Does the handling of money in your business give you sleepless nights? Yes, it can be tricky but we have to do it. Here are a few tips to put you on the right track when it comes to your business finances.
- Separate your personal money from your business money. This is a key reason why many businesses do not grow. Remember this: You are not your business and your business is not you. In fact, you are considered two separate legal entities if you have registered a company. When your business makes money it does not necessarily mean that you have made money. If your business sells goods worth Sh100, 000 it does not mean you have personally made that money. Those funds will be used to pay for various business expenses such as raw materials, transport, rent, salaries, etc. Business expenses should be your priority, not your personal expenses.
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