Why the lack of accurate record keeping will kill your business

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This is a pretty long digest so strap up and let’s go on this journey together.

Growth is very fundamental to a business. Anything that doesn’t grow, dies. It is true of life itself. Every business owner dreams of a business that will provide them with tons and tons of money.

You have seen the big brands, and dream to be recognized as a big brand someday. 

Your ambitions towards your business are very crucial to the way you run the business. Growth and a successful business are a very complex topic, because if it was easy, every single business would be a multibillion-dollar corporation.

In simple terms, what I am saying is that the road to that ambition you have for your retail business, isn’t going to be an easy one. 

A lot of factors affect growth. The circumstances surrounding what will make your business a successful one varies across geographical spectrums. What will work here, may not work there. Facebook, Google, etc, in all their amazing propulsion in growth and size, have struggled in the Asian continent, specifically China because of territorial circumstances. Apple, even though it has dominated the west, hasn’t really dominated Asia and Africa well enough, again because of territorial circumstances. Some big brands have not been able to enter certain markets because of that singular factor.

And when you read the stories of the big brands you admire, you will notice that their successes happened at varying durations.

Some happened quicker than others, others happened after some decades. Growth and success aren’t linear. The good news is, there is one notion that runs through every single corporation, whether big or small.

It is so embedded in every corporation’s heart, even though not communicated as much as the concept of profit-making is, it is the heart of every business. I call it the true value of the retail business. They are; consistency and longevity.

One thing you want to guarantee for your business is consistency and longevity. Because growth happens over time, you want to be able to survive in order to grow, and even when you’ve grown, continue to survive in order to scale more. With this in mind, , you want to practice the basic things that will set the consistency and longevity of your business in stone. Elon Musk calls it “the first principles thinking”. I will probably call it the principle of the basics. 

One of the basic things that is sure to guarantee the consistency and longevity in your business is the documentation of all your operations. To drill this further, essentially how you keep your books.

Your ability to constantly keep accurate data, emphasis on “accurate”, is that single most important factor that will separate the winners from the losers. It is that factor that will influence your theory of evolution. Why is it so important?

There are some seasons when your business is really profitable and performing very well. On the other hand, there are also some seasons where your business bleeds cash and you end up running at severe losses.

There are various factors that influence these two basic results. What you want to obtain first and foremost is insight into where the resources are moving to. When you have that analysis, you can gain further insights and cook up more brilliant ideas into knowing how to properly manage these resources, and then regularly engaging in this act will even lead you to come up with game plans that will help you expand. Now how do you do all these, if you are struggling to keep up simple records of the items you bought, your sales numbers, expenses, customer information etc.

How do you expect to become the big brand you intend to be, if at the end of the day you lack insight into your own business operations and transactional activities? 

Before you can catch the wave of growth, and success, you must value the importance of surviving. If a surfer intends to catch a big wave, the surfer has to first value the importance of staying afloat in the water and swimming to the waves.

Therefore embrace the art of records keeping by deploying the best of systems that would allow you to constantly brood over your business and stir it into the kind of success you require.

Sumundi guarantees you consistency, longevity and eventually the kind of success you have always dreamed of by consistently putting all the data and analysis you need at your fingertips in real time. Why don’t you join that journey today? It’s never too late. Create an account for your business this very moment. It’s FREE.

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