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by Rajen Kumar

No Escaping Social Media

Running a magazine concentrating on issues of small and medium enterprises and managing with limited resources is a like living life on the edge. In this rush of meeting deadlines,...

Special Reports

Apr 2012

EMRC, Brussels Associates with SME WORLD as its New Media Partner

EMRC has promoted business partnerships with the developing world and has organised dozens of business forums in key decision-making cities, such as Amsterdam, Rome,...

SEMINARY - Special Supplement, Oct-Dec'2011

Tips to think innovative: Consolidate Your Financial Profile

Jagat Shah
Nov 2011

Fund raising for small businesses is really a challenge. Your outlook, mindset, enthusiasm, drive for dynamic working all contribute to your efforts for consolidating your financial profile.

Most of the small and micro entrepreneurs have no access to funds by banks and financial institutions, venture capital, angel funding etc. etc. And at times, you find all doors to getting funds are shut on your face. However, in business one doesn't have to be pessimistic and feel defeated. The show must go on and with all enthusiasm.

There are more ways to improve your financial profile. Consolidating on the financial front doesn't always means seeking loans. You have to be very innovative and thought-driven. The golden words 'money saved is money earned' holds so true.

You have to check your working conditions. If you feel a particular department is spending more than wanted, check it, correct it. Review critically the working profile of your staff and workers. Make sure that they are delivering their best and are not under employed. Drive them with their maximum output. Workers respond to such calls and tend to co-operate if you are very considerate with them. You have to take care of your employees if you want them to take care of your business.

There may be many instances when you feel the resources are going waste. Take to lean practices – avoid wastage and increase productivity. It doesn't cost anything more than your total attention. There may be many customers who may not be paying up your bulls in time. Find out the reason. Improve the conditions – timely delivery and quality assurance. Customers are considerate when they find the deliveries more than their expectations. 'Timely payments' is a big issue today and definitely helps you improve your finances.

If you feel you are needlessly harsh with your associates and staff, change your attitude. Be friendly. Make your goodwill. Win them over. They will answer back in the same spirit.

You really have to be innovative in your approach. Things will ease and you may not be looking for loans from other sources. Remember, loans come at a price.

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