Precious Favour Nambeye (2026)

05/01/2026

In 2026 May the LORD give us the ability to make wealth and open our eyes to see the opportunities around us in Jesus name. Amen

14/11/2025

Why Small Businesses Fail Financially

Running a successful business requires more than passion and hard work, it also demands on sound financial management. Sadly, many small businesses struggle due to poor financial practices. Below are some of the most common reasons why small businesses fail financially and how to avoid them.

1. Lack of Proper Financial Records
Many business owners do not maintain accurate financial records. Without a clear system of tracking sales and expenses, it becomes difficult to determine whether the business is truly profitable. You do not have a sales book to know how much sales you make on a monthly basis. There is no proper way of tracking your expenses both directly and indirectly for the business. Hence we assume we are making profits when in the actual sense your business is not profitable. Profit should not be assumed, it must be calculated accurately. You may consider using simple accounting software or even excel or a book to track income and expenses consistently.

2. Mixing Business and Personal Finances
One of the biggest mistakes small business owners make is using the same bank account for both personal and business transactions. This makes it difficult to track business performance and can lead to confusion when reconciling accounts.
Always open a separate business account. If you use mobile money, dedicate a different number for your business. Separating finances will help you clearly see how your business is performing and maintain financial discipline.

3. Failure to Pay Yourself a Salary
Many entrepreneurs withdraw money from their business whenever personal needs arise, which disrupts cash flow and business growth. To avoid this, put yourself on a fixed monthly salary that your business can sustain.
Treat your business as a separate entity. This helps you maintain financial discipline and ensures you can accurately track profitability.

4. Poor Pricing Strategy
Setting the right price is crucial for business survival. Some entrepreneurs sell products below cost without realizing it, especially when offering discounts or promotions.
Learn how to calculate your cost price and profit margin accurately. Ensure that any discounts still allow for a reasonable profit. A well structured pricing strategy helps you remain competitive while keeping your business profitable.

5. Selling on Credit Without Debt Collection Skills
Many small businesses fail because they extend credit to customers but lack an effective system for debt recovery. Unpaid debts reduce cash flow and can cripple your business operations.
If you are not skilled at managing credit, avoid selling on credit. Alternatively, establish clear credit policies, set limits, and follow up consistently to ensure timely payments.

6. Lack of Innovation
In today’s fast changing world, innovation is essential for business survival. Businesses that fail to adapt to new technologies or market trends risk losing relevance.
Be creative in how you package, market, and deliver your products or services. Utilize digital tools such as social media for marketing and online payment systems to expand your reach and convenience for customers. Remember, innovation keeps your business competitive and future-ready.

By maintaining proper financial records, separating personal and business finances, adopting smart pricing, managing credit wisely, and embracing innovation etc. you set your business on a strong path toward growth and sustainability.

30/05/2025

My MBA Finance Journey ~ A Journey of Savings

I started my MBA program when I was working at a place where I was not getting a lot of money. I was getting a K3,500 as my monthly salary and looking at the fees, it looked impossible to start the journey.

I remember having a conversation with a friend who told me that she had started her master’s program and I thought because she comes from a wealthy family, she is able to afford but she simply told me that she was paying for herself, that encouraged me to start.

That is how I started saving from my K3,500 salary and by the time I was supposed to make my first installment I had managed to save enough money to get me started.

After leaving my first job, I found an internship opportunity and after working for a month we were told to stop the internship program because of the increase in the COVID 19 cases.

I had just left a job that was giving me a salary for an internship program when I started my master’s program. This moment was one of the hardest, I honestly didn’t know what to do but I couldn’t go back to my former employer because I had recommended a friend to be working there so I decided to be volunteering at the place where I was doing internship to keep me going and also continue with my program.

I volunteered for about three months and after that I was given the internship program back for three months. The money I was getting for the internship is what I started saving to pay my exam fees and second installment.

From the internship I was given a job and I began to rise in my career and positions and it became easier to pay my school fees.

With savings you can reach your goals. I didn’t have to wait to start getting paid a huge salary before I could start my program but with the little I was getting, I saved it and began my journey.
The best way to do anything was yesterday. If you have been making an excuse that your salary is not enough to meet you goals, start saving it bit by bit.
This degree started as a result of savings. If I did it, so can you.

13/05/2025

HOW TO MOVE FROM FINANCIAL SURVIVAL MODE TO BECOMING AN INVESTOR

Many of us are barely living to survive with regards to our financial situation. Few are making investment decisions. This is because our salaries are not adequate to meet our needs and also venture into investments.

Financial survival mode is a point where your one month salary is the only thing that is capable of sustaining you and when you lose that income, you might not be able to afford your lifestyle without debt.

How do we move from survival mode to being an investor: one way is by having multiple sources of income. It is very dangerous to live on one source of income which does not allow you to make investments decisions. There are people who are on one source of income but that income allows them to make investments decisions.

For those who are still in survival mode financially, you need to maximize your earning potential by using your skills, talents, abilities to help you generate another stream of income.

Additionally, you can start a small business that can help you generate passive income.

Do not be reluctant if you are barely surviving and not making any investment decisions regarding your future. Start investing early, be consistent and stay committed to your investments.

17/04/2025

HOW TO BE A SMART SPENDER
(Why is it that we cannot get through a month without credit)👇

11/04/2025

Lifestyle Inflation

What happens when your salary increases??

Inflation is defined as the general increase in the prices of goods and services. Therefore, lifestyle inflation is the increase in your expenses as a result of an increase in your salary
I will first start by stating the disposable income equation. Disposable income is made up of consumption and savings (Y= C +S) so what happens when your income 👍 increases, most people will tend to increase their consumption (C) which is an increase in expenses and very few people will think of increasing their savings (S).

When your salary increases, the first 3 to 6 months continue living on your current expenses and endeavor to take the increase to either your savings or investments. Do not be quick to change your lifestyle as a result of your salary increment.

This may not be easy to do but with discipline it is worth it and it will definitely pay off.

You now know what to do the next time you receive your salary increment, take it to your savings or investments and not more on the your expenses.

07/03/2025

Tips on debt management

04/03/2025

BUILDING AN EMERGENCY FUND

We live in a world that is full of uncertainties and it is only wise for us to prepare for these unlikely events by having an emergency fund. This is money that has been set aside for any unlikely event that may happen to you or your family in the future. Having an emergency fund will help you be money smart.

You can build an emergency fund by opening a savings account where you transfer a certain proportion of your income to this fund, it can help your finances have a safety net. You must save for the future like your life depends on it.

Furthermore, saving for an emergency fund is different from saving for an asset that you want to purchase or the contributions you make towards your pension. This type of saving is for emergencies in an event that you lose your income or become unemployed you have some savings set aside to help you navigate the way forward. There is need to be prepared and your life intact until one is able to find another job. That is the kind of emergency we are talking about and not for buying clothes or having fun.

Your emergency fund needs to contain at least enough money that can pay all your bills and monthly expenses for six months without a paycheck. The question of how much money should be in this fund is dependent on an individual or family’s current expenses. Having an emergency fund is a must for everyone, regardless of your income, all that is needed is financial discipline to build the fund.

21/02/2025

Tips on making a monthly budget

14/02/2025

HOW MUCH IS TOO MUCH TO SPEND ON VALENTINES DAY

I recently attended an interview on ZNBC’s TV2 where I was asked how much is too much to spend on valentines?

My response was as follows:

1. Income: Spend within your means. Do not spend more than you have, this could lead to debt. It’s the effort that matters I know this sounds too cliche’ but you need to be with someone who fully understands your financial capacity. A person who knows where you are financially will know how extra you can go without breaking your back.

2. ⁠Do not be in debt because you want to get a gift for your loved one. There is life after February 14th, be wise in your spending. What you will get will not be earning revenue, but your debt will be earning interest. You should not be pressured emotionally to the extent of borrowing for the gift.

3. Avoid overspending- Avoid spending more when you have other critical bills to pay. Live within your means. Spend within your budget line. Be creative, at the end of it, it’s about having a good time with your partner, creating memories together. Other than the usual chocolate, flowers you can gift your loved one non perishables that will last long. This is what I like to call being creative romantically. We celebrate events to create memories.

4. Do not exaggerate. Make it simple, it is good to go up and above for your loved ones but if you do not have the financial resources, make it simple. Home dinners are underrated, you are not only cutting costs on transport and other things but preparing a dinner and being fully dressed up as if you at a garden court hotel changes the perception of where you are, there is something that comes with looking nice.

5. Set a budget and stick to it: Let your budget guide your spending. If you have set aside a thousand for a gift, be disciplined enough not to go above that. Planning for anything is always essential. Valentine’s Day does not come abruptly, you should have planned for it and allocated some resources to this day. When you really value your partner, you would have planned for this day in advance. Planning helps you avoid the financial stress and helps you intentional about your purchasing decisions.

6. Do not fall for marketing hype. Retailers inflate prices around Valentine’s Day so compare prices before buying. Marketers are in a business of pushing sales. They will use every tactic at their disposal to push up sales riding on your emotions cause they know that you are willing to spend on your loved ones. Avoid such marketing tactics.

7. Communicate Expectations. Talk to your partner about financial priorities and agree on spending limits. A healthy relationship always communicates in “we” what affects you affects me, you are there to put each other in line so that you can both be happy.

8. Take advantage of loyalty points and discount. There are some shops that offer discounts during this period, buy from such shops. One of the most underrated skills in finance at any level is comparable analysis whether it’s at a corporate or at personal level. There will always be a price variation for items, this will not only help you find the most affordable things but also the best things.
Take your time to make a wise decision.

Precious Favour Nambeye

05/01/2026

14/11/2025

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