Monthly Archives: March 2017

Funding Your Business The Right Way (Part 2)

I bring to you the second part of the guest blog on funding for start-ups and small businesses. Whether you are an Entrepreneur or an aspiring one,  this is definitely for you.  Enjoy reading!

If you missed Part 1, click here

Funding Your Business The Right Way – Partnerships 
By Se Lorm (CEO, Seloart) 

Today let’s look at business partnerships.
Building a healthy business partnership is very important for the growth of every business.
A partnership is an arrangement in which two or more individuals share the profits and liabilities of a business venture. Various arrangements are possible: all partners may share liabilities and profits equally  or some partners may have limited liability ( less of the risks).
This is another easy way of raising capital for your business. It is quite unfortunate that partnerships are not very common in our part of the world mostly because of greed.
A partnership will make your business life easier and will enable you to do more.

Below are four key questions you should always ask when you want to consider anyone as a partner in your business;
1. Is the person trust worthy?

2. Is the person financially sound?

3. Is the person patient?

4. What other things does the person bring on board?

Your financial muscle will determine your share in the business. Values like trust and patience to stand the test of time cannot be overemphasized.

 

Funding Your Business The Right Way

Many young people have either started or would want to start a business someday. A major challenge for many of these aspiring Entrepreneurs however, is funding. So, today is a Guest Blog that will shed light on funding for start-ups. 

Funding Your Business The Right Way.
By: Se Lorm (Founder,  Seloart)

I have always maintained that capital is very crucial when it comes to running any business. Let’s look at how best you can raise that much needed capital to start your business. Admittedly it is easier when you are already in business.

1. Map out a plan on how to generate income in your business (sales)
2. Take your time to grow 
3. Be diligent in all your dealings with your clients and suppliers

4. Keep records of all your transactions

5. Deposit all your sales at the bank

6. Do not carry your cheque book on you 

7. Do not spend your client’s deposit on what it’s not meant for

8. Get the right people to work with

9. Be innovative 

10. Be ready to sacrifice  

When you are able to do all these things you are sure you will succeed in getting that capital. No one will hand his money to you when you have not proven your self worth.

You can also easily raise capital from your clients by asking them to do deposits for their orders if your business model allows for that. This is to ensure that the client is committed and it also helps you not to put too much stress on the little funds you have.

If you are able to follow the 10 steps mentioned earlier, you are assured a finance house is more likely to offer you a loan. 
Now there is one thing about loans that we must understand. A loan is not your own money therefore it must be used for it’s purpose. If you deviate from the purpose you are likely to run into debt (Sika emp3 rough). If you misuse a loan, it is very difficult to pay back so it essential you handle it with care and to make sure you honour your weekly or monthly installments. 

A loan is not for your consumption. You will have to pay it back so treat it with respect. 

These points will help you to control and monitor your cash flow and enable you to acquire cheaper funds( capital with little or no interest) for the smooth operation of your business. 

To be continued…


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God Bless Our Homeland Ghana

Thoughts on “60 Years On: Mobilising For Ghana’s Future”

By: Awuradjoa Quansema Sam (Mz Raj : The Versatile Emcee) 

That moment when we are all reminded to be proud Ghanaians is with us again. Personally, this year’s Independence Anniversary and all others I have witnessed bring fond memories of my involvement 14years ago,  when I delivered the Children’s Independence Day Message in Asante Twi to the then President of Ghana, His Excellency John Agyekum Kufour. And that powerful handshake I received from Mr. President, the Gentle Giant,  after my presentation is a memory I will forever cherish.

Today, 6th March 2017, Ghana celebrates it’s 60th year as an Independent Country under the Theme “60 Years On: Mobilising For Ghana’s Future”

Ebenezer: Thus Far Has The Lord Brought Us. 

Characteristic of all Ghana’s Independence Celebrations, the Independence Parade was held across all the Regions of Ghana,  with the National Parade at the Independence Square in Accra. Though the National Parade lasted a bit too long (about 4 hours), I stayed glued to my TV set to catch a glimpse of even the tiniest detail. 

The ceremony was very colourful with the display of rich Ghanaian culture, which to a large extent, awed some,  if not all the invited foreign dignitaries. The cultural performances, parade and colours of the school children and the Security Services was spectacular, while the Makola and Agbogbloshie Market Women Association was a sight to behold as they joined in the parade and displayed some of their wares. I cannot mention the highlights of the ceremony without special mention of the 60 Years On Relay Torch which is a symbol of mobilising for Ghana’s Future for accelerated development and prosperity. The 60th Anniversary cloth,  which was outdoored few weeks ago, also featured prominently at the ceremony, eventhough I expected to see some key personalities also clad in the cloth. 

The climax, the Independence Day Speech by President Nana Akuffo-Addo, was eloquently delivered and touched on three major issues I would like to share a few thoughts on. 

•Honouring our Founding Fathers-The President paid homage to All Founding Fathers (women inclusive) who contributed to building Ghana and did not only emphasize the Big Six as is usually done and taught in our schools. 

• State of the Economy-The President envisages a Ghana beyond aid. That may be a discussion for another day. But, I believe you agree with the President that at 60, Ghana deserves to be in a better economic position than it is now. Looking ahead, there is a lot to be done both by the leadership and the citizenry in this regard. How can we grow Ghana’s economy?  Something to think about. 

• The Environment-Yes,  the environment. At 60 can we proudly say we live in a clean, condusive environment, considering that we are engulfed in filth even in the major cities of the Country?  Various efforts have been made by previous governments, such as the National Sanitation Day but how sustainable is it and how many of us have ever participated in the programme since its inception? What is the state of our forest reserves?  A lot more to think about. 

I could go on and on and together, we could identify a lot of setbacks that do not befit the status of a Country that has attained the age of 60. That notwithstanding, Independent Ghana has seen a lot of development these past 60years which cannot be overemphasized  and I say Ayeeko to All whose tireless efforts have resulted in the Ghana we see today.  

Ghana will work if you and I decide to make it happen. Patriotism,  Team work, Discipline,  Dedication and Commitment to Duty are some virtues we need to carry along in our everyday walk as we mobilise for Ghana’s Future.

I wish you All a blessed yearlong 60th Anniversary Celebrations.

God Bless Our Homeland Ghana!