- Make faster invoice payments, invoice the clients in 15 days such that even if the payment is delayed you will have another 15 days to address the payment and pay back your bills on time.
- Budget your money before hand. Keep a separate amount for expenses that will only be used to pay off these bills. This way you will have different sets of money, the one for expenses and the one which you earned.
- Down payment has never been a bad option, it will cover all your expenses plus you won’t end up paying other’s bills. When if you get late on your payments, think about sending checks via mail.
- Don’t post your openings everywhere just in search of a few candidates. Stay exclusive, posting opening in one or two places works. This way you won’t have to deal with many people and can shortlist within a few people.
- Hire a person whom you think understood you the best and is capable to meet your requirements. Later on after hiring a few people, you can make them understand your need and they could find other people for you. This way the people whom you hired will understand you and your company’s call more and will hire similar people making your work easy.
- Keep a close eye on expenses, some of us have very extravagant expenses. By keeping a correct mindset, knowing what is important and what is not you can keep a track of your money.
- Remove everything out of your business which you think is of no use. Run with only those things that you think are really very important by this you will be able to run your company efficiently.
- Talking to a financial consultant can help in many ways. They will come up with ideas to use your money wisely. They deal with various people of different mindset and they will understand you too and make work easier for you.
- It is always a good idea to take someone’s help regarding marketing. Why to risk everything when you are not capable? Other than this, find someone who is capable of doing things in this field and hire them as your helper.
- Being an entrepreneur doesn’t means that you will have to do everything all by yourself. Being an entrepreneur means to have smart ways to reach out your goal with help of people and a correct vision with aim.
- Taking small bank loan can help in your short term requirements. Being it a small loan, it won’t be difficult to pay back later on. It can be very handy to kick start your company. Then after things go on track, pay off the bank loan and have a perfect business.
- Focus on some main customers as an initial step, after your customers start paying, focus on more people. This way from a small step you will go onto bigger steps slowly and steadily. This way in between you will be able to enhance your capital and increase slowly. Always remember, since our childhood we have been taught that ‘slow and steady wins the race’; hence move slow but with success.
The mastermind of a company or a business, the one who came up with ideas regarding business is considered as an entrepreneur. Entrepreneur is the person who creates new ideas to build a company that reaches heights.
Entrepreneurs not only the ones who come up with ideas, they also are responsible with leadership tactics. He / she are always responsible to head a team of workers and show them a right path. It’s the passion inside one that makes them as an entrepreneur, the passion for achieving a great height, the passion that drives them to work for their company. But it’s not as easy task to be an entrepreneur; one has to go through a lot to set a right benchmark.
CHALLENGES FACED BY AN ENTREPRENEUR :
CASH FLOW MANAGEMENT
Problem : In every business, big or small, cash flow is essential for every company for its survival. This is where the problem starts; many new entrepreneurs try to pay bills all by themselves while waiting for the money checks from the service they gave. Delayed invoicing is the root cause which disturbs cash flow.
Solutions : Here are few suggestions to cope up with cash flow issues :
Problem : Hiring people takes up many days and it not only wastes time but also takes your company a bit back. Entrepreneurs at the initial stage of their company, sit aback reading resumes and contacting people, which may occur as a major setback. Moreover deciding people salary and making them work and making them understand is a big issue for them.
Solutions : Here are few suggestions to Hire and Retain best talents :
Problem : This is where the real problems occur; not having enough money to make your company run is the biggest tasks of all. Although it is very normal having these type of problems, you are not the only one to have them. But in this case, you need to have a strategic mind and use your money wisely. Keep a part for expenses and the rest remaining as a backup.
Solutions : Here are few suggestions to win big even with low budgets :
Problem : Accept the fact that many of us don’t even know from where to start! One stays so confused and unasserted about our product that we ourselves start to have thoughts like where to begin from all over again, especially while launching our products. Who will be the targeted audience, where to display our product or how to make people reach us?
Solutions : Here are few suggestions to excel your marketing game :
Problem : Everyone at an initial stage has a very less capital to work upon but later on when you start growing this becomes very difficult and eventually you will be in need of more and more capital.
Solutions : Here are few suggestions to manage your working capital requirements :
Every one face challenges in their life according to their fields. It’s not only about entrepreneurs, but for everyone! Choosing the right methods enhance your life and pay you off very well. In this article bringing the problems faced by entrepreneurs in light, we conclude that by having proper guidance and taking help from financial consultants may put your business into the right path.
Before you set your professional career, take time, talk to experienced people, set up right methods in your mind, talk to professional consultants regarding your business and form a right mind map. Analyze the amount of money you will need to put your business on track, think of taking loans only when in need, don’t be extravagant, just be precise in things and in needs. This way you’ll have everything planned up at the right time in right way.
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