How to grow your money in your business

If you must make fast returns, then never you trade marketing and advertising your business for anything else.

Save, I say save, I repeat save for your business. Have you not noticed that business people are called stingy people?

It is not because they do not have nor stingy but they know the importance of calculating how much to make in returns for any penny going out, otherwise they won't give.

Before I give room for questions, only a big tree can produce many fruits...

Therefore grow your business if you need plenty of money.

Firstly, use 6months to launch your products or business, start-up in the 1st year, grow your business in 3yrs and it matures for harvest in the 5th year...

In conclusion, your business can never give you more than you put into it.

Aside from your 10,000 you want to turn into 10m in one year, you must give patience, time, diligence, determination and persistence doing all that is required to reproduce the 10k in 10,0000 times, else it would never grow.

When you grow your business, the money would grow. Focus your attention on the business and not the money, then the money will come.

May God prosper you and your business beyond your expectations.

Question 1:

Do you think it is ok to deprive my family of years just to expand my business?

In terms of expenditure regulations and caution, do you think it’s unwise not to dip hands into the savings when it’s an unforeseen circumstance?

Answer:

What are you saving for? You have business savings, you have family savings, you have marriage savings and you have savings for miscellaneous expenditures, etc.

If you have planned well, you won't dip a hand into your business savings. Have a percentage of savings apportioned to every need, so that you won't use children's school fees to buy yourself a car, thinking you have money, else you must vomit it at the appropriate time.

This is serious, I only said tame your tongue as regarding your taste.

But invariably, every businessman and woman is a long term planner. If your family is to eat 2 square meals for you to execute a business that would yield you massive returns, take the risk, let them eat 4square meals afterward.

If it will take school fees delayed to get the business going why not. It’s not a bad debt.

Why do you think people who have money; especially business people don't pay school fees on time? It’s because they are calculating the returns of that cash in business, so they prefer to pay it late. They are not fools. They are smart people.

So let them not wear the latest cloth, shoes or gold watch, build your business first.

Diversify your business, else you will be out of business or find it difficult with business finances.

Take a loan, expand your business, thank God it is a viable business for you to have called for expansion. Meanwhile, I do not advise you to take loan from commercial banks, their interest rate is never static, they have a way of making it compounding. Visit SMEDAN, BOI, CBN, LAPO, etc, explore other possible options. Commercial banks will push you into bad debt.

Even F and F, venture capitalist or angel investors are there to aid you financially if you have any.

But having said it all, always follow your heart in all your dealings... It will serve as your compass, when to lead and when not to. Develop your business first before building your house.

Pay the price now and reap the returns later. We have too many business retards because some have the weirdest and funny mindset. It takes time to build. Even a seed has to die first is to germinate and then begin the process of growing.

A lot of people cannot differentiate between real misers (stingy because they don't have to be in biz to wear that behavior) and frugal people (very calculating, every naira must be sent on an errand and with specific reason), they want to make we they scatter Money in uncultivable land) pun intended

Do not put the cart before the horse, is it cart that will pull or is the horse. The focus is on business, not the money. Money does follow value.

Well, you have said it all. Look for grants, look for angel investors. If you have done your homework very well on returns, you can delve into crowdfunding.

Question 2:

Do you advise I take a loan to expand my business?

Let us assume the net worth of the business is 700000 & access bank is ready to give me 5M to invest into this my computer/phones/ accessories etc business.

Answer:

If your net worth is 700,000, many commercial banks will be looking at cash flow for the past 1year for Collateral inclusive and business insurance. 700,000 is small compared to what you are asking except you have landed property. So consider those institutions Shadrach mentioned.

Deprive is relative. Ensure you provide the basic which you should have factored. You cannot splurge now until many years to come. On the savings aspect.

Categorize it and ensure your business savings( remember the rule in business school, not all your capital should be thrown into the business, you have to invest some in a safe investment like mutual funds, fixed deposit( with high interest) it is your hedge.

Do not break it. It is not an option; it should drive you to think outside the box and on your feet. Do businesses at low-cost always, find ways to keep reducing your operating expenses

First are you following a budget (personal or business) in other words called spending plan. So if you are not one, get yourself started. Until you are on you cannot have a clear-cut sharing percentage for each category of savings.

I suggest you identify someone thriving excellently in that niche and understudy, befriend, give value so the person will comfortably share secrets and mentor/coach you. Theory cannot help here, because the context/environment differ.