Hello, if you are planning to start a business and looking out for some basic financial tips then you are at right place, let me tell you I am not a financial expert though the tips mentioned below will definitely help you.
Invest in Team
This is the most important investment you do while starting up a company. Invest in team as they will help you generate revenue for the company. Hire talented, likeminded people who will help you achieve target. Employee if paid well according the performance will never leave the company for pay reasons. While starting up a company make sure you have savings or funds to pay to employee for initial months.
Plan out Budget
Make a list of expenses that may occur in upcoming months(rough estimates). Plan your budget and stick to it. Avoid unnecessary expenses wherever possible e.g. fancy office setup and other showoff stuffs. Your priority should be revenue generation.
Keep a Record of Spending
In starting there will be a lot of spending for various reasons. You can use accounting software to keep a record of every minor expense it will help you out at the end of financial year. Keeping a record is important this also gives future estimate on spending. You can hire accounting person later on when it gets complex for you to handle alone.
Focus on Customer Acquisition
No business runs without customers. Finding right customers for your service or product is very important. Find different acquisition channels, the sooner you find the greater are the chances for your company to grow. Once you successfully scale those channel you can move to explore other ones. This is cost effective way.
As your business is in growing phase don’t just eliminate yourself from finances, make sure you pay yourself enough to live. No one expects to live lavish life in starting. Focus on building your business.
I hope this article gave you brief idea about managing finance, this post is for informational purpose only. It’s not a legal advice.
Thank you for reading out!