If you run a business, then you’ll definitely know that businesses pay as many Bills, if not more than individuals. This is why we had a chat session on our twitter profile with Oreoluwa Shonibare, the co-founder and lead of Wiicreate, a print and merchandise company (@wiicreate), to get an objective view of what it’s like to pay bills as a business.
Essential Business Bills
Bills can be overwhelming because they can stretch out to almost every sphere. However, during the live tweet session, Oreoluwa highlighted Electricity, Water and Logistics as the most important business Bills he takes care of as a business owner.
He further gave an example of how his business had severe production issues and delay when he forgot to pay the Electricity Bill. As trivial as it may seem, electricity is a big deal when running a manufacturing company like Wiicreate.
Keeping Up With the Business Bills
By now, we understand how important paying Bills are to a business. But the question here is, how do you manage Bill Payments in business and still stay focused on your goals?
Our guest offered a couple of strategies he had implemented in his business. In his words, “Plan. I cannot overemphasize this. Planning Bill Payments would help businesses stay afloat and comfortably cover the bills.”
“Another is to watch spending. It is almost a popular practice for young business owners to overcompensate themselves to the detriment of the business. I think it is poor practice and bad for the growth of the business. Putting the business first and investing in it is one of the fastest ways to lead to growth- this includes planning for the bills.”
He was also against using business funds for catering personal Bills. He encouraged saving, budgeting and transparency by referring to them as edge that keeps you prepared in business. So you might want to take saving and budgeting seriously as a business owner.
Final key Gem
Before the tweet chat ended, Oreoluwa urged young entrepreneurs to get their hands dirty and hone their business ideas and products. He referred to them as the ‘key players in the development of the country’. He also looked forward to having easy and convenient Bill Payments with BuyPower.
Follow our twitter page @buypowerng to see our full chat with Oreoluwa and be notified of our next #KeepingUpWithTheBills Series.