Connect with us

Updates

How to Keep Track of What Goes on in Your Fashion Enterprise

How and Why is important to keep record and track on your fashion business or enterprise in other to help you manage your profit and loss in your business by Creative Director at ibileclothers.

Published

on

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

Get Organised

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.

Keep Track

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 👍

Click to comment

Leave a Reply

Advertisement
Fashion & Styles6 days ago

Things to consider before Enrolling into a Fashion Academy

Celebrity LifeStyle1 month ago

Veekee James: A Fashion Journey Through Her Stunning Wedding Wardrobe

Fashion & Styles2 months ago

2024 Valentine’s Day Outfits Collection Part 2

Fashion & Styles2 months ago

2024 Valentine’s Day Outfits Collection Part 1

Fashion & Styles4 months ago

New Year Collection From Nigerian Designers

Top Fashion Designers4 months ago

Oluomachi Egbo’s Inspiring Journey to Fashion Success

Updates5 months ago

10 Proven Strategies to Propel Your Fashion Designer Brand to Online Success

Fashion & Styles6 months ago

Exploring Students Mastery at Cynthetic Fashion Academy

Top Fashion Designers6 months ago

Elegance Redefined: Priscilla Obed’s Fashion Legacy at Cilla Sew

Fashion & Styles6 months ago

Unveiling the Elegance of African Fashion Collection

Fashion & Styles6 months ago

A Stylish Affair: African Fashion Short Gown Collection for Ladies

Top Fashion Designers6 months ago

Dressing Dreams: Bridals, Custom Wears, and Ready-to-Wear at Jenienoah Clothing

Fashion & Styles6 months ago

20 Stunning African Fashion Styles: Ankara and Asoebi Inspirations

Fashion & Styles7 months ago

From Dreams to Threads: Mbonu Uzor Precious – A Visionary Force in African Fashion

Fashion & Styles7 months ago

Idara Eno Umoh’s #15outfitschallenge at House of Dolls Fashion Academy

Fashion & Styles7 months ago

The Ghana Must Go Bag’s Fashion Odyssey

Fashion & Styles7 months ago

Remarkable Graduation Dresses by Nigerian Fashion Academy Graduates

Fashion & Styles8 months ago

2023 Corset Dress Styles for Ladies

Fashion & Styles8 months ago

Latest Ankara Styles for women 2023

Fashion & Styles8 months ago

Stunning Black Asoebi Dresses 2023