Separate Your Personal Expenses From Your Business Funds
Separate your personal expenses from your business funds. Or else, na so so addition and subtraction you go dey do.
Don’t be like carpenters that end up spending money for commissioned projects waiting to overbill the next client so as to break even.
A friend of mine told me a story about how he spent the money someone gave to him to buy a bike engine.
He was expecting his salary that day, since he won’t be buying the engine till tomorrow, he decided to spend it and then take the money from his salary to buy the engine.
The salary didn’t wasn’t paid that evening, but 3days latter and he was stranded.
Learn how to manage your money well, and keep your business money and guard it judiciously.
When you don’t do this, you will end up killing the business or reduce the growth speed.
Certain things don’t mix well — like your personal money and your business’s. Keeping these things separate not only helps you reduce problems, it also greatly simplifies things and makes it easier to manage your finances.