Adapting globalised invoicing standards can be an excellent way to help your company reach new heights. This mode of functioning will make sure that your organisation functions according to the standards of the leaders of the industry. It is a conducive way to let superior functioning patterns trickle down on the way your company goes…
Startups are a source of great strength for the business economy. Aligning innovative ideas with unique business plans are very important reasons why startups represent a big chunk of today’s booming investment culture. This is certainly something to be proud about, startups all over the world are now able to streamline unique services to the…
Traditional wisdom will tell you that success will depend on hard work, proactivity and intelligence. The early struggles Nike had to undergo to eventually become the market leader that it is today is a prime example of this narrative. Hewlett-Packard, worth 13 billion dollars as of 2017, is another amazing business story that had started…
Amidst the entire economic crisis across the globe, India is demonstrating hope with determined growth targets, supported by a slew of important projects like “Make in India”, “Digital India”, etc. The biggest tax reform since Independence, the Goods and Service Tax (GST), is all set to transform the Indian tax system.
The Goods and Services Tax (GST) is expected to act as the much-needed catalyst for economic growth in India and is expected to alter the indirect taxes levied on goods and services within the economy and also eliminate the cascading effect of the tax system. GST has created high anticipation not only in India but also among all the neighboring and developed economies of the world. India will be playing a vital role in the global economy in the coming years because of GST implementation. Among all the rumours about the negative impact of this bill on the SME sector, would the pros outweigh all the cons?
Every small business owner would be familiar with the panic associated with customers paying late. It wrecks havoc with your business operations, your planning and regular payments to employees and other operational charges. In fact, it has been found that over 55% of the total value of B2B invoices in India were reported to be paid late according to a 2016 report by Atradius. This causes problems for the business and in turn, the other businesses it works with, thereby causing a negative cascading effect. To counter this, most businesses have in place a process called credit control. In simple words, it is a practice followed by businesses to ensure that customers don’t take too long to pay you by following up through emails or calls.
Writing a business plan can be a daunting task for most but it’s as vital as it is intimidating. But how exactly do you go about it? Where do you begin? What do you include? We’re here to help you with just that. Here’s how to get started with your business plan and what each section of your plan should focus on.
Most business owners have a notion that a business plan is solely for fundraising events. But they couldn’t be farther from reality. Bootstrappers in particular rarely think of a business plan as being important to their business’s survival. A business plan is like the underdog sibling of a great business idea. The truth of the matter is that the importance of a business plan is undermined and this shouldn’t be the case. Every business, big or small, needs to have a plan in place because it is so much more than just a fundraising tool.
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.
Everybody is going cashless these days; from entire nations to industries and even your local grocery store down the road! Ever wondered why? The ease, the transparency and the efficiency, are just some of the benefits of going cashless. In fact, the Indian government recently even gave its nod to amend the Payment Wages Act for facilitating cashless salaries in the Public Sector and the Private Sector is clearly next. So, the next logical question is why are you as a small business owner not going cashless for your payroll processing? Every business owner knows that feeling when 24 hours in a day just isn’t enough to take care of sales, marketing, accounting and payroll responsibilities single-handedly! Use technology to ease your burden and use that time to focus on helping your business grow. Still unsure? Read on to find out 6 compelling reasons to switch from manual payrolls to a cashless payroll service.