Mbugua, an automobile shop owner, started his entrepreneurship journey as a small spare parts trader. With a passion for automobiles, his business steadily grew, building a loyal client base that led to increased sales and new opportunities for expansion.<\/p>\n\n\n\n
However, he soon found himself struggling to manage his business finances on his own. Realising the need for structured financial support, Mbugua approached his financial service provider for guidance.<\/p>\n\n\n\n
According to Esther Nazarino, Relationship Manager at ABC Bank, business finance is a key determinant of growth for any enterprise. For start-ups, she recommends the following:<\/p>\n\n\n\n
1. Understand your profit margins to know what products generate the highest returns and which to cut back on.<\/p>\n\n\n\n
2. Have a practical and structured budget that will help you avoid overspending, track your bills, and prepare for seasonal business fluctuations.<\/p>\n\n\n\n
3. Take loans responsibly by ensuring that they support your business’s growth, thereby allowing you to repay comfortably while expanding operations.<\/p>\n\n\n\n
4. Take advantage of digital financial tools to help ease your financial needs. e.g., a mobile banking app like ABConnect will give you the freedom to transact from wherever you are and track your finances through the available online statements, giving you real-time visibility into your business finances.<\/p>\n\n\n\n
5. Plan for tomorrow by investing in a good savings plan, e.g., ABC Bank’s FD’s that have a good return rate, and insurance covers to secure the well-being of your business<\/p>\n\n\n\n
By actively planning and making the right financial choices, you position your business to survive any economic changes and take up new growth opportunities with confidence. Like Mbugua, taking intentional financial steps today can move beyond daily survival to build thriving businesses.<\/p>\n","protected":false},"excerpt":{"rendered":"