RESPONSIBILITIES

LESSON #37: 

RESPONSIBILITIES

How responsible are you to your business? Do you take total control over it or do you let someone else take the rails? Do you spend all your profits or do you re-invest them? Are you the one responsible for balancing the ledgers or do you fully trust your employees?

How do you run your business?

A business is a big responsibility and the one in charge is you the business owner. All the responsibility and stability of your business is on your shoulders. I know of a business owner who left all the responsibility to his sibling who had no idea of how to run the business and when it finally went to the ground the business owner blamed his sibling for making his business fall.

Your business is your dream much as you have employees they may or may not share your goal because they are there to earn a living from you while you employ them to archive your dreams. Never leave 100% responsibility to anyone even to your business partner. At least share 50-50 because much as you might a common goal with your business partner he/she might have his/her own perspective. 

Take control of your business documents like ledgers, tax payments (PAYE, Income tax), inventories, budgets make sure that you’re up to date with what is going on. Best still learn how to balance your books (do not leave everything to your accountant) you can install user friendly accounting software like Tally, inventory software like Inventoria stock Manager. A smart businessman is multi-tasked. Be organized have all your documents filed and clearly labeled. Keep both soft and hard copies of your documents from day 1 of your business i.e. Invoices, receipts, payment vouchers, pro-former invoices, cheques, delivery notes e.t.c .Insure your business so that you don’t fall in debts in case any calamity occurs.

Remember no one can run your business better than you. Do not forget to teach your children the business they will keep it running even when you grow old and cannot work anymore or when you fall ill or in case of any accidental disability.