- Your small business may be making you daily money but the same business is losing money daily.
- The worst part? — You don’t even realize it until it starts getting obvious you’re literally at the same income level even though you’re making more sales than ever before.
- How does this come about? How is your business losing money daily that you’re not aware of?
Hello business owner, how market? I salute you because what you’re doing is not easy, especially if you’re a small business owner in Nigeria. I’m glad you’re finding your feet, you’re doing well, your market is selling, you’re restocking, you’re getting called by customers, you’re getting deals. However, I have a question for you — Do you know your profits?
This is a big problem with many small and medium size business owners. You know how much you’re raking in, in sales, but then you restock, and sell off again and get excited about your sales activities; yet when you sit, you can’t exactly lay your hands on your profits.
This is because you have not realized how your business is losing money. In this post, I will list a few ways that your small business loses money without your knowledge. Hopefully after reading this post you will go back and start to put your records in order.
And if you are unable to do it yourself – considering you have a lot on your plate already as a business owner – then of course contract a data entry expert to put your records in order so that your business stops losing money right under your nose.
So how your small business loses money without your knowledge:
1. Not separating your personal money from your business money.
2. Not tracking your expenses.
3. Not categorizing your expenses.
4. Poor invoicing and receipting practices.
5. Amateur reconciliation.
6. Poor or lack of inventory management system.
7. Lack of effective database of contacts.
These are a few of the reasons why your business loses money that makes you ask “What is even my gain after all this hustle?”
I hope that having read this blog, you sit up and insist on covering your lapses: demand effective record-keeping and tracking. A good data entry personnel will help you design an effective system to safeguard your money so that your daily hustles will not be in vain.
Of course I am at your service to offer you On-Target Data Entry Services unique to your peculiar business problems. Contact me here.