Where Does Your Money Go?
July 20, 2020
This question is one of the many questions we asked small business owners in Ghana during our research and we got a lot of insights. A lot of these businesses do not track their business expenses and that is an unhealthy way of managing business finances.
Necessity: Some of these people do not see the need to participate in expense tracking of any kind, these people are mostly not financially literate and need to show the benefits expense tracking can have for their businesses.
Lack of incentive: Some others do not have any kind of push or incentive to track their expenses. There can be a way to show instant value to these people so they can begin to track their expenses.
Behaviour change: Some people will ideally want to do so but it will require a change in behavior and as we know humans naturally resist change.
This is where JidiTrust comes in, in one app we provide these businesses with financial literacy education and tools to internalize what they learn by managing their day-to-day business finances. We know of these above-stated challenges and have built the app to accommodate them efficiently.