This is my first post on this platform and I hope to give the best as my contribution, aiming at the growth of the community and also to keep it alive.
I’m an entrepreneur, and what I want to share in the community today is my little knowledge on business growth and financial management.
I’ll be dealing basically with their relationship and importance to every entrepreneur/business owners out there.
First of all, it is crucial for us have a little understanding about business growth and financial management:
It is said that, at the point when business reaches the stage for expansion and there is a need for additional options to make or increase in profit making, then business growth is birthed. And business growth is the paramount objective for every business venture. Financial management on the other hand, simply entails the practices of handling business finances.
Base on the simple explanation about the meaning of business growth and financial management above, we can boldly say that every aspect of business growth depends largely on proper financial management.
How do you monitor business growth?
Whenever I’m opportune to have conversation with any small business owners, I ask these questions are you, “Are you growing in your business at all?” “How do you monitor your business growth?” “What are those things you consider before judging that your business is growing or not growing?” if any business owner cannot answer these questions, then I don’t think the person is ready for growth business wise.
Because business is not like any other thing, in business when you are not growing, you cannot remain where you are; you go down. There is no sitting on the fence with business, you either grow or go down and subsequently die as the case may be.
What stands any entrepreneur out is the incessant desires and action taken towards growth and expansion with achieved through financial managerial skill. You must want to grow if not it will not happen on its own.
Business growth monitoring is a conscious attempt to check new developments, what is added to the business that makes the business more better than when it started. I ask an entrepreneur, how do you monitor your business growth? She told me that when she started business, she was having one production machine in her company but now she has three of those machines; With that she can say her business is growing.
The relationship between business growth and finance management is that, When finance managed is properly done, it provides quality increase for business and maintenance to enable effective operation of its and that concomitantly is business growth. On the same note I said earlier that, business will encounter challenges which could have a negative impact on its growth and development if money is not managed effectively.
A number of business owner had fail in their business and most of them think it is the matter of them not doing the right business or business not in the right location and what have you. These factors can affect business but they may not necessarily be the case. Why don’t they check very well and ask whether they had proper finance management.
I will finally conclude that the onus of business growth for every entrepreneur lies in the ability to management your finances properly. Make conscious efforts to attend business classes, acquire maximal knowledge on finance management and you will go far in business.