Always Have a financial record in whatever business you own

[Jody.Drummer]

Small details are also big details. Imagine if you missed to record $1 expenses in your business, which you continue to spend in a month so it would be $31 and it is huge already as it is profit, and if you analyze and check your income business then you fall short. Even cents should be recorded, no matter how small, so that you can see if business is going well or not. Even though it's kind of tiring to list it down, for sure you'll benefit from it in the long run.

Things that are considered small are things that are actually big things starting from that. Even large corporations have special staff to keep track of their finances. We're not kidding about this. I can be sure, try asking people who have been successful with their business. They will definitely answer the same thing that recording every income and expenditure is very important. And try asking people whose business is not running smoothly, they will surely answer that this is one of the reasons their business went bankrupt (maybe not all, but one of them).

[imamusma]

Things that are considered small are things that are actually big things starting from that. Even large corporations have special staff to keep track of their finances. We're not kidding about this. I can be sure, try asking people who have been successful with their business. They will definitely answer the same thing that recording every income and expenditure is very important. And try asking people whose business is not running smoothly, they will surely answer that this is one of the reasons their business went bankrupt (maybe not all, but one of them).

Within the scope of business, of course, financial management must be a major concern in addition to maintaining the quality of products or services. Businesses can thrive when the owner has a good strategy for managing income and expenses so that the business runs as it should. OP's story reminds me of one thing, without good and correct financial management, of course business will only go bankrupt sooner or later. The solution is as correct as some people have said, and simply it should be of use to anyone.

In the scope of investment is also no different. Financial management is the most important part so that investors generate worth returns with their plans. Limit expenses that are not really needed and don't prioritize desires when financial conditions can't keep up.

[Aanuoluwatofunmi]

Having a track record o every activities in your financial economy is very important, this helps in having an adequate planning over time, most businesses a d inventions do archive their data for future reference a d this serve well in this purpose for them to fast track on past events, record keeping is very important to any organizations because they work on their past records to be able to serve them when applicable.

[Theones]

Having a track record o every activities in your financial economy is very important, this helps in having an adequate planning over time, most businesses a d inventions do archive their data for future reference a d this serve well in this purpose for them to fast track on past events, record keeping is very important to any organizations because they work on their past records to be able to serve them when applicable.

that is true - but I am such a loser not to do it properly
I plan everytime that I will do it this time - but i forget and get lazy every time and this brings so much damage to me.

[summonerrk]

I had this barber friend in a neighboring hood I lived a few years ago who is a very good barber and has his own ...
... it, please I will appreciate ideas. 

This is called money management.
The ability to distribute and spend the money you have and at the same time know exactly how much you earn and from what sources.

I use all this in everyday life, routine, without having a small business. I have a program on my phone where I drive in all my earnings and expenses, and what topic they are related to.
I can find out at any time how much and when I spent on food, credit, entertainment.
At the same time, thanks to the application, I know perfectly well when and where I earned. All this provides excellent data for forecasting expenses. After a little calculation, I always know how much extra money I have.
I strongly advise same apps to everyone. Especially for business.

[Semar Mesem]

If we focus on profits then financial reports are important, we don't know whether the products we are selling are profitable or at a loss if we don't have financial reports, the easiest thing is to use a computer or application so we can easily monitor financial conditions and target profits we will get.

[Inwestour]

It all boils down to having financial planning since it is important to track all your expenses and income so you can further assess the performance of your business. Having keeping records is one way to go since it could give you an image of the business' financial flows. I think in the situation of the barber, having personal financial planning is important since it could be a problem of how he personally manage his own money. It is important to any business and individuals to track their expenses and have financial planning so that they can really see what to do and also to view their standing in terms of financial secureness.

In this case, I wanted to say that for this barber, in addition to keeping financial records, he must also separate personal expenses and the budget of his business.

To fix the problem, you need to know its source, what is the reason for the deficit in his budget. But in any case, if he is faced with this problem, it means that he does not have enough income that he receives for a comfortable life, and he will need to think about how to increase income. It is possible to expand his barbershop and hire a few more barbers. From identifying the cause, the problem will not go away by itself, it will be necessary to work on its solution.

[xSkylarx]

If we focus on profits then financial reports are important, we don't know whether the products we are selling are profitable or at a loss if we don't have financial reports, the easiest thing is to use a computer or application so we can easily monitor financial conditions and target profits we will get.

Nah, it is not only about the profit, but also about how the business is running—that is, imean is it doing well or not? Since that is the time you can also monitor if you need to improve or add innovation to your business. This is also the way you have reports in your business, unless you don't want to have a monthly update on your business to see if that month is going well or not. There are a lot of apps on smartphones and PCs to track your business, so it is better to make use of them.

[Obari]

This is a great advice to whomsoever is interested in largescale business I think the main aim of involving in any business venture is to gain profit and make interest as well so it is important to record every transactions made imagine being into a business for long and not knowing what you make daily this will not only be a loss to you but might lead to you business downfall people keep record of there activities in other to maintain a perfect trade without loss and this keeps you focus as a business owner because you can understand what comes in and out of your entreprise record keeping does not only help in knowing the business condition but also help in knowing the time and date of every transactions made

[Davidvictorson]

As a small business owner, I learned the art of keeping financial records from my mentor. Because of his meticulous book keeping was secure funding for his business expansion from several financial institutions. He has over time been able to gain clarity about the next business decision from just looking at his books. They have been impecable.

[Theones]

As a small business owner, I learned the art of keeping financial records from my mentor. Because of his meticulous book keeping was secure funding for his business expansion from several financial institutions. He has over time been able to gain clarity about the next business decision from just looking at his books. They have been impecable.

It is very important to keep the records handy - one of my muslims friends said that they are asked in their Holy book to write the financial transactions.
So it is very good and safe trick to keep it on record.

[Silberman]

As a small business owner, I learned the art of keeping financial records from my mentor. Because of his meticulous book keeping was secure funding for his business expansion from several financial institutions. He has over time been able to gain clarity about the next business decision from just looking at his books. They have been impecable.

This is another good point, good financial records not only help you to take better decisions when it comes to your business, they also allow others to have a very clear vision of your business too and you can obtain loans or investments that you could not get otherwise, and while the owners of some small businesses may think they may not need something like this, who is to say the very reason their business remains small is because they do not keep better records and they are unable to find the opportunities and the money to expand because of it?

[Lida93]

There are many more benefits of keeping financial records and I know it's not the most exciting part of your business but it is essential to your business. It doesn't matter how small your business is, be it, laundry, hair salon, boutique, online store, etc, always keep financial records.

I have always wanted to organize something like a free seminar and educate the owners of small businesses in my community about this but

Financial records keeping in every business makes the business owner to have an indepth insight if he's moving forward in his business, fluctuating or retrogressional. Financial records of our business we keep today helps us on how to avoid same futuristic financial mistakes when we're faced with one. Financial records of our business can be likened to a compass that guides our business projections.

I'm a very introverted and shy person so I don't know how to go about it, please I will appreciate ideas. 

It's okay to be an introvert, I used to be one not until I met some crazy friends back then in the university that turned my introvert  lifestyle around without me even knowing.

As an introvert with such brilliance you can make good use technology to share your knowledge to crowd out there without you having to sit face to face with them. You can do an audio recording and share with them, which they can keep listening to time after time. It can make you some cool cash if you're very good at what you intend to do.

[BRINIRHA]

Having a special financial book, a business development planning book, a special notebook for finding new problems in our business and our business development journal is a must-have staple. everything is needed to make it easier for us to observe and evaluate the business that we have. We also have to routinely observe our business. if it is a company that has a certain number of employees then a monthly meeting to evaluate the performance of the company is also required. but if it's a small business then we personally have to routinely observe and evaluate our business performance.

[Wong Gendheng]

Now it is easier to create a financial report, we choose a lot of applications on Android, although simple but can be easy to monitor financial conditions, to run a business, of course, financial report is the most important thing, financial reports make it easier for us to determine decisions.

[Theones]

I had this barber friend in a neighboring hood I lived a few years ago who is a very good barber and has his own barbershop. He does home service from time to time too. He’s really good so he has a lot of customers but at the end of the month he always struggles to pay the rent of his shop. I spent most of my free time with him at his shop so I know the number of customers that walk in for a haircut daily and I know what his rates are, so by calculations, he should be making enough money even after rent and other expenses required to run the shop. So one day when he complains about rent I asked him how much he makes in a week and he couldn't tell me an estimated number.
Long story short, I educated him on how to keep financial records and record every single penny that comes in and goes out of his business. I also made him understand how this can help him cut losses and make more profit.
...

Big ups for sharing your experience and schooling your home skillet about how crucial it is to keep your financial records on point. You couldn't be more spot on, dude. No matter how small your biz is, keeping tabs on your dough is key to progress. I gotta give it up to you for having so much passion for educating small biz owners in your hood.

I know you might be feeling a bit anxious since you're more of an introvert, but we can handle this sh*t. We'll start by making some dope flyers with all the info about the seminar and get them out to local businesses. We could also hit up the community center or library and see if they could host it for us. Don't hesitate to hit up your boys and fam for help if they're experienced in event planning. Remember, the more heads we get in here, the more of an impact we can make.

Financial records ain't just some snooze-fest about profits and losses. They're the game-changer that lets you call the shots and take your biz to the next level. When you keep your books on lock, you can see what's poppin' with your cash flow and plan your moves like a pro. And if you wanna tighten up your spending, you'll know what to do. It's like a secret weapon that gives you the power to crush it and achieve your dreams.

that barbar is exactly like me - I do three jobs and at the end of the month I am also struggling
I will not try to keep the financial record and see if it works.

[Silberman]

Now it is easier to create a financial report, we choose a lot of applications on Android, although simple but can be easy to monitor financial conditions, to run a business, of course, financial report is the most important thing, financial reports make it easier for us to determine decisions.

If you want to use those apps that is fine but they are not really necessary, bookkeeping is relatively easy to do and with just reading a book about it you will be able to do without too much of an effort, and even if someone does not have a business or even the desire to start one soon they should still learn this skill, as any skill which helps you to manage your money is a skill in which it is worth to invest our time, as over the long term it will save us a ton of money.

[Bholutefe]

It is such a good thing to normalise keeping financial updates and records of a business in order to be accountable for any form of profit or loss in the business sales. It has a lot of advantages to mention but a few; part of the purpose of keeping financial records also includes that you get to figure out where a debt/loss has been incurred as a result of one thing or the other. You also get to know the amount of profit you are making at a given point in time of a particular period of time. While record keeping in a business also serves as reference during the process of reviewing and analysing data involved at the end of each transaction in a business.

[Fivestar4everMVP]

Great thread with one of the best advice I've come across in a while, financial record is a crucial part of any business, it's not a matter of whether one wants to do it or not, it is completely mandatory, not doing it is simply the same as not being serious wit the business, and every business that lacks care and attention will suffer and eventually crumble after some time, I am a business man myself and I understand how this works, financial record is the most important part of any business, doesn't matter how large or small the business is, which op stated categorically.

I have always wanted to organize something like a free seminar and educate the owners of small businesses in my community about this but I'm a very introverted and shy person so I don't know how to go about it, please I will appreciate ideas. 

Friend, just get up and do it, locking yourself up all the time damages the brain, so get up, go out there and do what you have to do, I am an introvert myself, but somehow, I've managed to break free from such habit, introvert is an habit the limits a man, the man never get to exercise and show his true potentials, not good at all.
So once again, I say, get up, get out there and do what you have to do.

[Cryptock]

Great thread with one of the best advice I've come across in a while, financial record is a crucial part of any business, it's not a matter of whether one wants to do it or not, it is completely mandatory, not doing it is simply the same as not being serious wit the business, and every business that lacks care and attention will suffer and eventually crumble after some time, I am a business man myself and I understand how this works, financial record is the most important part of any business, doesn't matter how large or small the business is, which op stated categorically.

I have always wanted to organize something like a free seminar and educate the owners of small businesses in my community about this but I'm a very introverted and shy person so I don't know how to go about it, please I will appreciate ideas. 

Friend, just get up and do it, locking yourself up all the time damages the brain, so get up, go out there and do what you have to do, I am an introvert myself, but somehow, I've managed to break free from such habit, introvert is an habit the limits a man, the man never get to exercise and show his true potentials, not good at all.
So once again, I say, get up, get out there and do what you have to do.

I have trouble focusing and I am suffering with acute ADHD problem
Everytime I plan - I forget to write it down. I wish I recover from this disease soon