Finance in business can be both profit and capital. If both profit and capital are not well utilized or managed there is every tendency that the business may fall. There are set ways or practical ways one can manage finance and build his or her business to avoid running deficit or loss.
Firstly, make a financial goal or plan. Every business must have it's set objectives or goals, so as to work to the targeted goals or objectives. Secondly, Monitor every cash flow running in the business,both incoming and outgoing funds in the business.
Also know the capital, profit and loss in the business.
Thirdly,if there are more available capital, invest in the business. Investing more in the business will help yield more profit. Further more, Make a budget plan and stick to it. If possible,a scale of preference is also needed.
Additionally,if there any reason to borrow a loan, borrow wisely and use it to invest in the business. Also, every business should have a billing strategy. Have a book on where u write how much u pay workers, and other expenses being spend in the business so as not to spend unwisely.
For a business to run smoothly, there should be a set goal or objectives, a budget and if possible a scale of preference, this will make the business not to deviate from plan.
How to build a business
Starting a business can seem like a lot,but adapting to the steps below will make sure the business succeed.
These are the following steps,they are as follows,
Firstly, make a business plan or Target. Every business must have a set down goals and objectives to keep the business focused, and also the sole aim of every business is to make profit.
Secondly,secure your capital. Every expenses should be made from the business profit and not
From the capital.
Thirdly, As a business owner,learn to guide yourself with positive minded people,who will help you grow your business.
Further more, Every business has a procedure to succeed. As a business owner, learn to stick to the business procedures for it to grow and succeed.
Moreover,if u want to open a business, choose a location that is very suitable for your business, for it to grow as soon as possible.
Additionally, For a business to succeed,the business owner should have a good and competent marketing strategy. A good marketing strategy helps to build a business. A business should have a good customer care service.
Finally,a good business owner should always think positive and plan to change. He or she should always have positive attitude towards people who
Support him in his business. When the business is always running deficit,the business owner should change a business idea or another marketing strategy.
The April inleo monthly prompt by @leo.tasks, join and make massive post
First image from pexels.com source
image two from pexels, source
The third image also from pexels source
Posted Using InLeo Alpha
Congratulations @goodygold! You have completed the following achievement on the Hive blockchain And have been rewarded with New badge(s)
Your next target is to reach 800 upvotes.
Your next target is to reach 1000 upvotes.
You can view your badges on your board and compare yourself to others in the Ranking
If you no longer want to receive notifications, reply to this comment with the word
STOPCheck out our last posts: