Accessing money for your business can be a big challenge, especially when you’re a small or growing business. Many business owners apply for loans or grants with high hopes, but end up being rejected. Sometimes it’s not because their business is bad, it’s because something very important is missing.
At Ideas Centre, we’ve worked with many MSMEs, and we’ve noticed one big mistake that keeps coming up. That mistake is poor financial recordkeeping.
Why Financial Records Matter
When you apply for a loan or funding, the bank or investor wants to be sure that:
- Your business is real
- You’re making money (or have a plan to grow)
- You can pay back the money
Without good records, they can’t see this. It’s like asking someone to trust you with their money without showing any proof of how you handle yours.
What Are Good Financial Records?
Few basic records every business should have:
- A daily or monthly sales book
- An expense book (to track what you spend)
- A profit and loss statement
- Bank statements that match your business activity
You don’t need to hire a big accountant at the start. Even a simple notebook or excel sheet can work as long as it’s consistent and clear.
Many startups get rejected for grant due to no record of sales or expenses.
Setting up a simple financial record system can help get approval
So, lets get started
Start recording your daily sales and expenses
Use one bank account for business only
Set time weekly or monthly to review your figures
Talk to a business support organisation for help , and this is where IDEAS come in!
We Can Help
At Ideas Centre, we don’t just help businesses write proposals , we guide you to become fund-ready. This means we help you fix your records, understand your numbers, and prepare documents that show funders you are serious and ready.
Getting funding is not just about filling a form or writing a good proposal. It’s about showing that your business is well managed. Keeping your financial records in order is the first step to showing that. Don’t let this simple but powerful habit stop you from moving forward.
📩 Need help?
Contact us at info@ideascentre.org
or visit our office in Ogun State. Let’s make your business fund-ready.
