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How To Manage Your Money

Money-Management AkinfemiOnadele

Money management refers to the process of tracking and planning an individual or group’s use of capital. In personal and corporate finance, money management usually includes budgeting, spending, saving, and investing.

To be money smart is a skill that needs to be acquired as this skill will help you to lead an almost seamless life of ease with minimal issues.

WORK WITH A BUDGET THAT SUITS YOUR SITUATION. It is good to have a budget that you work with. Income can be divided into parts this may differ depending on where you do your research 10% to Savings, arrangements can be made with your bank to do compulsory savings, 20% towards debt payments if there are any and 70% to live off for the duration until more income is generated. There is a saying that goes "Live Within Your Means", to do this individuals tend to spend all their income, but I prefer the saying by Kevin Trudeau "Live Below Your Means", when this is practised there is hardly anyway that you will overspend.

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Hunting vs. Farming Customers: A virtuous cycle between Sales and Success teams

Hunting_vs_Farming

With the emergence of the subscription economy and in particular in the SaaS industry, we have come to distinguish 2 main business activities that contribute to the growth of a company: Hunting and Farming.

The purpose of Hunting is to go out in the world, identify potential customers, and close deals – this is the main mission and purpose of the Sales team. They contribute to the company’s bottom line by consistently adding new customers.

On the other hand, Farming aims at keeping existing customers to sustain the growth generated by the Sales team and increasing revenue through the expansion of current accounts – this is when the Success Team steps in. By delivering more value to customers, they in return, bring more value to the company.

Hunting and farming: How Sales and Success thrive together

A sales rep’s job is to reach out to prospects and evaluate whether they could benefit from the product. If they are a good match, he will push for the sale. As an example, let’s say a rep managed to negotiate a deal with one customer for their support team for 20 users offering basic features.

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