Mind Your Business #1

By Ralph Karama

Mind your Business! Is a statement I often hear. I then ponder and wonder what business these people refer to. The understanding many of us have of a business is one that sells cakes, clothes or even jewelry. Contrary to this, I believe our lives are our sole proprietorship.

Applicable to all businesses is the urgency to keep records. Today we handle the cash book as an essential business record. It is important for one to keep track of your income in flow, debit and credit not forgetting your balance. Now I am not talking about the income coming into your compartment because of selling something, but rather your personal income.

This right here is a sample of a cash book.

BRENDA’S PERSONAL CASHBOOK

Date	Opening Balance	Credit (Money Coming In)	Debit (Money moving Out)	Closing Balance
19th May	20,000/=	50,000/=	25,000/=	45,000/=

In this case Brenda started her day with twenty thousand, received fifty thousand and spent twenty five thousand. She therefore ended the day with forty five thousand Uganda shillings.

It is expedient for us to understand that “minding our business” involves keeping records of a number of things that happen in our lives. Finance being just one of them. Otherwise our businesses will fail. Well who wants an unsuccessful life?

So are you minding your business?

At Kyusa we empower out of school youth with business development skills including record keeping in business which can clearly be applied in our personal lives as demonstrated above.

It is much easier to prepare yourself for the future than preparing a future for yourself. Start now. Mind your business!