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"If you are obliged to squandering, you are liable to fail in your business; but if you are obliged to savings, you are liable to succeed in your business ".
Looking at the economy of this country today, it seems we are all heading to damnation. Everything seems to be on the fast Lane to unceasing suffering for those who are not well equipped to face the lingering effects of the bad economy. Despite almost everyone is crying as a result of this unfavorable economy, it is no doubt that there are some who don't too much feel the difficulties arising from this unbearable economy of Nigeria.
Then, you ask; why some are already on the edge of giving up their life, and others remain unshakable as if all is well with our economy?
The reason is very simple! It is because those who really feel the negative side of the economy are those who never planned for future neither did they prepare to face any emergency of life; while those who do not feel uncomfortable are those who know that life is always full of ups and downs, and always ready to adapt and flow with any emergency of life by simply dipping into their saved earnings to start what I call "urgent income streaming strategy".
" Urgent income streaming strategy " can be seen as a system where a new business is urgently set up to maintain the flowing and Constancy of one's income when the economy of the country or state as the case may be has become terribly unfavorable in the current job.
And, this can only be possible for those who are always ready in terms of maintaining their savings obligation. This is where our case study begins.
Maintaining one's savings obligation is one of the hardest thing to keep by 95 percent of people around the globe today. This is where your success or failure of any business comes in. It is a well known fact that every successful entrepreneur in the world today is a good candidate of self-discipline in the face of savings. No any serious or committed business man or woman will ever play with his or her savings. If you don't learn how to make savings from your income, definitely you are interested in making failure from your savings.
From the statistics I was able to gather over some period of time now, I was made to understand that 85 percent of businesses crumbled for lack of proper saving attention given to the income of the very business by its manager.
My dear reader, if you really want to succeed in your business and also secure its future, you must learn how to form a habit of savings.
As study would have it, savings means that when all or part of your income, interest, profits or gain are not consumed immediately, but reserved for future purposes. As a business man, you must know the importance of constancy in business and availability of commodity to meet the demands of your potential customers that keeps your business follow in relationship with your potential customers. What am I saying here? Take for instance; assuming you bought a market of N2 million naira, and after the sales of all the commodities, you were able to make a profit of N1 million; instead to increase your business by buying more goods to your market, you squandered all the profits. With this practice, will your business grow? Undoubtedly, it will never grow why because you always maintain the same pace instead of double the size of your business. Mind you; as you keep practicing this type of system in your business, you may loose your potential customers to another business man or woman who constantly and always have everything customers need around the vicinity. Gradually, you will be surprised that all your customers have left you. Yes, they left because they hate wasting their time to your shop but never seen what they really want to buy. To keep them, you must learn to save in order to keep increasing your business so that when they come, they will always see what they want to buy.
WHY DO YOU REALLY NEED TO SAVE?
1. You need to save to raise additional capital that may be used to embark on another form of business. As we all know, expansion comes in form of multiplying and increment of something. For every business to expand, multiplying of resources is required. In the same vein, multiplication occurs as a result of arising in number of the available resources. If you don't save, there is no how you can increase or grow in your business. Learn to save, enjoy expansion of your business and be successful.
2. You need to save for security purposes. What do I mean by security purposes? As a business man, you must have it at the back of your mind that unseen eventualities like sickness, car breakdown, unexpected compulsory expenditure, sudden change in commodities and goods prices, even retrenchment will one day come your way. If you don't have a save, once those eventualities occur, your business may go down with them; but if you keep your savings obligation, when it happens you will have nothing to afraid or loose in your business.
Then, you ask; why did I mention "retrenchment" in the second point above?
The reason is that as a business man, you are not alone. What do I mean? As you are striving to stuff your shop with enough goods in order to meet the demands of your customers, it is no doubt your wife, brothers, sisters or relatives are there to care for. Have you now known why retrenchment comes in here? Because when it happens to any of your people I have mentioned above, you don't have to touch the money that is meant to be used for uprising of your business to solve the problems of your relatives. If you have enough savings, you can simply take little to solve their problems; but in a situation where you don't have savings, I know you won't watch them to die of hunger; you must definitely want to help. So, the money that is meant to be used for your business would now to the one to solve their problems.
3. You need to save for speculation. What do I mean by saving for speculation?
Just as we all know that nothing is constant but change, prices of goods and services will surely fail you one day. Therefore, that is why you need to save in order to always make money available for future purchases when it happens. To be forewarned is to be forearmed! A serious business man is always ready for any changes. As it happens, he changes with it immediately without affecting his business. But if he doesn't have savings, there is no possibility of quick adaptation to climate change in business world. You see why you really need to have a good savings!
4. You will agree with me that there is time for everything in life. Therefore, your business span is not an exceptional! It is a well known fact that one day you will surely retire from running that business. But, the question here is that when you retire, what will you fall back on? Having nothing to count on? Living from zero level? No, you must really fall back on something. The reason you need to save is that if you have retired from your business, you need to enjoy a higher standard of living. Savings help people to enjoy the same or higher standard of living when they retired from their work or business. But if you did not save when you were running the business, when you retire intentionally or unintentionally by age, you will suffer.
5. You need to save in order to acquire some assets that will help to run your business smoothly. If you really want your business to grow, you must run an advertisement for it. Advertise it either on newspaper, blogs/websites or television for more awareness to the general public. You need to buy car or any vehicle that will ease the transition of your goods and services to where a larger sales can be found.
HOW DO YOU MAKE SAVINGS?
As earlier stated, making savings is one of those things that many people find so difficult in life. That is why some people always remain in their current situation. If you don't save you don't move on in life! In other words, if you plan not to making savings, definitely you plan to fail in your business.
1. Self-discipline: you must learn how to get yourself disciplined if you really want to grow your business. I know you want to have exotically made cars out there. I know you want to travel to abroad. I know you want to live in the biggest mansion in town. I know you want to meet the finest women in the world. But mind you; there is time for everything in life. And again, don't forget that there is a big difference between want and need. You may want those things but you don't need them at this particular time. What you need is to save your money, invest more of your on other businesses, feel your growth, be successful and enjoy your life.
Assuming your daily profit is N10,000 naira, you must try to save at least N9,000 and spend the remaining N1000 naira. You don't spend the N9,000 and save the N1000. No, that is extravagance! It will not help you, rather it limits you to a particular state of life.
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