Separate private and business finances to help your business grow.

My company, Olivia’s Juices, makes 100% natural fruit juices. To make this company successful, I had to get training to manage my company’s finances.

I am very passionate about what I am doing but there were lots of things I didn’t know, especially about financial management. I didn’t have any bookkeeping. I was not keeping any records. I was recording my daily sales and I was recording what I bought from the market. Those were the only two things I did.

I had a bank account, but maybe in a whole month, I didn’t go to the bank. I was using money from my sales on myself and my family. There was no separation between the business account and my personal account. Everything was just muddled up.

I did not know how to manage my staff. Even though I had just one person, I didn’t know how to manage her.

After receiving training, I became more focused. Now my bookkeeping is excellent. We put the day’s money in the bank every evening before the bank closes, no matter the amount. I have separated the business from my personal account. If I borrow from the business, I must pay back; if the business borrows from me, it must pay back by the end of the month. I am also able to pay myself a salary.

I have created a brand and I have a label on my boxes called Olivia’s Juice. I have two people in production and I have one marketing executive who goes out to get events for us. I am planning to employ more people this year.

I now have a structure. I contact my customers by SMS. They come, and they refer people.

Questions to the reader:

1. Do you keep records of all your business transactions?

2. Do you separate your private money from the money generated by your company?

3. Do you have a bank advisor who can explain how to manage your bank account?