, 

It’s Monday, and today I want to talk to you about something really important that every business owner must take VERY seriously. 

What I want to talk about is something so important that it could mean the difference between you staying in business or running your business into the ground. 

This “thing” is the same reason some businesses get and stay on a growth trajectory, while others get on the decline phase, most times without even realizing it. . 

Fun fact: this is one aspect of education I hated and neglected back in secondary school. 

But now that I’m running a business in the real world, I wholly realize its importance. 

What exactly am I talking about?

I’m talking about good ol’ Accounting/Book-keeping.

Sure…

You might shrug it off as something mundane, or not insignificant. 

Until you start a business and you start spending your capital without even realizing it, because you don’t even know whether you made profits or losses. 

The importance of book-keeping/accounting cannot be overemphasized. 

Take it from someone who hated the subject in secondary school. 

Now, I have no choice but to practise it, to a very large extent — as much as my knowledge affords me to. 

Because my business, and by extension, my life, depend on it — quite literally. 

Accounting/bookkeeping is important because it helps me know important numbers. Numbers like:

• The number of sales I make daily, weekly, monthly, yearly and the likes, 
• The amount of profits or losses made at certain intervals, 
• The amount of money I am allowed to spend and the amount of money I must reinvest back into my business. 
• The amount of tithes I am to pay, 
• How much money I can afford to save, 
• The number of new customers that purchase products from the brand, 
• Et cetera. 

And beyond that, it helps me track several metrics that are important to me. Metrics like:

• Customer data: Information about customers that purchase goods from my brand

• Return customers: Customers who come back and buy again and again, customers with the most purchases from the brand, and so on. This is important especially if you want to run loyalty programs.

• Money makers: Products that sell out faster than others, products with the highest demand at certain intervals, products I should restock/invest more in, etc. 

• Date and time of transaction: This is especially useful for handling issues with customer complaints, trying to track sales/profits and a plethora of other issues that come up at one point or the other. 

And so many other metrics I can’t remember now. 

Trust me when I say this. 

The success and growth of your business is HIGHLY dependent on the quality of your accounting/book-keeping practices. 

And that’s on period. 

So this isn’t just advice. 

It’s a WARNING!

If you are running a business and you haven’t been taking your accounting seriously, it needs to change now. 

And if you haven’t started a business yet, but you intend to start one soon, then you need to put it at the back of your mind and prepare to adapt and utilize sustainable accounting practices. 

This warning will save you a whole lot of heartbreak in the future. 

And you may never know it, until you get into a situation that reminds you of this mail. 

Don’t say I never did anything for you. 

Anyway, that’s all I have for you today. 

What do you think about today’s lesson?

Reply to this email and let me know. 

Wishing you a great and productive week ahead. 

— KD™