Separate your business from your personal life

How many times have you lost a business deal because you missed a call from an unknown number and you refused to call back for the fear that it is someone that is calling to beg you for money or other favors.

As a business person many of your friends and family may only remember you when they need something and because you are generous you will always give them but sometimes when you have committed all your funds to get a job done and you are waiting for payment or the business do not have Enough cash flow, your friends may not understand you have no money to spare and you don’t like saying no to them, so you avoid their calls and all numbers coming to your phone as unknown. In the process, you may miss important business calls.

so why not get a line strictly designated for business calls, so much that any calls coming to that line would be business and business related matters.

A separate line would also help you to draw the line by knowing when to stop taking official calls, so associates are not calling you in ghostly hours.

Also when businesses are solely owned, there is the temptation of careless disbursement of fund, so much that you are using your company account to buy personal things. That’s so wrong, it will be difficult for you to produce an audited account at the end of the year.

So why not pay yourself salary and spend from your personal account to solve your problems.

This will help you have a tidy account, when you may need to produce your statement or maybe you are going for loan or even produce account at the end of the year, in order to get your tax clearance from the government.

Many businesses will write that they have many years of experience but they don’t have any evidence to prove it and even when asked to bring their tax clearance they will go to federal inland revenue and collect yet to commence business certificate, how do you expect companies to take you seriously.

Separate your life from you business, remember businesses are entities, they have a personality, so treat it well, so you can make the most out of your business.

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