Mariam_Ayomide

Mariam_Ayomide Contact information, map and directions, contact form, opening hours, services, ratings, photos, videos and announcements from Mariam_Ayomide, Business consultant, Oba Remo Road, Ifako Agege.

I Help Small Business Owners Keep Proper and Accurate Business Records so as not to Lose their Business money and make Proper Decisions for the Growth of the Business.

3 VITAL TIPS YOU SHOULD DO TO STAY CONSISTENT WITH KEEPING RECORDSStaying consistent with keeping records might be hard ...
10/10/2022

3 VITAL TIPS YOU SHOULD DO TO STAY CONSISTENT WITH KEEPING RECORDS

Staying consistent with keeping records might be hard especially when you're just starting out with this in your business but not to worry, it is doable if you stick with this 3 things I will mention

1. Decide to do it: Achieving a goal gets easy when you have the mindset and make a decision to do it, your decision to get it right will bring about the determination will serve as a push for you to ensure it get done.

2. Act on your decision: After you might have decided, act on it by capturing all information that would make your record keeping easier, your action goes a long way in getting things done.

3. Do not procrastinate: Keeping your records as and when due will help you get consistent and also not forget transactions that might have taken place in the business. The best thing to do is to Record as it occurs not leaving it till later.

As you go about your businesses this week, let your mind be open to this 3 tips and work with it in your business.

I hope you find this helpful?

© Mariam Ayomide

4 THINGS EVERY SMALL BUSINESS OWNER SHOULD DO TO AVOID RUNNING INTO "GBESE"Running a business in this time and age is no...
05/10/2022

4 THINGS EVERY SMALL BUSINESS OWNER SHOULD DO TO AVOID RUNNING INTO "GBESE"

Running a business in this time and age is not for the weak at heart, especially now that prices of goods are as high as the tallest building in Dubai.

More reason why some businesses pack up after few years of operation.

While I may not know why the big companies fold up after few years of flourishing, I sha know what small business owners like yourself can do to keep theirs from hitting the rocks.

It will interest you to know that not having a proper record keeping of your daily transactions could be the "village people" that creeped into your business without your notice.

Having a sound knowledge of how to effectively record your business activities would keep you smiling even when your peers are frowning.

Let me explain this with a short story.

Tope owns a smoothie bar where she makes and sells varieties of fruit smoothie.

As a business owner, who knows her onions well, she is always ahead of her competitors in her line of business.

Teniola who is Tope's friend and also a baker came visiting Tope's bar and was amazed at how good she was doing for herself.

After the pleasantries and all, Teniola could not help but ask her friend how she manages to keep her business afloat in this harsh economy and should please 'cut soap for her'.

Smiling at her friend, Tope explained that she doesn't have any soap she uses, just simple things she does to her business daily, which has been the reasons she makes good decisions for her business.

After hearing this, Teniola who was still not convinced about her friend not 'having a soap', asked about the simple things she was doing to her business.

Tope, then explained further on what she does to her business,which are;

📌 Recording of daily transactions such as the cost of production, the number of smoothie produced, sold, and all expenses incurred, which enables her know her REVENUE, COST AND PROFIT.

📌 Operating a business account which the customers paying by transfer or using the POS system pays into and she also remits the cash received to the business account every two days.

📌 She make sure to prepare a cash report showing how much she received and spent in cash, this enables her to make reconciliations at the end of the month.

📌 She further explained how she pays herself a salary at the end of the month, so she doesn't always have to dip her hand into the business money.

With this explanation, Teniola was wowed at what her friend was doing for herself and also made the decision of doing same to her business.

The four things that Tope does are what you should do as a small business owner.

Let me know if you find this valuable?

© Mariam Ayomide

02/09/2022

10 CRUCIAL TIPS YOU SHOULD FOLLOW IF YOUR EMPLOYEE IS STEALING FROM YOUR BUSINESS.

Business owners are with the sole aim of maximizing profit but for many this aim has been short-lived by their employees because of underground theft that is being carried out.

Theft doesn't have to do with money alone, it could be raw materials, inventory or the assets of the business.

Here are TEN (10) tips you can follow to prevent the issue of theft by your employees👇🏼

1. Practice proper bookkeeping

2. Monitor your transactions

3. Track your Inventory

4. Always track your Cash

5. Perform Reconciliations

6. Maintain a petty cash system

7. Motivate your employees

8. Use of Security Camera

9. Participate actively in your business

10. Have an eagle eye towards the behavior of your employees.

© Mariam Ayomide

02/08/2022

The reason you're in business is to make money, of course, except if what you're running is a charity.

However, if care is not taken, you won't get the money you run the business for, you would even owe your suppliers and that will abruptly bring down the business with GBESE on your neck.

If you allow it, people are ready to buy from you on credit, then when they have the money, they go elsewhere.

If you give the chance, your salesgirl can sell your goods without remitting the money, then use the one in the store to replace it just because she knows that you don't have the knowledge of what you have in store.

If you show lackadaisical attitude towards keeping your business records, don't be surprised when the business starts showing you wotowoto.

But Mariam, what I have in store is much, how do I know what's there?

Well, if you can't leave a day to do it yourself, outsource it and start from there.

It is better to pay to get your business records in shape than to do 'Alaroro' and continue losing money.

May your inner minds be open.

© Mariam Ayomide

19/07/2022

I DIDN'T KNOW IT WAS FINISHED

Yesterday, I wanted to get an item from a particular store but it wasn't available and this came as a surprise to the owner of the store because the last time she checked, she bought lots of the item from the market.

I was attended to by the sales girl, so the business isn't only run by the owner. Sometimes, it's the sales girl that takes care of the affairs of the store for weeks cause the owner has other things to do.

When the girl was asked about it, she said she also didn't know it was finished.

Where am I going with this? Before the sales girl could tell what I wanted wasn't available, she made a frantic search for it and to me it only implies one thing, they don't take records of their INVENTORY.

INVENTORY can be any of the following 👇

➡️ Products which a business sells

➡️ Equipment used in running of the business

➡️ Raw materials that a business uses in their course of production


For the purpose of this post, I am focusing on the first point which is the product which a business sells.

As a product based business, your inventory is very important because it's the route to which money comes to your business.

You get money when you sell your product, and that's why you should guard it zealously.

Managing your inventory should be a priority in your business and to do that, you need to make STOCK TAKING your friend and not enemy.


When you take stocks, you get to know 👇

➡️ Your best sold product

➡️ The number sold and what you have left

➡️ Products that people don't buy

➡️ Spoilt or expired product

➡️ Products that are out of stock or at the reorder level

➡️ Detect theft by employees


Imagine your business having the knowledge of all the aforementioned about your product, then you don't need to be confused if you have a product in store or not when a customer walks in to ask for it.

To get your inventory right, you can start by using a spreadsheet to record or get it automated using a simple inventory software.

© Mariam Ayomide

23/06/2022

If you don't want to shoot yourself in the leg in business, try as much as you can to follow due process.

Step A shouldn't come third while step C comes first cause that might lead to a shortfall for you.

In business, always have it in mind that COSTING comes before PRICING and not otherwise.

Before you give that PRICE, know your COST so you can adequately give the price that would at least make you BREAKEVEN.

Your business will be at a breakeven point when your Revenue from sales is able to cover your cost. This simply means that your Total Revenue equals to your Cost at this point.

Any revenue you get above the breakeven point is your Profit while any revenue below it is your loss.

In all of this, know that a wrong cost will give rise to you underpricing your product, thereby making it difficult to get sustainable profit.

Do the needful today with the costing of your product.

If you don't know how to go about it, get help.

© Mariam Ayomide

Dear business owners,It's going to be a long holiday.If you have been looking for time to do your stocktake, you can pla...
30/04/2022

Dear business owners,

It's going to be a long holiday.

If you have been looking for time to do your stocktake, you can plan to do that during this holiday. The atmosphere will be serene and your concentration will be at its peak.

It's not about making a plan alone, please execute it judiciously.

Bring out those products that are almost expired, sell them at cheaper prices so that people can quickly buy and do well to inform them of the reason you're selling at that price, so they can quickly use it.

Also, check out your records and make reconciliations where necessary, update what needs to be updated and review what needs to be reviewed.

Most importantly, don't forget to rest during the holiday as per work no dey finish and also make yourself happy.

This is my salah gift to you, don't bother to say thanks😆😆

© Mariam Ayomide

The first time I tried my hands on running a business, I never knew what it meant to keep records for a business and it ...
27/04/2022

The first time I tried my hands on running a business, I never knew what it meant to keep records for a business and it contributed to the failure of that business.

When I started the business, which was the Sales of Recharge Cards, I loved the fact that recharge cards was a fast selling product but I was always left with nothing after sales because I don't usually have the knowledge of what the business money was spent on.

This later brought the business to its ruins.

In reality, are you like my old self?

Well, I know there are lots of business owners who are also like my old self because of the lack of proper records.

Yes! You keep on selling and selling but at the end of the day, restocking of goods that has been sold becomes a problem because you have no money to do that.

Even though it is always said that you spend money to make money, you can't even point out what you spent your money on.

Spending money for the smooth running of the business is good but being able to ascertain if what you spend your money on is a frivolity or priority is very important.

What do I mean by frivolity or priority?

Simply put, frivolity is what you don't actually need for your business but you're spending on it while priority is what is actually need for the growth and smooth running of your business.

Perhaps, you have been told or you think that record-keeping is hard and it's only Accountants that can do it.

Let me inform you now that with the right mindset and information you can keep records for your small business all by yourself.

Yes! You can actually do it yourself

If you know the right steps to take, record-keeping will be a walk in the park for you and that is why I want to hold your hand for 7days in order to be able to RECORD LIKE A PRO.

This is a challenge where I'll be teaching, guiding and holding you accountable on how to easily and properly keep records of your Sales, Expenses and Profit figure.

The Challenge will be held on a Telegram group and it costs less than a medium size pizza which is 2500naira for Now.

To get access, p a y 2500naira to 👇🏼

3080155814
Mariam Ayomide .A.
Polaris Bank

© Mariam Ayomide

HOW TO COST AND PRICE YOUR JUICE BUSINESS.In order not to shoot yourself in the leg as a business who produces its own p...
23/04/2022

HOW TO COST AND PRICE YOUR JUICE BUSINESS.

In order not to shoot yourself in the leg as a business who produces its own product before selling, getting your costing right before selling is very important.

Production usually Involves direct and indirect cost.

Direct costs are costs that are directly traceable to the item produced while Indirect costs are not directly traceable to the Item.

Leemah sells non-addictive Orange juice. To achieve this, she buys oranges, extracts the juice and packages them in bottles.

For the production, Leemah got the following;
A basket of orange at 10,000naira
100 pieces of 1 litre bottle at 15,000naira
100 Labels at 5000 naira.

After extracting the juice with the help of her Assistant, she gets 100 litres of juice. At the end of each day, she produces 100 bottles of orange juice.

Each month, she works for 25days and makes the following expenses:

Assistant's salary 20,000
Electricity. 5,000
Waste Disposal. 1,000
Rent. 15,000
Leemah's salary. 50,000
Depreciation of juice extractor 2,000
Fuelling. 12,000
Marketing. 10,000

The below is how her costing will be done using a spreadsheet.

©Mariam Ayomide

Address

Oba Remo Road
Ifako Agege

Opening Hours

Monday 09:00 - 17:00
Tuesday 09:00 - 17:00
Wednesday 09:00 - 17:00
Thursday 09:00 - 17:00
Friday 09:00 - 17:00
Saturday 09:00 - 17:00

Telephone

+2348123803996

Website

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