The 7 biggest mistakes shop owners make that quietly eat their profit
None of these need an accountant to fix. Each one has something you can start today with a notebook, and how My Profits does it for you. Mistakes marked “A leak for you” came from your answers.
- 1
Counting money in as profit
A leak for youA busy day feels like a good day. But most of what came in has to go back out to buy the next load of goods.
Say you sell GH₵ 640 on a Saturday. After paying for what you sold, you made about GH₵ 140. Spend the 640 as if it were profit and next week the shelves are half empty.
Do this today
Write what each item cost you next to its price in your book. At close, add up the cost of what you sold and take it off the day’s sales.
Or let My Profits do it
Home shows “Money in today” and “Today’s profit” side by side, updated with every sale.
- 2
Not knowing what each item really costs you
A leak for youThe wholesale price is only part of the cost. Transport to market, the bag you hand over and goods that spoil all eat into each sale.
Say a crate of drinks costs GH₵ 168 plus GH₵ 20 in trotro fare. Leave out the fare and every bottle looks almost a cedi more profitable than it is.
Do this today
For your ten best sellers, list every cost it takes to get one onto your shelf. Divide the trip costs by how many you bought.
Or let My Profits do it
Add costs per item, per sale (like a bag) or per batch. My Profits spreads them over every sale for you.
- 3
Taking from the drawer with no record
A leak for youA little for lunch, a little for school fees. Each time feels small. By month end nobody can say where the money went.
Say you take GH₵ 20 a day for yourself. That is about GH₵ 600 a month that looks like the shop losing money when it is really you being paid.
Do this today
Keep one page just for money you take out. Write the amount and the date every time.
Or let My Profits do it
Record “Money taken out” in two taps. It stays out of your profit, so your numbers stay honest.
- 4
Selling on credit and trusting memory
A leak for youCredit keeps good customers coming back, until you forget who owes what. Forgotten debts are pure loss.
Say five customers each owe you GH₵ 45. That is GH₵ 225 of stock already gone from your shelves with no money to show for it.
Do this today
Write every credit sale with the name, the amount and the date they promised to pay. Check the list every Friday.
Or let My Profits do it
“Owed to you” lists every debt with its due date. Record part payments and send reminders from your phone.
- 5
Guessing your stock
A leak for youRun out of your best seller and customers walk to the next kiosk. Overstock the slow ones and your cash sits on the shelf.
Say bread runs out by noon twice a week. That is two afternoons of sales, and maybe customers, handed to someone else.
Do this today
Count your top ten items every Monday. Mark the ones that ran out last week.
Or let My Profits do it
Every sale takes items off your stock. Set “Warn me when stock falls to…” and see what to restock on the home screen.
- 6
Never checking the cash at close
A leak for youIf you don’t know what should be in the drawer, you can’t know what is missing. Small gaps grow quietly.
Say you took GH₵ 410 in cash and GH₵ 230 on mobile money today. Without that split written down, a GH₵ 30 shortfall in the drawer goes unnoticed.
Do this today
Every evening, write the day’s cash sales and mobile money sales separately, then count the drawer against the cash figure.
Or let My Profits do it
The end-of-day cash-up shows what you should have at close, split by how you were paid.
- 7
Forgetting rent and tax until they’re due
A leak for youRent, electricity and tax don’t care how the month went. When they arrive all at once, they eat next month’s stock money.
Say your rent is GH₵ 900 a month. Put aside GH₵ 30 a day and rent day is just another day.
Do this today
List your monthly bills with their due dates. Divide the total by the days you open and set that amount aside each night.
Or let My Profits do it
Add running costs with due dates. Home tells you what is due, and how much to set aside for income tax.