Logo of Phnom Penh Post newspaper Phnom Penh Post - Knowledge in money ensures success in business, says Mom

Knowledge in money ensures success in business, says Mom

Content image - Phnom Penh Post

Knowledge in money ensures success in business, says Mom

A penchant for learning about the realities of business and financial responsibilities has made Keo Mom, Chief Executive Officer of LyLy Food Industry Co. a successful businessperson.

LyLy Food Industry, which offers a variety of snacks and nutritious treats, is an international food company.

Speaking to The Post, Keo Mom attributes her success to the fact that she took pains to acquaint herself with the finer points of the world of finance and became a financially literate person.

“I learnt about financial literacy all by myself by being thrown into the deep end of business, helping my parents, and of course from my own dealings.”

Mom says that financial literacy helped the family business to grow.

“We know how our cash flows. We know the income, expenditure and profits of the business at any given time.

“By being financially literate, the money that we spend is well managed and our cash transactions are properly accounted for.”

She said that because financial literacy provides a systematic way to do things, it ensures that a person’s livelihood, business, and money are being maximised.

Mom said that when a business is doing well, the owner may choose to expand by reinvesting any profit back in to the company.

Content image - Phnom Penh Post

“It is necessary to understand profit and loss, and also it is important to keep a close track of where the money is coming from and where it is going.

“Being financial literate helps us a lot in expanding our business. If we lacked the financial knowledge, we would not be able to control how much money to spend.”

She said that if the family had decided to expand the business via a loan, they would not be able to work out how to calculate the interest rate.

“If we do not know how to keep proper records of our financial transactions, we should not get a loan from microfinance institutions or banks.This is because we do not know enough about our cash flow” said Mom.

One of the most important things to know before approaching a bank or microfinancing institution is to know the income and expense of the business and financial literacy goes a long way in this.

“If we do not have financial literacy, we will not be able to achieve our goal to grow. Many small business peoplelack financial literacy and cannot expand,” said Mom.

She had this advice for youths. “Be a business person from the very beginning although you may not know how to use computer software. You can still make handwritten records. When the business grows, you will have time to learn computer systems to manage accounts.”

Financial literacy is set to become very important to the Cambodians of tomorrow, Mom said.


  • Hungarian exposes 90 to Covid in Siem Reap

    The Ministry of Health has discovered 90 people who have been exposed directly or indirectly to a Hungarian man infected with Covid-19. They all are required to quarantine at home and the hospital. The ministry is searching for other affected people. Among the 90, one is the

  • PM warns of ‘new Cold War’

    Prime Minister Hun Sen said the possibility of a so-called new Cold War has become a significant concern and that all countries have to reject outright, any attempt to allow history to tragically repeat itself. He made the remarks in a speech during 75th Session

  • PM: West unfair to Cambodia

    Prime Minister Hun Sen released a message celebrating the International Day of Peace on Monday, saying that some major powers and western countries had been systemically cooperating to put political pressure on Cambodia as they did in the 1970s and 1980s. Hun Sen said pressuring

  • ‘Bad news is an investor’s best friend’ – unlocking investment potential in Cambodia

    It is time to shop. Economic woes provide good pickings for investors if they know where to look The poem If, written by English Nobel laureate poet and novelist Rudyard Kipling for his son circa 1895, is widely perceived as fatherly advice for John who would

  • Cambodia, CRF win rice battle in EU Court

    The European General Court has rejected the European Commission’s (EC) request to reject a complaint submitted by Cambodia and the Cambodian Rice Federation (CRF) regarding the EU’s reintroduction of tariffs on Indica rice exports from Cambodia. A court order uploaded to the European

  • PM requests Russia’s Covid vaccine

    Prime Minister Hun Sen has requested that Russia provide Cambodia with its Covid-19 vaccine after the former announced it planned on mass vaccinating its population next month. The request came on Thursday through the prime minister’s Facebook page as he met with Anatoly Borovik,