Running a business is not exactly the easiest thing, especially if you have no prior experience.

Here are 5 things to help your business to stay on track financially.

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1. Separate your business finance from your personal finance (Very Important)

2. Understand Profitability: Know how to calculate your profit, separate your overhead and cost of sales to arrive at your gross profit and ultimately the net profit.

3. Have a proper record keeping system: This includes cashflow, balance sheet, profit and loss statement etc.

4. Study your target market and offer products or services according to their need. It’s not about what you like, but what the custumers need

5. Collaborate: Work with people in the same industry doing amazing things. No man is an island!

We hope you found these tips helpful!

Credit: @SolaAdesakin

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