2023 is a new opportunity for people who want to have their own businesses to make this dream come true. And it is that for no one it is a secret that starting is not an easy taskbut with the right tools this can become a more bearable process and an easy path to follow.
For this reason, the Tiendanube e-commerce platform shares a basic guide to take into account when giving better management of company finances so that it can be a successful business.
(Also read: Most companies expect the economy to be worse or much worse by June 2023)
It has been shown that carrying out an adequate administration of finances translates into great advantages for small and medium-sized companies, the main one being the significant improvement in the asset and liability management.
Good administration makes it possible to identify the need for new investments that open the door to constant growth and analyzes the opportunities and challenges that may arise.
The adequate execution of financial administration not only allows minimizing uncertainty when making decisions, but also allows recognizing a balance point where income covers fixed and variable expenses.
Despite the fact that a firm specialized in market research assures that 61 percent of the Colombian population considers itself an entrepreneur, one of the main reasons why SMEs desert is that entrepreneurs make necessary expenses to maintain its operability.
While one of the benefits of having a self-managed online store is being able to review business metrics, statistics, billing, sales volume, among other variables, on a daily basis, in order to make smarter decisions in real time regarding profitability. Of the brand.
(Also read: What is nearshoring and how does it help companies in Latin America?)
On the other hand, it is important to establish a plan that adapts to the needs of your business model and thus guarantee financial stability in the long term. For this the best option is to divide the financial plan in three strategic branches:
- Analyze the situation in a general way with a list of all the fixed expenses and variable expenses to design the structure of business or venture costs. You should never mix the cash flow of the business with the personnel.
- Anticipate the different scenarios, since this helps to imagine different possibilities that could have a positive or negative impact on a business, and thus create solutions for each of them.
- organize time and draw up an action plan to define financial goals. A schedule will be lost in the best ally, so choose priority investments and determine dates to achieve the desired results.
How to save when starting?
Being able to save when starting a business is possible, but it all depends on an excellent organization, visualizing the administrative and financial landscape, since it is a habit that is built day by day.
He savings in a venture It works as a contingency plan in case of any unforeseen event. A great entrepreneur is the one who optimizes his resources and uses them intelligently. Having a lot of capital is not a guarantee of a successful business.
In addition, it is important to bear in mind that for effective savings to exist, it is essential that they be stipulated as a budget linked to the financial plan. It is also important to put aside the myths, this will allow you to generate certainties, but not before analyzing any economic movement.
If you have an idea in mind, but need one last financial push, it’s key to remember that you can come up with a funding sourcea way to obtain monetary resources for the development of activities, growth and fulfillment of objectives.