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!