It is obvious that sometimes we need to make some drastic and dramatic decision on order for our businesses to grow. One of such is the ability to run on strict budgets. Every income come and outflow must be monitored appropriately.
In the previous month that passed, I was really angry at myself because of how much money went out of my hands. I spent so much more than what I had earned in the entire month and even had to borrow some from a close friend when the finances with me were exhausted.The month wasn't even over and we had some needs.
While sewing some outfits for my neighbor's daughter, I had spent some extra funds on the outfit for purchasing accessories to design the clothes trying to give it my best and a lasting impression about my skills. I went all out on the clothes not bothering about how much was being spent.
Upon completion of the clothes I was hoping that the family would pay me a good amount for the job executed so well such as would cover up for all the extra expenses. The time to pay for my services came and they kept beating down the price I demanded.
I wasn't really happy about the situation, and having tried all I can to force out more money from them, I realized that they didn't have much either and were equally managing this economy even though they have come to me for the best. They never expected that I would spend so much on designing their outfits or even charge them such an amount that I have demanded for my services.
We never concluded on the payment till date. They transferred some amount of money to me but it was just peanuts and isn't even
fair at all for the services rendered and the extra expenses incurred for making those outfits. I have objected that they should add more money to the amount or even pay on a later date of they don't have it now.
They aren't willing or ready to pay more, which is really unfair to me. I won't mind them showing some appreciation, even if they owe me a part of the money for a while, it won't be as unfair as being adamant about not willing to pay more.
The extra expenses on the outfits ate up a good portion of the finances we needed to pass the week. Since there were no more fiat funds with me, I had to reach out for support. At this point I learnt some important lessons about money which whole ranting and complaining about this I thought to share with us
Adopting a habit of separating business money from personal finance. For every business,, especially newly started ones,ones, it is absolutely wise counsel to set up some good capital aside for our businesses. Money meant for our businesses should be used to run the business while we set aside some other finances for personal use.
This way we can be able to determine if there is financial growth of our business or not. oney meant for business shouldn't be used for personal purpose and vice versa.
Business services we render shouldn't be done on the table of emotional sympathy. Some customers can characterizes to ruin peoples businesses. They desire to have the qualities of services we can render,, but when it comes to payment time,, they bring up a serieses of stories as to why they cannot pay a good sum for the services rendered.
Even though a level of understanding and empathy can be expressed, we cannot afford to let this ruin our business. Better still, it will be a good attribute to discuss the financial implications of every service we are about to render and have a solid conclusion with the clients before setting out to begin our work.
Some level of financial understanding is very important for both our business and personal funds; this way it ensures that we don't run out of money completely or come down to the level of borrowing to meet up with ends.