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Mariam Ayomide, Agege, Lagos (2026)

03/04/2023

4 SIMPLE WAYS TO MANAGE YOUR BUSINESS EXPENSES EFFECTIVELY

The rate at which money moves out of the business is quite enormous that if care is not taken, the money that goes out would always be more than that which comes in and this would lead to a disaster at the end of the day.

This is why it is necessary to manage how the business money is spent in order to be able to manage money effectively.

Here are 4 simple ways you can manage your expenses as a business owner 👇

1. Create a Budget for Expenses: This is a plan that shows how the business money would be spent at a particular period of time. To do this, list out every category you'd need to spend money during the period, it may be for electricity, Internet subscription, rent, salaries, etc. Prioritize the expenses and set a specific amount you'd like to spend on each of them.

2. Record Your Expenses: For every money spent in the business, record it as soon as possible so that you won't forget to do it later. It doesn't matter how small you think the amount is, record it appropriately.

3. Track Your Expenses: As you are spending and recording, ensure to track what you are spending on a daily basis. This would help you manage your finances better and ensure that you don't spend more than you should be spending.

4. Separate Your Business Expenses from Your Personal Expenses: Like I used to say, your personal life is different from that of the business, so, do not make the mistake of mixing it up.

Follow all I have mentioned and you'd have your expenses under control and also be able to manage your finances effectively.

Have a managed expenses week ahead 🤩

© Mariam Ayomide

02/03/2023

4 WONDERFUL TOOLS YOU CAN USE FOR KEEPING CLEAN RECORDS IN YOUR BUSINESS WITHOUT HAVING A DEGREE IN ACCOUNTING.

Running a business is not just about making sales but also about how you manage your business in order for it to grow.

To grow your small business into that desired big brand, there are structures you need to put in place and one of such is the RECORD KEEPING STRUCTURE.

Having a record keeping structure isn't for big businesses alone and that's why I would talk about 5 wonderful tools for keeping clean records in your small business.

1. Invoice.ng

This is an invoicing software that allows you to create professional looking quotations, invoices, receipts and the likes. Instead of getting worried about the straightness of your line in your hand written invoices, it helps create invoices that depicts your business as a professional one and it can either be printed or sent to the customer's email via your phone or laptop.

Also, it helps in sending reminders to debtors to pay up as and when due.

Imagine how great your client would see you, when you send professional looking quotations or Invoices to them with your logo and brand color.

2. Kippa App

This is an app used for tracking sales, expenses, and debtors. It is also used to create invoices and receipts on a daily basis, not only that, it can but also be used to store your Customers information should you want to check up on them later on and also send reminders to your debtors when their debt is due for payment. This application can be used on your phone and it has a feature where you can receive or make payments.

3. Zoho invoice

This is a software that can be used on your phone or laptop to create estimates, invoices, customers databases and also record your expenses.

At the end of the day, you can generate a report of all you have done on the software.

4. Google sheet

This is one of the Google workspace applications. It is a spreadsheet that's used to create templates for your business records based on your business needs. The results of your template can be presented on a graph or a chart if you wish. Google sheet is a cloud based application that can be used either on your phone or laptop, anywhere and anytime without you losing your data.

With the tools mentioned above, be sure to have your business activities recorded properly and easily accessible without you being an Accounting guru.

Do you find this helpful? Let me know in the comments.

© Mariam Ayomide

27/02/2023

BEFORE YOU GET THAT PHYSICAL STORE, READ THIS!!!

Oftentimes, I see people whom when you ask them about why they haven't started their business yet, they tell you that they want to get a store first.

They say it with much confidence that you'd think having a store is equivalent to getting sales. Meanwhile, the two are wide apart.

There are some business you'd do which your can start from the four corners of your room, waiting to get a store for such is like wasting time.

So, before you get that physical store, ask yourself these questions👇

1. Can my business afford it?

I said 'business' not you because it is from your business that you need to pay your store rent. The product you're selling now and the price and quantity at which you are selling, would it be enough for you to rent a store from it?

2. Who are my target audience?

Are they people who prefer online shopping to physical shopping? Are they okay with me getting their items delivered without coming to the store? Are they those who loves coming to the store to shop?

3. Is my current space no longer convenient?

Yes! You might have a store which is now smaller than your capacity. Then, you might think of moving to a much bigger or convenient space.

4. Is a physical store beneficial to my business?

Ask yourself if having a store would pour in more sales, will it give you more visibility? Will it help you gain more trust from clients?

At the end of the day, don't just go ahead and rent a store. Ask yourself this questions and be sincere with your answers because before you know it, the rent would expire and you'd need to renew.

I hope you got value from this?

Have a productive week ahead💕

© Mariam Ayomide

06/02/2023

4 VITAL REASONS YOU SHOULD KEEP PROPER RECORDS FOR YOUR SMALL BUSINESS. NUMBER 4 IS A MUST READ!!!

As a small business whose aim is to be successful, it is very vital to keep records and not just anyhow records but a detailed and proper financial records of the business.

This would give a clear picture of the financial status of the business and enable you to make informed decisions.

Here are four reasons you should keep proper records for your small business:

1. Planning and Budgeting: Detailed financial records provide information on past performance and can be used to create realistic budgets and financial projections for the future. This helps a business plan and allocate resources effectively.

2. Decision Making: Accurate financial records can help you make informed decisions about investments, expenses, discounts and the likes.

3. Track Progress: By reviewing financial records regularly, you can track the progress of your business and identify areas where there's need for improvement.

4. Secure Funding: If your business is seeking financing either from family or lenders or angel investors, your financial records is required to assess the creditworthiness of your business and also know if the business is viable to put their money into or not.

For the growth of your small business, it is very vital that a proper record keeping system is in place.

Need to put your business records in place? Send a message today, let's help you get it done.

© Mariam Ayomide

02/02/2023

IT IS MORE THAN JUST SALES!!!

Running a business has a lot to do than sale. So, if as a business owner, you are proud to say that you have a business record when all you have is just your sales record, then you are getting it wrong.

Take this scenarios for instance.

1. Trading business: This is where you get to buy before selling. In this case, you have purchases of goods, inventory of goods, expenses incurred and so on. Do you now see why sales record shouldn't be the only one you keep.

2. Production based business: Before you produce, you must have bought your raw materials, then go into production, have your inventory and all other things involved. Every of this must be captured if truly you are keeping records, not just the sales alone.

3. Service based business: As you sell your services either online or offline, there are expenses involved. It is not enough to capture the sales of your services alone without the corresponding expenses involved.

With all I have mentioned, you'd realize that sales is just an aspect of business records, it does not capture the whole thing. If you want to informed decision for your business, using one aspect won't help your business.

Imagine using your sales figure to make decision without putting the expenses into consideration?

Think deeply about this and do the needful.

I still remain the record keeping queen for small businesses like yours. Have a productive day.

© Mariam Ayomide

25/01/2023

6 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 reasons why some businesses pack up after a few years of operation.

While I may not know why the big companies fold up after a few years of flourishing, I do 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 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 Purchases and every other cost associated with the purchases of fruits and other items used for production.

📌 Recording of daily transactions such as the cost of production, sales and 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 makes 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.

📌 Daily, she ensures that her inventory record is updated to know the quantity and value of smoothie produced, sold and the balance left to prevent theft and spoilage.

📌 She further explained how she set aside a certain percentage of her profit as her own salary at the end of the month.

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

Dear business owner, which of the records that Tope keeps do you replicate in your business? Let me know in the comments section

© Mariam Ayomide

17/01/2023

Keeping clean and accurate records for your business is a MUST and not by CHOICE.

10/01/2023

6 SIMPLE TIPS ON HAVING A GOOD RECORD FOR YOUR BUSINESS

The sole aim of businesses is to maximize profit while minimising cost, but this can't be ascertained if the business is always 'sold out' but there is no record or an equivalent amount to show for it.

Business growth is dependent on the decisions made by the owner, but this decisions can't be made without a pointer which in this case is the business record.

Many business owners find it difficult to keep clean record and that is why I want to share this tips that would aid in keeping proper records.

👉 Record transactions as it occur: A transaction should not be kept in the brain with the aim of recording later, this may lead to omission of some vital information.

👉 Safeguard your work by using cloud based storage as it is safer and more efficient.

👉 Business finance should be separated from personal finance.

👉 Capture your expenses on a daily basis to give proper summary at the end of the week/month.

👉 Ensure to make reminders to debtors, so as to enable them pay their debt.

👉 Reconcile your books and check for loopholes.

With this tips, now you can properly make clean records for your business and make that decision that would change the life of your business.

Hope this is helpful?

© Mariam Ayomide

04/01/2023

What if I told you that you must not be an Accounting guru before your business records is prim and proper?

Yes! This is the fact but you already have the limiting believe that in as much as you are not good in that aspect, you can never do it right.

Let me tell you something, your mindset would always be a factor that determines if you are able to do a thing or not.

If you have determined not to know how to do something, you won't know how to go about it and this is bad especially if you are a small business owner.

A big business can afford to pay an expert on a monthly basis to carry out its bookkeeping activities but as a small business who can't afford that, it is best for you to learn how to do it yourself.

See, no matter how much you make in your business if you are not accountable, it would still be as if you aren't making any money.

After working on your mindset to get it right, be willing to pay in other to learn. There's a huge difference between keeping records and properly keeping records.

You can't be keeping records of only sales activities and claim you are keeping records. Before the sale happened, there must have been things put in place. For instance, did you buy before you sell? that's purchases, did you produce before you sell? that production or did you even drop ship before you sell?

There are many things that goes on in a business, capturing one side and calling it records is not good enough as that would overstate your profit and understate your cost.

Again, I am saying that you can keep good records for your business without being an Accounting guru if you are ready to learn and put it to practice.

Erase your limiting beliefs and ask for help.

Need to learn how to get it right for yourself? Send me a message inbox

© Mariam Ayomide

02/01/2023

Just as the year begins, this is your time to put in place records for your business.

As a business owner, keeping a good record of your business activities is a MUST and not a thing of CHOICE.

Thinking of how to START? That's why I am here to teach you how to keep good records for your business without having to hire an Accountant.

Remember, that a business without good records is like building a house without a solid foundation.

©Mariam Ayomide

31/12/2022

5 THINGS THAT INVENTORY MANAGEMENT WOULD DO FOR YOUR BUSINESS. NO. 5 IS A MUST READ!

What is not properly managed can not grow and this also affects a business inventory.

It is of utmost importance to monitor and control how inventory increases or decreases in the business.

Before that, it is crucial to know that inventory can be any of the following;

📍Raw materials used for production

📍 Goods are are in Work - in - Progress

📍 Finished goods that are bought for resale

📍Tools/Equipment used in the course of the business and so on.

Inventory can either increase or decrease. However, here are some importance of Inventory management 👇

1. IT HELPS DETERMINE YOUR BEST SELLING PRODUCT.

Reports gotten from the management of inventory points to product that people buy the most from your range of products.

2. IT GIVES INSIGHT ON THE NUMBER OF GOODS SOLD AND WHAT YOU HAVE LEFT.

Daily, you need to know the number of products that's been sold and what you have left. For instance, For a business that sells chicken wings, if the opening balance of chicken wings is 100 cartons, and you get to sell 65 of it, definitely, what should be left in your records and store should be 35cartons if no good got spoilt or returned.

3. IT HELPS TO KNOW PRODUCTS THAT PEOPLE DON'T BUY.

There are some products that doesn't move the business but you won't know the extent to which this is, if you don't track your inventory and then it keeps holding down your resources.

4. DETECTION OF SPOILT OR EXPIRED PRODUCT

As part of Inventory management, stock taking is one of the processes involved and with this, you get to detect on time products that are getting spoilt or expired.

5. IT GIVES INFORMATION ABOUT PRODUCTS THAT ARE OUT OF STOCK OR AT THE REORDER LEVEL

If you sell physical product, it is advisable to set a reorder level for every of your product, so as to know when to make orders in order to avoid non availability of product. Inventory management gives you insight on products which are at this level for prompt action.

Managing your Inventory shouldn't be toyed with either as a small business or very small business because when inventory is lost, money is also lost.

I hope you got value from this?
© Mariam Ayomide

23/12/2022

Wait! Before you add that profit to your product, read this 👇

You have the right to the amount of profit you want to earn.

However, make it something worth your time and stress.

Before you add a particular profit to your cost, think about this deeply, is it an amount that can help you sustain and scale up the business?

Is it worth your time and stress?

Mr. A is selling with 100naira profit, is your vision the same with Mr. A?

Dear business owner, the fact is that I see no reason you should sell a product of 50k with a profit of 1k, that's way too low for sustainability.

Meaning that if you sell 20units of such product for 1million, your profit 20k. That's a definition of working like an elephant and eating like an ant.

Before you add that profit, ask yourself this questions:

📍 Can this help me scale up?
📍 Can I sustain the business with this?
📍 Can this help me in reinvesting into the business?
📍 Can this pay for my time and stress?

20k of 1million is just 2%. I know you probably have seen people who sell with such a profit rate and you also feel like doing that probably so that you could sell more.

Before you do that, know that buying and selling of product or service is different from being in business.

Many are traders but few are running businesses. Are you just a trader or you run a business?

I hope you got value from this?

© Mariam Ayomide

Mariam Ayomide

03/04/2023

02/03/2023

27/02/2023

06/02/2023

02/02/2023

25/01/2023

17/01/2023

10/01/2023

04/01/2023

02/01/2023

31/12/2022

23/12/2022

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Monday	08:00 - 18:00
Tuesday	08:00 - 18:00
Wednesday	08:00 - 18:00
Thursday	08:00 - 18:00
Friday	08:00 - 18:00
Saturday	08:00 - 18:00
Sunday	10:00 - 17:00