Why you need a Long-Term Digital Strategy for your Business
One of the biggest issues I have with my Nigerian clients is that they don’t particularly think long-term. Everybody wants results right here, right now. Social media isn’t even helping matters with the instant gratification. How else would you explain why a lot of e-commerce stores aren’t invested in an SEO and blogging strategy? A lot of businesses in Nigeria just create websites and leave it there excepting orders to magically appear. But I get it. It can be hard to think about a long-term strategy for a side hustle especially if you don’t have any plans to extend it into the main hustle just yet. Still, it is important to consider a long-term strategy for your business even if it doesn’t get there. Whether you like it or not, the internet is here to stay and is not going away anytime soon. If you have decided that you want to invest in a digital strategy for your business, you need to have a plan. You need to create a strategy outlining your goals and all the efforts it would need to achieve them. [bctt tweet=”Don’t be afraid of failure. Failure is part of life – @Ebun_Oluwole ” username=”SheLeadsAfrica”] Little drops of water make a mighty ocean. Perhaps the most important thing about an effective digital strategy is consistency. No matter how little you’re putting into it, as long as you’re consistent, you will get results in the long term. A lot of people sometimes prefer to test the waters with social media before plunging in completely. But the problem is you can become complacent and forget your goals. This is why it is important to set defined goals from the onset to keep you focused and accountable. Need I remind of the numerous benefits you can get along the way: A recurring and diversified income Brand authority Thought leadership Influence But perhaps, you’re struggling to stay motivated and you need to be constantly reminded of your goals, positive affirmation helps. You need to place them where you can see them every day. You can use a vision board or just have them in strategic spaces like on your desk or on the walls of your office. Don’t be afraid of failure. Failure is part of life. Don’t be afraid to think long-term because of failure. Even if you do fail, do not stop there. Pick up the important lessons and move on to the next one! In conclusion, to get the reap the incredible benefits of a digital strategy for your business, you need to think long-term.
5 Bookkeeping Tips for New Small Business Owners
One of the most important things a small business owner needs to learn is the basics of accounting and bookkeeping. I mean if your business is not turning over a profit, how would you know? For someone that is not good with numbers, I struggled a lot with the concept of accounting and bookkeeping. I still do until I was forced to get my acts together and learn it once and for all. I’m not exactly a pro yet but I like to think I’ve got my books handled for now until I can afford an accountant. So, here are five tips that have helped me that can help you too as a small business owner: 1. Start with Excel It’s so easy to get overwhelmed with all the tools and templates available for bookkeeping. But I’ve noticed that sometimes it’s better to start with what you’re familiar with. Most of us have a basic knowledge of Excel so you should start with that. Make sure you enter all the money that is coming in and all the money that is going out. Don’t forget you can also use it to create monthly budgets for your business. 2. Track every single expense One of the key things you need to do for your business is to track your expenses. If possible, keep all receipts and tellers. If papers are too stressful to track, download an expense tracking app. You can never go wrong with one. Tip: If you’re in Nigeria, use the Reach app to track your expenses. 3. Separate personal from the business account Whether you admit it or not, you’re not your business so you should treat it like a separate entity. Don’t be tempted to use your business account for personal expenses. Once your business starts making money, put yourself on a salary. That way, you can curb the temptation to dip into your business account. [bctt tweet=”Small Biz owners, listen! Once your business starts making money, put yourself on a salary – @Ebun_Oluwole ” username=”SheLeadsAfrica”] 4. Embrace technology As a small business owner, you should be thankful for all the apps and software that are available at your disposal. It saves you a lot of money you would otherwise have used to hire a professional. Once you get a hang of them, the accounting software is pretty easy to use. 5. Balance your books regularly Between your Excel sheet and your bank statement, there needs to be a reconciliation. Every month, try to balance your books by reconciling all your accounts with your software. It’s so easy to make mistakes manually when using Excel so it’s better to use your accounting software where you can upload your bank statements and reconcile your accounts accurately. Tip: Wave is a simple accounting software you can use. When your business begins to scale, don’t hesitate to hire the services of a small business accountant. Interested in contributing for She Leads Africa? Click here.