CEO Company’s mentorship class lists paths to successful business management
The CEO Company located in Warri, Delta State recently held its second edition of mentorship class, where paths to managing a successful business career was shown to participants.
A successful and veteran business mogul and chief executive, CEO Company, referred to as Mama Helen Oritsejafor, thrilled the participants when she opened up on her business successes in presence of other notable business owners for proper emulation.
Mama Helen as fondly called spoke on the theme “Money Management: How to Solve Financial Problems in Business”, defined money management as the process of budgeting, saving, investing, spending or otherwise overseeing the capital usage of an individual or group. She said money management is about the way individual handles money, which without it one can never achieve set goals.
According to her, any amount of money can be too little if one does not have good money management skills, stating that “the effects of poor money management could see businesses floundering, struggling to pay debts, drowning in debt, having loss of credibility, suicidal thoughts for the business owner, and eventually death may ensue.”
To be able to effectively run a business outfit with prompt payment of salaries and other financial obligations, the CEO company boss stated that the use of cash flow was key, the premise where cash puts one in a more stable condition, where she stressed the importance of cash flow to a business was keeping up with debts and growth that enables one build its business to a higher level.
She spoke on the eight fundamental steps to help business owners manage their businesses, among which are “creating a budget, understanding your budget, understanding your income, consolidate your debt, slash/remove unnecessary expenses, creating an emergency fund, saving ten to 15 percent of your retirement and investing your money wisely by being frugal in spending.”
She added that misplaced priorities, patchy financial planning, peer pressure and gullibility and also chaotic book keeping and investment were some of the challenges of money management as most companies do not keep proper records of their business transactions, hence a chaotic future for such organisations.Present at the event were Project Control Engineer, Nestoil Ltd, Nwachukwu Ugo, President of Esiton Integrated Ltd, Mr Tony Mene-Akpata and His Royal Majesty Dr Francis Alifo among others.