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Have you ever wondered where your money has gone when you cannot recall purchases you made? Well, you are not alone. Ladies tend to go overboard even when they are going to the market to shop for vegetables.
As a business woman, there comes a time when you have to have financial discipline to run your business well, and most of us learn the hard way.
Here are 6 financial habits you need to break to achieve your goals
1.Not setting financial goals
It is important to keep track of all your expenditure, no matter how small. This will help you notice the problem areas earlier. Are you wining out so much? Are you buying too many shoes? Are you eating out a lot? Once you point out the problem areas, you can easily make a few changes and get back to your financial track.
2. Mpesa payments
Mobile money payments are fast and convenient and sort us out in many situations. However, many business women receive mobile payments, and will immediately pay debts, buy a shoe, purchase electricity tokens and buy other household items.
If your business receives payments via mobile money, transfer the cash to your bank as soon as possible., This not only gives you discipline, but raises your bank portfolio.
3. Not asking for help
It comes a time in our business where we are overwhelmed financially. Many of us choose to stay silent, adding to the problem. Trying to ignore calls, avoiding debtors and the landlord. All this will result to a bigger problem. Have a frank discussion about your situation with your bank, your family or your business partners
4. Starting projects without proper documents in place
Many of us are excited when we finally get our first client. However, when forget important details like a contract or an agreement that outlines the payment plan. Some jobs may pay upon delivery, some would require a certain percentage befor commencing the project. Are all these in writing?
5. Not checking your bank statement
We love paying using our Visa cards, as it is convenient and has no surcharge. However, some establishment will run your card twice , charging you twice and if you never check your statement, you will never know what happened. . The process is reversible by the bank. If it is a huge bill, the bank will notice and call you. If it is a small amount, it might go unnoticed.
6. Budgeting before we receive the cash
If you are in business, you will agree that some clients will promise to pay after 30 days, but will end up paying after 45 days. Others will pay you, but in so many instalments that it will not make any business sense. Have you ever bought a shoe with cash because you are expecting cash after a few days? stop this habit. Always budget with the cash at hand.
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