Lack of proper saving culture

Many business owners have a poor saving culture. Every money they make in their business is consumed, and in most cases the money are spent on things that will not bring any increase to the business. Because they spend all the money of the business on things that are not in line with the mandates of the business, the business is sure to fail. Materials and other business consumables for the smooth running of the business cannot be bought because adequate provisions were not made for it.

The lack of proper saving culture among business men is a major factor to be highly discouraged if we must make meaningful progress in business. Working capital should always be made available if the business must survive. A business man that has no reserve cannot succeed in business, because when opportunities for his business advancement arrive he will not be able to quickly seize it. And in most cases where he is able to secure a loan to make good use of a profitable business opportunity, the interest rates and the amount he is expected to remit as an install mental payment of the loan facility will drain him of adequate liquidity to run the business.

I was passing through this dilemma before in my business. I make money but the moneys were going to settle my indebtedness. I was barely able to keep my business going. Many times I thought the business will fail, but suddenly God will create a way of escape for me and I will survive that stage. That was how I was struggling with my business, until I was able to develop a strong saving culture. I decided one day to keep part of what I made solely for the running of the business. I decided to pay my self and the business first before paying anybody. With this in place I was able to save enough to embark on other profitable business ideas.

If you want your business to succeed, part of what you earn is yours to keep. Part of what you keep should be invested so that it helps to labor vigorously for you and for your business. It is only in this shall you be able to save your business from failing.