Chapter 6: Learn your business for success

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If you want to succeed in business – you need to know YOUR business inside and out. This week CPMoneyMakeover Mpho shares how AbsaSouthAfrica helped him change his habits to save money and make it. MoneyTips BusinessTips

This week, Mpho shares how his business journey is changing and how he’s found his purpose – and profit. Personal finance expert Maya Fisher-French shares his story

Mpho has several side hustles, including a T-shirt printing business and working as a personal trainer, but his main focus for the Money Makeover Challenge has been his food business – Babacazoo.“I’m a totally different person. My own mum doesn’t recognise me any more. I’m spending less time socialising and more time working. Work is giving me purpose.”

“He now understands and knows how to plan for his production and to determine what he needs for his stock provision. He does that on Saturdays, when he plans for the week ahead, which has helped him to see the difference in his business. In understanding his costs and revenue, Mpho realised that he needed to increase his prices, as he had not done so since he started the business. Despite the price increase, customers are still happy, as he is also improving his offering with an updated menu.

He is now tasked with creating financial projections to determine where he is and to decide where he wants to be in the near future, and how he will achieve that target.

 

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