Though this may not be new to some people; but for me it’s my newest discovery and I can’t wait to share it. Not that I do not know what business savings is or how to start one before now, but I think I understood it better now than before. I have been reading a book tilted: “Money Won’t Make You RICH by Sunday Adelaja” – this book is crazy and Pas. Sunday Adelaja is MAD for writing such a life transforming BOOK.
Today, I will be discussing some crucial points about business savings. Why do you need to start business savings? How to start a successful business savings? And what to do with your business savings? These are going to be our area of focus.
What exactly is business saving? By business savings; I mean money you put as side from the profit you made on your business. Before now; I was not a fan of savings habit – what was I thinking? I honestly do now know where that philosophy came from, but thank God I understand better.
Saving from your business does not mean you should drain your present business all in the name of saving for the future. As a matter of fact; you should not save more than 30% of the profit you made from your business else your business may have to suffer. It should be seen as a seed that must be kept from your harvest (business profit).
I think it is also worth mentioning here that your savings does not necessarily need to start Big. As a matter of fact, it is expected to be small – that is why it’s a seed. Though, it may be small; it may just be one N5,000 or even below, but it possesses in itself the power of multiplication. The magic starts when you start seeing your business savings as a seed.
There are some things that must be done to ease the process of successful business savings. There are habits that must be immediately STOPPED and there are habits you must POSSESS immediately. One of the major habits you must STOP immediately is buying to satisfy instant gratifications while the major habits that must be POSSESS is Discipline – ability to do the right time even when you don’t feel like doing so.
How To Start A Successful Business Savings
- Use Free Marketing Means: whatever might be the size of your business; marketing is very important if success must be attained. However, this does not mean you must spend thousands of naira on marketing before recording success. As a matter of fact; free marketing means can bring you lots of success if well utilized and rightly channeled. You can use any of this means to market your business. E.g Facebook, Twitter, Pinterest, YouTube, Forums, Instagrams, bbm and even Whatsapp e.t.c
- Use Minimal Staff: Sometimes there are times when you will need some special skills or experience to do some jobs. I think that is the only situation when you need to hire someone. I am not suggesting that you should over work yourself all in the name of making a savings. All am saying is that whoever you are hiring must have already have jobs waiting for him/her to be done. No that you will employ people when the business to pay their salary is not available and you start paying your staff on your own personal account.
- Increase You Negotiating Power: The better your negotiating power the more profit you make. If you are into business and you do not have good bargaining sense; they you need to go and learn it or you better hire someone. If you are from western part of my country you probably know how to negotiate big time. This is because the Yorubas are always good at it!
- Only buy What You Need: This is one of the biggest problems that contend with our saving ability. We all have situation in our life when will we need to choose between what we NEED and what we WANT. Usually, choosing what we NEED is always the best option.
- Focus On What Matters: There are lots of things happening around us now. The likes of social medial and gossip blog. That is why you must be able to pick what matters most to your business and ignore the rest. There are usually lots of gossips around than you can possibly handle. So, don’t waste your time. Just focus on what matters most to you in business.
- Always 10 – 30% Of Your Profit: Yes, you may think this amount is small; that is why it’s call a seed. Whatever the amount may be; even if it’s N100 always remove to keep it. Gradually you will be amazed at what your savings will turn to in a matter of time. This is called DISCIPLINE in business!!!
What To Do With Your Business Savings?
There is nothing much to say here as you probably knew. One of the main things you can do with your business savings is to INVEST IT. Investment is always the best thing to do with your business savings. This might be acquiring new business model, buying lands, buying bonds, buying shares e.t.c