Setting up a business and running it successfully is not a simple task. If you’ve made it this far, you’ve won half the battle but you’re stuck in a rut and you’re wondering what’s next. How do you take your business to the next level? Taking it there requires a lot of work and getting through some challenging times while still keeping your business running and profitable. The first step you need to take is to ascertain if your product or service has enough scope for you to consider expansion. Can the demand for your company’s product sustain its growth? If you just answered yes and if you’re prepared to put in the work and dedication your small business requires to up its game, here are some simple steps you can follow to take your business to the next level.
Every business no matter how good the product may be, or how much funding they have are bound to have some trouble if their cash flow management is off. A company’s cash flow is dependent on timely invoice payments from their customers. A 2016 survey by Atradius on B2B Payments in APAC showed that Indian businesses face a delay of 65 days on an average to receive payments from the day of invoicing. The business struggles to stay afloat when these payments are delayed. This is one crucial aspect of any business that can spell success or doom for them. Here we outline some of the most common cash flow mistakes small business owners should stay clear of to avoid jeopardising their survival.
Understanding your company’s cash flow statement is indispensable to getting your company finances in order. It tells you how much money goes in and out of your business. Your company’s cash flow statement, the balance sheet and the income statement together will give you a holistic view of your company’s financial profile. A cash flow statement is a report of sorts that tells you how much money your company has in hand or its liquidity.
There comes a time in every business when there really isn’t much cash left after paying your bills, employee wages and operational costs. So, how can you ensure that you have a substantial amount left in your account at the end of the month? Cost-cutting! But we’re not talking about cutting corners from an already tight budget or laying off your employees. We’re talking about practical ways like the ones below to save your business a substantial sum of money!
If you’re anything like the vast majority of small businesses in the logistics industry, you too would probably find bookkeeping a daunting task. Putting it off could spell disaster as you could lose track of all the details and little expenses. So what should you do? Here are 6 bookkeeping secrets every logistics business needs to know!
While the blockchain technology is still in exploratory stages, there is tremendous potential for it to transform into a mainstay in supply chain finance. It can help enterprises to process payments in real time and can bundle and sell invoices at a discount to manufacturer using a secured ledger mechanism.
It isn’t everyday that you come across a barber who owns a Rolls Royce and still cuts his customers’ hair for Rs.150! If there’s one person that the old proverb, “fortune favours the brave” tells a story about, it’s Ramesh Babu, the billionaire barber in Bengaluru with a fleet of luxury cars.
Nobody epitomizes the quintessential rags-to-riches story better than PC Mustafa, the man behind the Rs. 100 crore idli and dosa batter brand, iD Fresh. Born into an illiterate family, Mustafa was no stranger to hardships and yet he fought against all odds to achieve the seemingly impossible.
CIBIL Score, an ominous term that makes even the most financially aware among us squirm in our seats. Maintaining a healthy credit score is vital to our financial well-being. So, what do you do if your CIBIL score is low? With some time and effort, you can improve your score using the methods mentioned here.
Post GST into effect, SMBs in India will not use multiple points and application software for accounting, but rather upload invoices on the GST Network (GSTN). GST will completely restructure the way India does business. As the name suggests, GSTN is a network for Indian Businesses to upload their invoices for Tax processing and availing tax benefit.