Inspiring India’s businesses with the latest trends and insights

Financing lifeblood of business. And to be successful, you need keep your eye on the numbers all the time.

We conducted closed-door interviews with over 20 top business leaders across India. We found the same business & finance tips emerging time and time again. Now, we can share the top 5 tips with you to help you stay on top of your business’ money

Credit cards can be a very helpful tool. It’s easy, for example, to turn to credit cards as a fall-back in times of emergency. But the high-interest charges and annual fees that come with the use of plastic should mean you only use it wisely and in genuine emergencies.

While serving as instant lifelines, they increase the risks of credit card debt, so make sure you track your finances closely and ensure you have enough operating capital to begin.

The tempting lure of overly optimistic projections can cause business owners to overlook the reality of their cash flow. Without sufficient operating cash to act as a safety net, companies can find themselves in trouble when faced with a dry spell, and suffer as a result. Don’t get caught out, and instead always be realistic and plan enough savings to expect the unexpected.

Juggling multiple responsibilities is commonplace, especially for smaller businesses—business leaders are often deeply involved in several aspects of the company, from finance to marketing and operational matters.

Unfortunately, processes such as financial tracking are often neglected when it comes to hectic and busy periods, and this makes it harder to judge the state of your finances and make informed decisions.

The good news is there are many free online tools out there to help you, so it’s simple to avoid the same happening to you.

Competition is fierce. When you see competitors expanding or spending loads of advertising dollars and capturing widespread attention, it’s tempting to follow suit and defend your share of the market.

But don’t let your competitors’ actions blindside you. Protecting your company’s profitability is more valuable than investing in the topline. And if you must respond, do so with a well-thought-out plan instead of rushing in and reacting to something someone else has done.

If you’re starting up a new business, the new excitement could easily sweep you away, and you might end up spending carelessly without ensuring that your expenses make a measurable contribution to improving your business.

Ensure that you’re getting your money’s worth by getting help from reliable experts. For example, if you’re looking to outfit your company with new computing devices, or seeking to make upgrades or additions, but want a more cost-effective solution, you can contact us for a customized plan.

Ensuring that you’re equipped with products at a good value from a reliable tech partner right from the start will help you channel your financial resources more efficiently further down the road.

Summary

• Staying ahead of the competition is tough, but it should always be rewarding. The last thing you want is to realize that you aren’t paying yourself and your employees enough at the end of the month after everyone has worked so hard. If you can afford to do it, you a better way to to manage your finances.

• Keeping the bottom line healthy is key if you want to achieve success. It starts with examining your finances and making sure that hard-earned money does not slip away needlessly. Try to remember these five common financial mistakes and avoid making them yourself.

• Take time to review your company’s financial processes and spending habits, minimize unnecessary mistakes, and transform your organization’s future for the better!