Business

3 THINGS I LEARNT FROM A RECENT FINANCIAL HICCUP

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I don’t know if sharing this story is okay but the aim is to get someone to learn something.

After I was robbed of my laptop, iPad, speakers and other gadgets I had, I was left with alternatives to get another one. I don’t even want to talk about how my mind was heavily affected.

I had some amount of money in my account which actually didn’t belong to me but I felt I could use it to bring ‘myself’ back to life while I work and replace it. But reality happened.

It turned out that I painted a nice picture in my head and put in no action. I kept on blaming the thieves for everything until it dawned on me that I was accumulating debts which equal to being broke.

When the scales fell from my eyes, a lot of things had gone wrong and I was left with thoughts on how to redeem the situation. Thanks to the words of Padebi Ojomo that faithful day. I knew I had to sit up and actually fix things.

Truth is, everything is getting better and work has been great but I learnt great lessons that I thought to share.

1) ANOTHER PERSON’S MONEY ISN’T YOUR MONEY.

No matter what you want to do, if you actually didn’t work for the money, please leave it where it is. If you are itching to invest it, just remind yourself that it is not your money. You see, as entrepreneurs, it is easy to paint a picture where nothing goes wrong but that is not our reality. So, to avoid killing relationships and anyone getting hurt, don’t dream of borrowing or using someone’s money to run a business.

2) KEEP RECORDS:

I learnt this the hard way. I never knew what it meant to keep financial records. Okay. I knew but didn’t know it’s relevance. As soon as I was hit rock bottom, I saw myself admiring business studies once again. I had to figure out how to manage my finances, thanks to Alex Iheanacho’s challenge that gave me a foundation. As a business, it is important to know how much comes in and how much leaves. What do you pay yourself and how do you spend it? How much do you save? These numbers are important and will enable you to know if you are dong well in business or not. I know of some thought leaders who post their income on their blogs but I’m wondering if that is safe especially as a Nigerian. Lol.

3) HAVE A STRATEGY

If you don’t have a laid out strategy, you will find out that you will become the busiest person in the world with the least productivity rate. Strategies are important templates one must have. It helps you know what works and what doesn’t. It helps you know the loop holes in your business process and forces you to fix it. It helps you win most of the time. It reduces the plenty time you will spend being busy. Having a strategy helped me a lot. I knew how much money I was making and what I was spending on. I knew what I did to get the money and also how to repeat the process.

What processes have you put in place with your business?

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Hey She-boss! I am Joy (Ollie) and I am glad to have you here. I am a God lover who is dedicated to inspiring young creative women and living a fulfilled life. I hope you find my posts useful and don't forget to subscribe for more awesomeness! Thank you for reading!!!❤️

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