Recreating Your Business 

Hello entrepreneur!

What was the first thing that came to your mind on spotting this post title? Okay, hold that answer as we explain what we mean.

Among other things, you are in business to make money (profit), and if that’s not happening you’re funding a hobby. At some point in your entrepreneurial journey, if you notice that you’re recording more losses than profits, it’s time to recreate your business.
Recreating your business basically means making changes in your business to bring about profit. Recreation might mean changing leadership, staff, products or services, operational models, delivery style, advertising, layout (online and offline), etc.

To recreate, you need to gain clarity of you business operations and you can easily get that with properly kept records. These records help you easily identify the flaws in your business and aspects that might require modification. Next, put down a plan as part of the recreation process, including how you plan to measure the success of the plan. Go ahead to implement the plan and watch out for significant changes. If at the end of the predicted time your plan succeeds, congratulations; if it doesn’t succeed, go through the process again.

Business recreation is a required risk entrepreneurs should prepare for. While going through the process, be sure to be conversant with trends, especially the ones your target customers identify with.

Change is a constant. Do not expect different results while doing the same things.

As an entrepreneur, you are a creator, don’t allow your creation limit you.

Boundary between business and personal finances

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Finding money to start a business or grow an existing business poses a challenge to small business owners or would-be entrepreneurs. Before considering taking loans from financial institutions or requesting assistance from family and friends, it’s natural to reel in finance from your own purse.

Kaboom! The business starts, regardless of its pace or size and continues or grows to what you want it to be. Interestingly there are personal needs you’ll have that require financial solutions and in such incidences, as the business owner you are quick to take cash from the business purse to put the pending issue to rest. This is usually the case because average small business owners/entrepreneurs see their business as an extension of themselves and as a result of investing so much time and work in building their businesses, have become attached to the point of having non-existent personal life apart from the business. As much as you’re passionate about rendering a service or providing a product to your target audience, remember you’re in business to make money. In all aspects of life, boundaries exist, but creating an overlap of personal and business financial boundaries can be disastrous to a business regardless of its size.

Okay you might be a sole proprietor and feel you have got your business covered, now here’s an interesting fact financial accountability of this business form is difficult for the owner because he is answerable to no one.

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Now, what’s the importance of ensuring a financial marriage doesn’t occur? The average small business owner doesn’t hope the business remains at its start-up stage for the entire time of existence; there is always a dream to be much bigger and better. Dreams of this nature are what give rise to business expansions – creation of new product lines, employment of more manpower, acquisition of machines as required, etc. These and more are usually achievable with the influx of finances (loans, grants or investments as the case may be). At the end of a year (fiscal or calendar year), it is important for the business owner to reflect on the health of the business and ascertain areas that need erasure and areas of the business that require expansion to thrive. Also, the process leading to cash entry for business expansion usually involves a declaration to appropriate bodies, the financial state of the business for the duration of its existence.

The inability of a business owner to create and respect the divide between his personal and business finances spells out to financial institutions, prospective investors, prospective partners (in the event of a change in the business form), and employees, the financial irresponsibility of the business owner. You don’t need to be a professional accountant in addition to your business knowledge to solve this problem before it is created or if it already exists. Today, consultants can construct accounting and financial management records systems for business owners, ensuring accurate and professional accounting systems for their businesses. And yes, their services are affordable.

Are you a small business owner or an entrepreneur with a mixed up financial status? It isn’t too late in 2017 to modify the nature of your business finances. Contact us today, lets sort out your finances.

The Entrepreneur’s Potential

What is Potential?

Potential can be defined as hidden, dormant or unused talents, strengths or abilities that may be developed and lead to future success or usefulness.

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Knowing your potential

Everyone has got a potential, the problem is usually identifying what it is. Any of the following ways or a combination of them can point you in the right direction.

  1. Be aware of what comes easy to you: Identify activities that are easy for you to do but difficult for others.
  2. Listen to others: People have the ability to see qualities of us that we might not see in ourselves.
  3. Know what you enjoy most “genuinely”: Going with the tide has become a trend in present day society. There are certain things you enjoy doing, not because others are doing it but because you really enjoy doing them.
  4. What is your go to topic in a conversation?: There are some topics you can talk on for hours or days about without getting tired, or some topics that when called to contribute you have loads of facts. Those topics sum up things you are interested and passionate about.
  5. Ask God: You can’t go wrong with asking God about your potential. He created you and is aware of what you are capable of.

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Releasing and using your potential

Knowing your potential is not enough, you need to develop it to ensure success. The following pointers are helpful:

  1. Establish a relationship with God: A relationship with God enables you understand your purpose in life and your function in His grand scheme.
  2. Believe in yourself: Believe in yourself and be passionate. Self-belief enables you to tap into your inner hidden abilities and passion pushes you to do more and not rest on your previous successes.
  3. Change your thought pattern: Proverbs 23:7 says that “As a man thinketh in his heart, so is he”. Let go of the mindset that some heights are unattainable or certain things are unachievable.
  4. Be creative and responsible: Be on the lookout for resources that help in the development of your potential. Constant learning aids in improving on your previous knowledge of your potential. Remember to be creative and unique. There is no need copying exactly what everyone is doing.
  5. Exercise your gift: Maximise opportunities to use your abilities. Decide that no job is too small.
  6. Install an anti-virus system: Prepare your mind early enough for various forms of opposition that may arise in the course of using your potential. Learn from your mistakes and move forward.
  7. Share your potential: Collaborate with individuals with the same skill set as yourself or in the same industry your potential exists in.
  8. Trust God: Trust in God’s ability to make His purpose for your life come to pass and make you to do more daily.