Having an automated business (that is one that can run by itself) is the goal of every entrepreneur. As it is an indicator of business growth. However, one of the major challenges to this particularly in a product based business is theft. That is having some of your goods unaccounted for which can lead to financial losses.  Hence, there is a need to put measures in place in order to safeguard your business.  Stock taking is a major tool that you can use in monitoring sales and  Types of Stock taking.   Four types of stock taking are examined here; 1. Routine stock taking :  This involves taking stocks at regular intervals. This may be done daily at the close of  business or weekly or any scheduled time.  2. Delegated stock taking :  this implies holding someone accountable for each item accepted into the inventory. This type of stock taking becomes inevitable as the business begins to grow. So, the inventory manager accounts for any mi...

WHY YOU NEED TO TRACK YOUR BUSINESS EXPENSES?  Due to the human nature, we find it more interesting pleasurable to focus on money coming into the business (cash flow) than how it is been spent.  In business however, expenses are usually incurred during the course of production of goods and services. Therefore failure to track your business expenses can lead to you short changing yourself. Tracking or monitoring your Agribusiness expenses enables you as a business owner to capture all the cost incurred during the course of production of your goods and services from start to finish.  It gives you the full picture of your cash outflow.  This also allows you to know your TOTAL cost of production and eventually your actual cost price. As it is not enough just assume your cost price or even adopt your competitors cost price as your own.  When you track your expenses,you will be able to fix the RIGHT selling price for your agricultural produce or product so...

Times like this causes us to look retrospectively at our various business models. With most Agribusinesses (agricultural related businesses) in this part of the world (Africa) conducting over 90 percent of business transactions offline or physically due to several reasons. Now that the whole world is craving for access to goods and services with minimum or zero physical contact, home delivery and e-payment systems (online money transfers) has become the order of the day for businesses that not only want to thrive but also want to remain relevant. People are still making money  As an Agribusiness owner, you must think of how to convey your products to buyers at their own convenience. You can make use of logistics service providers. As you do this, do not forget to give your products Attractive packaging that will make them want to buy more and also advertise your brand.  Statistics has shown that most people now spend most of their time on their phone...

Most times as Agripreneurs, when we think of investors, we tend to feel that our potential investor(s) can only come from the ultra rich community. And so we end up missing the immediate potential investors around us. The truth is, often times, your first set of potential Agribusiness investors are already in your existing network (family,friends, relatives, neigbours etc). Some of your friends may not have the cash you need but may already have the item you want to buy with the cash or may have an important contact that can be helpful. However, they may not be willing to go the extra mile for you if they believe you do not have the right approach to your business. As an Agribusiness owner, you always pitching your business to potential investors consciously or subconsciously. How to attract Investors 1.Have a track record of success: Forget about looking for investors. Yes, you are right! You read it correctly. It is not a mistake. Rather channel all your energy and reso...

In the coming post covid-19 days, there is going be an increase in the need for raising capital as most reserved funds are already depleting very fast.  However, one of the easiest way and organic means to access funds will be to through agro-partnership Now, most times when we hear of the word partnership or collaborations, we think of big brands, cooperate bodies, international organisations, countries coming together with billions of dollars to do big things. Yes,  that's correct but that's just an angle to it. Today, we will look at collaboration from another angle, the micro angle. For instance, Mr Tunji, who happens to be a friend of mine, is a small poultry farmer who previously had about 50 birds(broilers and layers) wanted to scale up to a thousand birds. Having pulled all his resources together, he discovered that he could only afford to buy and maintain 250 birds. So,  he decided to speak to his friends and family in the 9am to 5pm world to joi...