payment.
Unlock your true potential 