🔺21 money basics for your business

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20 questions to ask your poultry farm manager everyday 

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1. **Business Plan**: Develop a comprehensive business plan outlining your business goals, target market, competition, and financial projections.

2. **Financial Management Software**: Utilize accounting software to efficiently track income, expenses, and overall financial health.

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Read also: 9 ways to quickly manage cash flow problems in your business 

3. **Separate Business and Personal Finances**: Open a dedicated business bank account to keep personal and business finances separate for clarity and organization.

4. **Budgeting**: Create and stick to a realistic budget to allocate resources effectively and plan for future expenses.

5. **Emergency Fund**: Establish an emergency fund to cover unexpected expenses and maintain financial stability during challenging times.

6. **Cash Flow Management**: Monitor and manage your cash flow to ensure you have enough liquidity to cover operational costs.

7. **Cost Reduction Strategies**: Regularly review expenses and identify areas where costs can be reduced without compromising quality.

8. **Payment Terms**: Set clear payment terms with clients and suppliers to maintain a steady cash flow.

9. **Diversification**: Explore diversification strategies to reduce reliance on a single revenue stream and mitigate business risks.

Read also: 9 signs usually associated with business failure

10. **Investment in Technology**: Invest in technology that enhances efficiency and productivity in your business operations.

11. **Tax Planning**: Work with a professional accountant to optimize your tax strategy and take advantage of available deductions.

12. **Insurance Coverage**: Evaluate and secure appropriate insurance coverage to protect your business against potential risks.

13. **Legal Compliance**: Stay informed about and adhere to local, state, and federal regulations to avoid legal issues that could impact your finances.

14. **Customer Payment Policies**: Clearly communicate and enforce payment policies to ensure timely receipt of revenue.

15. **Negotiation Skills**: Develop strong negotiation skills to secure favorable terms with suppliers and partners.

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16. **Credit Management**: Monitor and manage your business credit, as a good credit history can lead to better financing opportunities.

17. **Employee Compensation**: Fairly compensate your employees, considering industry standards and the value they bring to your business.

18. **Continuous Learning**: Stay updated on financial trends, market conditions, and new strategies through continuous learning.

19. **Retirement Planning**: Plan for your own retirement by setting aside funds and exploring retirement savings options.

20. **Networking**: Build a strong professional network to gain insights, opportunities, and potential collaborations beneficial to your business.

21. **Regular Financial Check-ups**: Conduct regular financial check-ups to assess the health of your business and make informed decisions for its growth.

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Remember, seeking advice from financial experts or business consultants can provide valuable insights tailored to your specific business needs.

🧩CREATED BY DR JOSEPH DEJI-FOLUTILE

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