A financial crisis is not a reasonable entity. It can’t be rationalised with. There are no negotiation tactics available that can put a financial crisis to bed. Saving your business from debt would take a tremendous amount of effort. There just aren’t any soft answers when it comes down to a financial crisis. It is…
Bad credit history bogging your business down? Sounds familiar, doesn’t it? Poor credit, be it personal or company, makes it that much harder for a business looking for a loan or any kind of funding. Banks scrutinise your credit history before approving your loan application. You may have had your reasons as to why you couldn’t pay up on time or messed up your payments. But to any lender, a person with a bad credit is high-risk, because it means either that you’ve not repaid on time or that you’ve seen harsh times. Fret not, all is not lost! There are a variety of alternative financing options which look into your operating history and business strength, and not just your credit history. Here, we introduce you to 5 viable financing options for businesses with bad credit.
Every manufacturing or small business owner knows how hard it is to stay on top of your finances. A common mistake most first-time business owners make is to ignore good accounting practices because you have ‘just started out’. Sorry to burst your little bubble, but this lapse in keeping your finances in order could cost you dearly. Worry not! We’ve put together five easy tips to help you get your business’s accounting in order.
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!
On 19 December 2014, the Goods and Service Tax (GST) Bill was introduced in the Parliament for the first time. GST promised a unified market and an unparalleled economic growth that India had never witnessed before. But amidst all that, the idea of GST in the years since it was first introduced, underwent multiple changes at the hands of bureaucratic committees. It is common for reforms of this magnitude to be debated over and continuously evolve, but will the decision to introduce six different tax rates instead of a single tax rate dilute the effect of GST?
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!
The improving SME landscape in India is a testament to the efforts of the government through the years. In the past, applying for funding or availing loans for SME’s was no easy task. To help with this issue, the Government of India and the Small Industries Development Bank of India (SIDBI) set up the Credit Guarantee Fund Trust for Small and Micro Enterprises (CGTMSE) in August, 2000 under the Credit Guarantee Scheme (CGS). The CGTMSE was introduced with an intention to allay all issues surrounding loans and funding within the small, micro and medium enterprises segment. The scheme sent out directives to banks wherein they were required to sanction loans of up to Rs.1 Crore without collaterals or third party guarantee to SME’s. While the introduction of the scheme brought about some much needed changes within the sector, there were still a number of shortfalls.
Ever had a “Eureka” moment when you’ve hit upon a million dollar idea? But then you shrug off the idea because it’s completely absurd. Well, have we got news for you! Often, it’s the most ridiculous of ideas that work and go on to make millions! Below is a list of our favorite ridiculous business ideas that made their owners millionaires.
As most of us are aware, a good credit record is of utmost importance. But did you know that it is important for small businesses too? Not only should all owners of the business maintain a good credit record, but every SME too needs to have a healthy credit rating from an authorised agency such as CRISIL. Most people keep delaying applying for a credit rating for their companies because they find the paperwork daunting. We’re here to help you with just that and break down the paperwork involved.
It’s common knowledge that businesses face cash crunches and issues with capital from time to time. With money issues comes a myriad of other issues that may lead to defaulting of loans and economic offences. Such issues can come knocking on your door anytime, whether you are a seasoned businessman or a first time entrepreneur. And nobody wants to find themselves tagged as a “big time” economic offender. So what can you do to ensure that you don’t find yourself in such a situation?