01 Mar 2022

Good record keeping and financial management are crucial in the success of every business. 

 Chief executive officer of ANBA Chemicals, Mr Andrew Seeletso said this during a poverty eradication programme mini expo themed “Lets combat poverty today for a sustainable tomorrow” in Francistown.

Mr Seeletso said shortage of finances was a challenge to most businesses  hence the need to keep records and fully manage expenditure. He said good record management would always help when applying for financial aid.

Mr Seeletso also emphasised the importance of respecting work schedule and using accumulated money for growing business.

He also called for unity amongst business people, adding that working together co-operatively could help attract potential buyers thereby allowing healthy competition.

“Retail stores usually buy goods in large quantities, working together with the agreement of combining produce in order to supply retailers will benefit all included businesses,” he said.

One poverty eradication beneficiary, Mr Itumeleng Joseph said his bakery business growth has been massive since 2013 due to self-disciplinary tactics. 

He said he remained committed   to  his vision throughout and resisted  any temptations to spend business money on other things outside business. Mr Joseph also advised business owners to do a market survey to know their market and what their customers need from them.

He said they should not look at their businesses as too small for a research but as a business that was still growing.

Mr Joseph explained that after three years in business, he built himself a house, bought three business cars and hired nine employees. 

He noted that he continued to pay his employees during the COVID-19 pandemic because he put his business first.

He said finding ways to reach the market was the only way to increase sales and with increased sales, it would became easier to keep money aside for crisis’ period without shutting down the business.

Many small business owners put up stalls to showcase their businesses such as clothes, food and many other commodities at the mini expo.  BOPA