April 6, 2020

How To Grow Your Small Scale Business, Being A Business Owner

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Dear CEO of small-scale business,
If you want to grow from being self-employed to being a business owner, then read this post to the end, learn and share it.

If you aren’t doing 5/6 of what is enlisted in this thread, your business will crawl, probably not walk and never fly

No matter how small your profit is, put yourself on a payroll even if it is as low as 5k or 1k. You are the only worker in the company and it’s your salary for the month, accept it and record it as expenses. That way, you won’t spend into your capital.

If your business isn’t registered, open a bank without ATM card & save your sales in it. If you were paid cash, transfer it into that account. If you need funds for business, go & withdraw over the counter.
That’s how corporate accounts work, get used to it!

Don’t run out of stock. When your stocks are getting low, buy new stocks….no matter how little.
Buyers are the most impatient being…don’t keep a customer waiting. Remember you have competitors and it takes few seconds to change mind.

Always find new ways/models to market your goods, don’t stop marketing. Use friends….use paid ads, use referrals….think about new ways and don’t stop talking about your business cause every word you put out there creates a new impression.
Don’t stop!

Keep good record and write everything down.
If you purchased a pen of N10 for the business, write it down as office stationeries and record it under expenses with date!
If bank charged you N52 for transfer, record it as bank charges.
Write and record everything!

This is the most important but difficult aspect of it.
Sometimes, we get tempted to forget protocols and avoid necessities.

As a business owner, you have to be disciplined and religious about the core values of growing your business.
Never lose it!!

If you find this thread helpful, kindly share with small scale entrepreneurs.

If you’re an entrepreneur, kindly follow me. I’ll follow back…..I need more of business minds like me

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