What should you do with your extra cash as a small business owner

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Back to Extra Cash

So you have worked hard and made a profit, on top of the profit you even have extra money ?! Ah, if we say eat the rich, they are talking about you, dear!

But let's be serious, many business owners are very fortunate to have made money, enough money to put back into their businesses, enough money to pay their staff, enough money to pay themselves a salary and still have spillover; but what a lot of them don't know is that you can make more money with money without any stress.

So how? How does one make more money with their extra cash?

Invest in Yourself

Before investing in anything else, you have to invest in yourself; this also doesn't just mean paying yourself a salary. Because for many business owners, it's a very blurry line. You've made really good profits, and you may be tempted to relax and enjoy life. We get it. However, if you want to replicate your success and keep making more, you should invest in a business course, a book, or anything that can increase your chances of continuous success. You don't want to be a 'one-hit wonder'?

Buy Dollarz and pound sterling.

Listen, we are not investment experts, but this is a tested and trusted saving and investment tip–it's really low risk. The probability of losing your money is very low; any money wey you get, carry am go change for Bureau De Change. Because there's a high chance that the exchange rate will skyrocket again.

For example, in 2020, Dollar was at 1$ to 400, and now it's at 1$ to 580. This means that you could have been swimming money right now!  

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Invest back into your business

You can use your extra profit to expand your business, order more stock quantity, market your business online to reach a wider audience or even hire more hands to help run your daily activities if necessary. But, remember that your business profit belongs to your business, don't be tempted to splurge on personal cravings.

Get a high-interest bank account.

A high-Interest Bank account will help you accumulate your Income smartly, Instead of leaving your money where it cannot generate any interest. However, make sure you use a reliable bank because there are a lot of scammers out there promising to double your money. So look out for trusted banks that offer realistic Interest rates.

Conclusively,

Getting extra cash in business is a good sign. It shows you are working hard and smart, your customers love your business and you are doing things right. However, it does not mean you have arrived! Use the money wisely and watch how much more your business would grow.  

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Hafeedoh Balogun

Hafeedoh Balogun