How to Keep Track of What Goes on in Your Fashion Business by Chioma Ifeanyi-Eze Creative Director At ibileclothiers
How to Keep Track of What Goes on in Your Fashion Enterprise, Wishing everyone the Best in the new month. Especially, Entrepreneurs. I just feel it is not enough to wish you the best, but also share few tips on how you can effect at least a change in your Business this month. So, I thought to share this
Pay Attention to you business. You need this now than ever. You need to keep track of what goes on in your business to maximize the small profit that the current Economy will let you have.
PAYING ATTENTION TO YOUR BUSINESS
Invest time in learning the Basics of your Fashion Business, especially Book keeping. It helps you keep tracks of what goes on in you Business.
You cannot run a Business if don’t know what your Finances look like. Cash flow Projections is very important and You should not be doing it Blindly.
You need to know what a Profit & Loss; Balance Sheet , you need to know them to guide your Business.You don’t have to be the book keeper in your business, you can hire someone.
Knowing what goes on in your Business helps to make strategic Decisions
Steps on How to Keep Track of What Goes on in Your Fashion Enterprise
Take the time to put a financial record keeping system in place. For example, you can have a Cash Receipts and Payment Book that you record your daily/ Weekly Spending (expenses) and receivables (income).
Then you record this information in your Profit and Loss Account.
This will give you an idea of how your business is doing; whether making Profit or Loss. No matter how small your Business is, you should have this in place
Pay Attention and Keep Track
You have to be diligent about recording every transaction and filing every invoice and Receipt. Good financial records are important because they allow you to understand your Cost and Prices and determine whether or not your Business is Profitable.
The Process of keeping Financial Records is called Book-Keeping or Accounting. Recording might seem a bit intimidating, but its important to the overall success of your Business. Now, go try this out this month and see the difference it will make.
Chioma Ifeanyi-Eze has a short course on Book-keeping. Best Wishes 👍