Page 8 - Start Up_Genesis

these things in place is very bankrupt, that company would line item to not cause disruption
important. As we think about need to first pay ZRA. So in the financial models of the
the beginnings of a business, ensure that you know your tax business.
what then should we build first obligations and educate yourself
in terms of our financial models about how to be compliant and CASH FLOW MANAGEMENT
and readiness for the capital we have the right systems in place. The age-old adage that ‘Cash
desire? Your business should contribute is King’ is a timeless piece of
to the growth of the economy by advice. As in chess where the
BANKING PROCESSES paying taxes. game cannot continue if the
It is imperative that as you king is checkmated, a business
launch your startup, you have a PROCUREMENT PROCESSES will die without cash to continue
clear idea of what sort of bank Having the right procurement operations. Understand the cash
will best suit your business processes allows you to manage needs of your operations and
model. Different banks offer your expenses and the cost ensure the business always has
different value propositions, so of goods you sell. You need cash from good revenue models
know what your banking needs to establish a rapport with and expense management
are. For example, some banks your suppliers in order for you processes regardless of
have cash deposit machines to have the right prices and profitability levels.
and agents around town. This payment terms. It is important In summary, a business that
is ideal for businesses that to document your procurement wishes to grow should have the
receive cash daily such as processes and give guidelines processes in place that give an
restaurants. Deposits can be when procurement should not investor confidence. You need to
made for different shifts. Other be done. For example, if you ensure that all your taxes have
banks have great online services run a restaurant; you could state been paid and all your books are
and competitive international in your procurement manual recorded. Your bank statements
transfer rates that are ideal for that purchases should not be must show a money trail of what
businesses that purchase goods made when cooking oil goes you claim your business does.
from international countries. up to K150 and grilling options Also, your employees should
Having a clear view of your should then be put on the menu. be registered with the relevant
company’s needs will allow you Such clear policies allow you to statutory bodies where you
to open a company account with maintain your costs and manage remit payments. In addition,
the right institution. them without incurring losses. prove traction by showing who
your clientele are and how they
REVENUE MODELS HUMAN RESOURCE have been paying for goods.
A business has no life if it has MANAGEMENT As you begin this incredible

no customers. The sooner you Salaries and wage bills are journey of entrepreneurship, I
figure out who your customers some of the largest expenses hope you will put finances at the
are, how to gain them and ensure that businesses incur. It is very centre of your startup. Having
they are paying customers, the important to manage your the right person to deal with
greater the chances of your human resources according your finances will reduce the
company surviving, thriving to both the needs of the problems you have to deal with.
and succeeding. You need to be organization and the financial Remember to seek qualified
proactive about identifying what resources available. With personnel to put in place the

your lucrative revenue models regards the minimum wage bill, processes I have mentioned
are and what costs are involved you need to be in line with the above.
in gaining that revenue. laws of the land in which your Because investors love to invest
business is operating. Having in a clean business, check that
TAX SYSTEMS a clear financial plan for your your house is in order. After this,
If a company were to go human resources will allow this you are ready to secure the bag.

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