A womanโs brother was marrying a black woman, and his friend happened to come up to speak at the open mic. Her โjokesโ to me were veiled insults and backhanded slaps. Sometimes people you think you know, are the furthest from who you thought they were. I doubt she will ever do this again considering how cringey and inappropriate this was. Should she have been kicked out?
A BUA trailer driver laments after the company allegedly sacked him for protesting over unpaid December salaries. He says the company is still asking him to go and offload merchandise in Benin with his own money despite being sacked.
HOW TO PAY YOURSELF AS A SMALL BUSINESS OWNER
I came across this online, and since Iโve tried it myself, I can confidently recommend it to any small business owner (SBO) struggling with cash flow.
One major mistake most SBOs make is running business transactions through their personal accounts. This rookie mistake often leads to overspending and poor financial control. To avoid this, you must have two separate accounts: one for your business and one for personal use.
All business expenses should be paid strictly from the business account. This makes it easier to monitor expenses and accurately determine your profit margin at the end of a given period.
I also recommend using a simple Excel template to record and track your revenue and expenses daily. This way, you can easily assess the financial health of your business at a glance.
At the end of the month, after deducting all expenses, such as staff salaries, raw materials, supplies, staff motivation, transportation, marketing, taxes, miscellaneous costs, etc., from your revenue, whatever remains is your income.
This is where many SBOs become lazy and undisciplined. They start spending the income recklessly because they believe they can always make the money back and donโt answer to anyone. After all, itโs โtheir money.โ
You can not have this mindset if you plan to grow and expand your business.
Instead, do this:
1. Pay yourself 50% of the income as an employee
There is you, and there is your business. Treat your business as a separate entity. When closing your books for the month, pay yourself a salary just as you pay your staff. Transfer this 50% into your personal account. This should cover your personal savings, expenses, and enjoyment.
2. Reinvest 30% of the income back into the business
This does not have to be spent immediately if thereโs nothing urgent to purchase. You can set it aside until itโs enough to acquire new equipment or fund business growth. Just ensure the money is strictly reserved for the business.
3. Use 10% to pay off debt or business loans
If your business is debt-free, you can add this percentage to your business savings.
4. Save 10% in an interest-yielding platform
This savings is for your business, not your personal savings. Over time, it helps build financial stability and future expansion capacity.
I hope this helps someone out there. Financial discipline is especially challenging when you run a business that brings in daily income, but itโs also what separates sustainable businesses from struggling ones.
ONLINE SANTA IS BACK!
Itโs that time again to spread love and joy!
What do you need this season?
Simply drop it in the comments
or share your account details
and letโs see what God will do.
Merry Christmas! ๐โค๏ธ
Some unscrupulous elements in Nigeria just collude with Chinese etc & secretly digging Nigeria soil to stupor and the government is quiet. From illegal Lithium mining to limestone etc They even recommended Chinese language as a study in our schools.
They want to sink Nigeria!
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Please invest in yourself. Pay the price, build your skill set, the world is moving at an alarming speed and you don't want to be left behind.
Ji ma sun!
I had my final year thanksgiving after medical school ๐๐๐ฝ
This is how I stepped out looking absolutely gorgeous!๐๐
Ps: the hand fan was made by me ๐คญ๐คญ