Has COVID 19 slowed down Business? Here’s what you should be doing

July 27, 2020

Most Businesses have been negatively hit by the pandemic. Some Businesses have faced indefinite closure and some are working at almost half of their capacity. At this trying time, Njoroge Kibutu, a financial consultant and CEO of UPO Limited, gives entrepreneurs tips on what they could be doing to utilise the time they have when the business is on break or slowed down.

According to Njoroge, this would be a great time to look inwards. Take stock, check your accounts and records. Go two or three years of the business. Check on the expenditure. If you are in marketing or sales, analyse if every time you took a client out and bought them lunch or drinks did it turn into business? Can you equate that into money coming into your business? Look at the expenditure that was necessary and the ones that were unnecessary. Figure out how you can make them more effective.

The subject of taxes is not one entrepreneurs like but now would be a good time delve in and get some of the issues sorted out. Check on your tax obligations. Njoroge says, “Be clear on what you are paying and what you are not paying”. He advises that you should feel free to talk to the Kenya Revenue Authority (KRA). At this time they are willing to listen because they know most businesses are not doing very well. You can easily come up with a payment plan that will be convenient for your business. By sorting out your taxes now, you get rid of the risk of future law suits and penalties.

Accounting is not fun for most people. Njoroge explains how not many of his clients like it but it is important for this part of your business to be in order. The real aim of going into business in the first place is to make money, so it’s best if you learn to manage your accounts.

Njoroge Kibutu was a facilitator at Un.thinkable masterclass (our quarterly 10X Growth Leaders Workshop) in March 2020. Click here to apply for membership in Un.thinkable.

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