Toyin Olufon - Accounting & Finance Expert

Applying for a business loan can be a daunting task, but it's an essential part of growing your business. Unfortunately, not every loan application is approved, and if you've been rejected, it's important to understand why. Here are some common reasons why a bank may have rejected your business loan request.

There are two kinds of business owners

1. The ones who sets a little aside every month to spoil themselves l.

2. The ones who practice delayed gratification

Which one are you and why?

In business, the appointment contract is a foundational thread that weaves together the interests, rights, and expectations of both business owners and their dedicated workforce. Beyond being a mere formality, these meticulously crafted documents hold profound significance that resonates throughout an individual's employment journey and the business's trajectory.

So real question is, do you give your staff appropriate appointment and contract letters?

When a business is absolutely excelling, it gets to a point, it outgrows the “small business” title. Suddenly, the issues are all about translating what is working well at this level to the next level and this conversation is almost never easy. Before you expand, you need to ask yourself very important questions and take some necessary steps.


Define success carefully: Consider the ideal goal, but also what, at a minimum, will count as a win. Be generous.

Do your market research: Don’t skimp on this step! Rushing into a big change without doing the right research sets everyone up for failure.

Understand your strengths and weaknesses: Transformation affects every level of your organization. Also, look for any gaps in communication across departments. Strategize about how to create more cooperation.

Double entry book keeping is commonly used in businesses to maintain accurate and complete financial records for reporting and analysis purposes.

The fundamental principle of double-entry bookkeeping ensures that the accounting equation, Assets = Liabilities + Equity, always remains in balance. This method provides accuracy and helps prevent errors and fraud in financial records.

Want to know if this is best for your business? Send a dm for consultation.

I know it’s the weekend but here’s a quick tip for that business owner looking for funding options…

LEARN HOW TO TELL A STORY!
LEARN HOW TO TELL YOUR STORY!

Here’s why: While facts and figures go a long way, it’s important to use those numbers as an avenue to tell a meaningful story. Framing your business idea as a story also establishes you as a passionate business owner.

PS: I love this fit so much. Don’t I look almost like a tech sis?😁😊

tips

Visualization tools have emerged as indispensable assets for small businesses. They simplify complex data, uncover hidden patterns, enhance communication and collaboration, aid in presentations and reports, track key performance indicators, and facilitate data-informed decision-making.

Just before I left for the US, I was doing an accounting audit for an SME client and something she said struck me. In her words, “I want everyone who comes in contact with my business to know that we are intentional. I want every customer to see the efforts we put to ensure we stand out.”

Who’s an intentional business owner?

Here’s the truth: The intentional business owners recognize that financial decisions are not to be taken lightly. They don't just let the numbers flow; they actively steer their financial ship, setting goals, budgets, and strategies to navigate the unpredictable waters of business.

To them, standing out isn't just about flashy marketing campaigns or ambitious product launches; it's about the financial acumen that underpins every move. It's about having a clear vision for where every penny goes, about making informed choices that align with long-term objectives.

Are you an intentional business owner?

1. Do you monitor your KPIs at a minimum once a week?

2. Do you have a strong and compelling unique advantage in the market?

3. Can you charge premium prices and still have clients lining up to do business with you?

4. Are you constantly testing what’s working and what’s not working?

5. Have you built a culture of innovation so that you’re asking yourself a question like “what needs to happen for us to deliver an even greater experience and a greater result for our clients?”

6. Do you have a documented system in place for re-engaging lost clients as well as reselling existing clients?

Be honest with your response and use whatever shortcomings you get from these responses to build better business strategies.

Have a lovely weekend, folks!

The skyrocketing prices of essential commodities, coupled with the fluctuating currency value, have placed immense pressure on businesses across the nation. Yet, it's important to remember that tough times don't last, but tough businesses do.

Also note that now may be the time to explore new product lines, enter untapped markets, or even introduce innovative services which will open up alternative income sources. This not only buffers you against the impact of a single market's downturn but also paves the way for sustained growth.

You can definitely weather this storm and emerge stronger.

In the last couple of days, I’ve learnt yet again that the path to making the forte of our own business is a symphony of challenges and triumphs, a crescendo that requires not just talent, but also unwavering dedication and a dash of audacity.

However, it is in these moments that our passion shines brightest. It is in moments like these that we improvise, innovate, and find innovative ways to make things work.

Dear business owners, how are things going at your end?

Small business insurance is a fundamental aspect of protecting your investment and ensuring the continuity of your operations. By understanding the various types of insurance available, assessing your business's specific needs, and selecting a reliable insurance provider, you can safeguard your venture from potential risks and concentrate on achieving long-term success.
Remember, small business insurance is not a one-size-fits-all solution. Seek professional advice from insurance experts to tailor a comprehensive insurance plan that meets the unique requirements of your business in Nigeria.

1. Is there a clear business plan?

2. Have I identified my target market?

3. Is there a unique value proposition?

4. Have I considered the competition?

5. Do I have a marketing strategy?

6. Am I prepared for contingencies?

7. Am I monitoring finances?

Remember that success in business is a journey that requires continuous learning, adaptation, and strategic decision-making. It's advisable to seek advice from mentors, experts, or business advisors to increase your chances of achieving your financial goals.

In today's digital age, online reviews have a tremendous impact on a business's reputation and success. Among various review platforms, Google Reviews holds significant importance due to its vast user base and influence on search engine rankings. Positive Google Reviews can build trust, attract new customers, and improve your online visibility.

Wonder what the inscription in the photo means?

Umuntu Ngumuntu Ngabantu is a Zulu phrase that means “A person is a person through persons”

Isn’t this true though! Let this be the reminder you need that our actions, kindness, and empathy towards others create a ripple effect that shapes our shared human experience.

What an experience!

The past 6 weeks have been nothing short of quality knowledge transfer, experiential learning, forging lasting partnerships and friendship, cultural exchanges and much more.

So grateful for the opportunity to have experienced the awesomeness of and and I highly recommend them.

I’m thrilled to have successfully completed the Mandela Washington Fellowship program and how empowered I am to even do more.

There’s no stopping, no going back and my ambition just got bigger.

Thank you to everyone that has been part of my journey!

For small businesses, efficient payment processing is not just a necessity but a key aspect of maintaining smooth operations and fostering customer satisfaction. However, the world of payment processing can present unique financial challenges that small business owners must address proactively. From transaction fees to security concerns, these challenges can impact cash flow, profitability, and overall business success.

Enjoyed the tranquil moments spent amidst nature at Unity Garden. It was a day filled with laughter, bonding, and unforgettable memories.

Our gardening adventure taught us about sustainability, recycling, and the vital role plants play in our ecosystem.

As a business owner, managing your cash flow is essential to keep your operations running smoothly. One often overlooked but highly effective practice is sending out invoices early. By proactively issuing invoices, you can significantly impact your business's financial health and foster positive relationships with your clients.

In a vibrant gathering of cultural exchange, representatives from 17 African countries came together to celebrate our rich heritage. From the rhythmic beats of Mali's music to the intricate patterns of Zimbabwe's textiles, we immersed ourselves in the kaleidoscope of African cultures. This event was a testament to the unity and strength that lies within our diversity. We danced, we laughed, and we shared stories that spanned borders, forging connections that will endure.

Nigerian pride was on full display as we savored the iconic Jollof rice and peppered chicken I prepared, while other Nigerians treated us to the delightful flavors of eba and Egusi soup.

As we departed, hearts filled with joy and stomachs satisfied, we carried with us the pride of our nations and the knowledge that our shared traditions bind us as one.

Chicago reminds me of the endless possibilities that could happen if only we dare to dream.

Dream Big

Fail Big

Get up and Go Again

Win Big

Impossibilities becoming possible.

In summary, setting KPIs for your business helps align goals, measure performance, foster accountability and motivation, identify risks, and facilitate data-driven decision making. They play a vital role in driving growth, improving efficiency, and ensuring the long-term success of your organization.

Understanding your business numbers is vital for making informed decisions and driving growth. By organizing and tracking your financial data, familiarizing yourself with financial statements, calculating key ratios, analyzing trends, and monitoring KPIs, you'll gain valuable insights into your business's financial health. Armed with this knowledge, you can make strategic decisions, seize opportunities, and navigate challenges with confidence. Remember, the journey to mastering your business numbers is an ongoing process, so embrace continuous learning and adapt your strategies as your business evolves.

In the world of business, providing an exceptional customer experience is vital for building trust and fostering repeat business. A strong focus on customer experience can lead to increased customer satisfaction, loyalty, and positive word-of-mouth referrals.

It’s 4th of July and it’s Independence Day in America.

Spent the evening watching a baseball game. Didn’t expect to enjoy it as much as I did. Then a fireworks show happened at the end. A word for the show, Spectacular. Will share in my next post.

God bless America.

Another place I’ve discovered on this trip is the vibrant oasis of student life at Duncan Student Centre!

Did you know that this state-of-the-art facility offers a wide range of amenities? I was particularly blown away by the modern study spaces and the variety of dining options.

The stunning architecture and welcoming atmosphere make it the perfect place to connect, unwind, and create lasting memories.

To determine your own business's profitability, you'll need to gather all of your financial information. Bring all of your receipts for expenses together and total them. Total your revenue over the same time frame that the receipts cover, then subtract the expenses from the revenue. If you have a positive number, you're profitable. If it's negative, you're spending more to run your business than you're earning. An understanding of the entirety of what it takes to run your business at every stage gives you an insight on what part of your business to invest profit into and costs to cut off – which results in better decision making.

Another business I’m greatly inspired by is the Rocket Group.

This Group Company has about 16 subsidiaries and each subsidiary is another giant company. You have Rocket Mortgage, Rocket Homes, Rocket loans, Rocket Auto e.t,c. Check google for more details.

The Founder is a visionary that is on a mission to restoring the old glory of Detroit and in my opinion, he’s doing a great job at that.
In downtown Detroit, it’s difficult to count 3 skyscraper buildings without seeing a company owned by . This is the same city that millions migrated from because they couldn’t see prosperity in it and now a Visionary as built conglomerates in tens.

I share to inspire you as I’m inspired.

I love businesses that are built with intentionality, excellence, creativity and social impact. That’s a simple description of what by the Pulte Family stands for.

Despite the fact that the resort is breathtaking in its present state, they are not resting on their oars. At the moment, $2 million dollars kitchen is being built amongst others.

Proceeds from the Hotels and Resort goes to the foundation doing great work around the world.

I’m really inspired