I view my savings as part of my monthly financial obligations

 

"I once invested in a software that did not add any value to my business. I just bought it after seeing an attractive advertisement online. 

"It turned out to be very expensive to maintain, yet I was getting no value from it. This experience helped me understand why it is important to practice responsible spending, and to know that not every technological invention is good for my business," Mary Ndinda. 

Mary Ndinda is the founder and CEO of Bloomgain Consultants, an organisation that provides Chief Finance Officer services to SMEs that can’t afford to hire a full time CFO.

I started my business as a consultancy, then I realised that my approach was too general, so I opted to narrow down to offering C-suite expertise to SMEs. Due to Covid-19, businesses have had to minimise costs, and one way of doing this has been through outsourcing some functions. My virtual CFO services include analysing a company’s monthly reports, providing insights on streamlining business operations, and maximising on business growth.

I once invested in a software that did not add any value to my business. I just bought it after seeing an attractive advertisement online. 

 It turned out to be very expensive to maintain, yet I was getting no value from it. This experience helped me understand why it is important to practice responsible spending, and to know that not every technological invention is good for my business. 

For a long time, I was held back by fear. I was reluctant to take opportunities to advance my career even when they presented themselves. Looking back, I can say that taking calculated risks has its benefits. I have learnt to put my fears aside and embrace whatever opportunities come my way. 

It is not easy to save money when you’re in business because you’re not always assured of an income. But, I have found a strategy that works. I treat my savings as part of my monthly liabilities, so I put some money in my investment account every month. When I started, saving seemed like a burden. Now, I view saving as more of an investment.

Keep finding ways of becoming a better version of yourself. The world is changing, and the only way to survive and remain relevant is to adapt. Network widely. Your network is indeed your net worth. I am where I am today because of collaborations and earning my clients’ trust. There is no secret recipe for success. You must work hard. You cannot start a business today and have hundreds of clients streaming in. You have to market the product, provide exceptional customer experience, be good at what you do, then the rewards will follow.

I have learnt more from being in business than I did as an employee. I have met people I would never have met, and my approach to business and finances has really changed. That is not to say you cannot learn from employment. You just need to know what you’re cut out for and how to evolve while at it.    BY DAILY NATION