Anyone, especially a small business owner, probably knows that the key to success is not just driven by the number of business done and customers gotten, but also the way finances are managed and utilized. You probably also know that worrying about money can make it harder to do your job. Instead of approaching finances as an arduous practice of constant self-sacrifice, centered on how and where we shouldn’t spend, we should try to ensure optimal value for money spent. Here are some ways to help you get the most out of your money. IDENTIFY YOUR CURRENT PRIORITIES It is important to identify what is most important for your business. Writing out a list of priorities helps to put things in perspective and eliminate the things that are not priority, or at least, shift them to the back burner.  Plan every single expense, when to sponsor events and when to give customers freebies. Look at it like writing down the address of the destination that you are headed. CREATE A BUDGET After identifying your priorities, you need to implement systems that support your plan. That is what a budget is. If identifying your priorities is the address of your destination, then your budget is the road map to get you there. A budget is guideline that helps you fix any holes in your cash management system. A budget tracks your spending and income so you have an accurate picture of your financial situation. Use your budget as a tool to keep your priorities in sight and spend in alignment with said priorities. EMPLOY THE BEST STAFF AND PAY THEM WELL “Teamwork is the ability to work together toward a common vision. The ability to direct individual accomplishments toward organizational objectives. It is the fuel that allows common people to attain uncommon results.” - Andrew Carnegie No man is an island and needing some help is inevitable. It is vital that you get the best hands, as Teamwork makes the dream work. After you get the best staff, it is imperative that you retain them by, amongst other things, paying them well. Staff attrition is unavoidable, however, if your staff are properly compensated for their efforts, chances are, they will be loyal and dedicated and continue to go above and beyond in carrying out their duties. ENGAGE PROFESSIONALS There are some processes in every business that definitely require professionals. For example, unless it is what you’re particularly good at, filling in tax forms and working out your liabilities is best left to the professionals. In short, you might not be bad at it and can probably do a reasonable job on your own, but getting a professional who can leverage on years of experience and expertise will save you hours that will be better spent elsewhere. DO YOUR RESEARCH AND INVEST IN QUALITY Before making expensive procurements for your business, ensure that you carry out extensive research. Go online and read consumer reports to find out how to get the best deal. Find the product within your budget that will last longest and meet your needs best. However, remember to Invest in quality as the cheapest option isn’t always the best option. TAKE ALL THE COSTS INTO ACCOUNT Take all the costs into account. Read all the fine print and add up the total amount before making your decision. Do not forget that Taxes like Value Added Tax and Withholding Tax, and Shipping cost also add up to the Total Cost. Also, do not be fooled by lower monthly payments. Calculate the total amount you will spend (monthly payments x number of months until fully paid) to find out what the most efficient option is. If you are taking out a loan, calculate how much total interest you'll have to pay.   What ways do you ensure that you get the most bang for your buck? We would love to hear from you. Share with us: Twitter: @theSMEchampion Instagram: @thesmechampion Facebook: TheSMEChampion

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“The first rule of personal finance is that it's not personal and it's not financial. It's about your ability to make ten changes and not get too depressed over it."

James Altucher

Audeo was founded from a young auditor's dream to “provide a simple yet effective solution to all SME problems and build a stronger, more economically viable Africa on the solid base of Small to Medium Scale Enterprises.

The SME Champion & Co (trading as "Audeo") is a multi-disciplinary professional services Firm that provides back – office and decision support services to Startups, Small and Medium Scale Businesses in Nigeria. Using the information obtained through Management Accounting, we are able to proffer initiatives to improve efficiency, reduce costs and wastages, create capabilities and optimize capacity to our clients.

Our vision is to become the to-go firm for back-office and decision support services to start ups and small to medium scale businesses across Africa.

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