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1. State your financial goals

A financial goal is a statement that explains the financial plan that an individual intends to pursue throughout his or business.

It is important for every employer or business or trader or job seeker or anybody to define their financial or business goals clearly.

It helps them to come up with effective action plans.  Do you currently have a financial plan for your business?

Start by drawing up your financial plan that clearly states your business financial growth with specific timeline and targets.

For example, Mr Ojo is looking at growing her food business by 15% in 3 months.

He aims to achieve this by introducing a new food menu targeting a create of eggs to customers alone. By this, we can see that the goal he sets is to increase his finances.

2. Build a financial structure

This aspect is operational. Your financial structure deals with the day-to-day financial activities of the business. You need to clearly state how payment will be made when invoice is issued.

If payment should be made by cash or transfer, timeline for every payment, who should be signatory to the account, which should be the approving officer before any expense is incurred.

If all these are put in place, the organisation and the business will have a plan how to spend and the action will reduce wastage of money.

Imaging Mrs Joseph is giving a receipt to customer A and not giving to Customer B because she doesn’t ‘feel’ like.

There is clearly no structure in her financial dealings. That is very bad. This means that Mrs Joseph is not trustworthy and not loyal to the company or the organisation. Are you like Mrs Joseph?

3. Open a separate account for your business

Now that you know there is a clear difference between your money and your business money, ensure that you open a business account using the business name.


Never use your personal account for your business transactions because most times it becomes difficult to reconcile your books after a period of time.

A personal account is the account that bears your first name, such as Adeola and last name, such as Adelakun but a business account is the account that bears the name of your business, such as AdeAyo Group Limited.

Having a separate account will give an opportunity to ascertain the income your business brings daily, weekly, monthly and annually.

Also, you will be able to budget for the expenses. You will be able to work on income and expenditure. Do you have a separate account for your business?

4. Put yourself on a payroll

Many entrepreneurs are guilty of this. As a business owner, you have to clearly state how much your business will be paying you or state the percentage or commission on service render or the sales you made.

Do not spend more than the stipulated salary unless it has been carefully reviewed. Also, being on a payroll helps you to know how well your business is doing.

For example, Musa is a fish farmer; he placed himself on payroll of N50000 per month. He didn’t spend more than the amount per month.

Funnily enough, he discovered later the business cannot pay the salary of N50000 per month if the business will be successful because he just started.

He had to adjust and balance the spending. Are you on a payroll for your business?

5. Have a financial record

Financial records can be seen as documents providing evidence of or summing up business transactions.

A financial record is well-organised if an essential part of an accounting department is taken care of. At the most detailed level, financial records can include invoices and receipts.

At a more complex level, financial records include subsidiary ledgers, the general ledger, and the trial balance. At the most complex level, they include the income statement, balance sheet, and statement of cash flows.


A business that does not keep a financial record can never achieve its financial vision. A financial record makes you accountable and transparent.

All activities in terms of money spent or received must be recorded for future use. . Financial decisions are easy to take once you have your records up to date.

For example, Toyin is a petty trader; she does not have knowledge of financial records neither does he have financial records. She cannot differentiate her daily profits from the money for other things.

At the end of the month, Toyin will find it difficult to say specifically the profits for the month. Are you like Toyin? How often do you keep record of your financial dealings, daily, weekly and monthly?

6. Start out right

In order to manage your finances, your thinking must first be right. The way you think of managing money comes from your thought.

Whether you are an aspiring entrepreneur, or you prefer to climb the corporate ladder, the importance of structure and working in a structured environment cannot be overestimated.

It helps to cultivate discipline which is directly correlated with your productivity and ability to produce results.

That is discipline in spending is very key. No matter how huge the profits are, if you are not financially disciplined, the businesses and organisations will be affected.

Chief Sulaimon is a CEO of a company, he has made it in his business but what paralysed his company is lack of discipline.

When it becomes to spending, Sulaimon can spend all he has without considering where the money comes from.

Even, at the party, he can spend all the profits incurred in his businesses. Are you like Chief Sulaimon?

7. Build yourself

The best money spent is that which is spent on your self-improvement. With the rising digitization in today’s world and the ubiquity of the internet, ignorance is no longer acceptable.


Your generation has unhindered access to quality information, much more than those before you, so you should take advantage of it and develop yourself on financial knowledge.

Read, learn and feed your intellect on financial management and strategies. All the points we have been able to develop so far will be effective if you improve yourself and improve your staff to have the financial knowledge, management and strategies.

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