Budgeting for a small business is one of the most critical steps in the planning process. It is important to gather accurate financial data, forecasts, and industry analysis to ensure that your budget accurately reflects your business's needs. Without a well-crafted budget, making sound business decisions and tracking progress towards your goals can be challenging. Additionally, business budgeting helps you to allocate resources effectively and identify potential areas of cost savings.
Collaborating with an external financial partner can make it easier for SMEs to fully operate at scale without committing significant resources, in addition to optimising their time to market and letting them focus on the main objectives of a business.
Financial Technology or FinTech has been a hot topic over the last few years. Still, it can be sometimes challenging to understand how businesses can take full advantage of the Fintech Revolution.
External financial sourcing is a complex subject to approach for small and medium enterprises. As a result of the current Covid-19 crisis, the importance of business funding has been brought to light.
In a nutshell, financial forecasting is the process of estimating and projecting your company's future performance and trends. Financial forecasting is an important activity, whether you utilise it as part of a business plan or as a regular tool for your strategic planning.
Whether you are running an established small and medium-sized enterprise (SME), or you are in the early stages of forming your business, having a solid financial contingency plan is a must. Understandably, if you are just starting off with your new endeavour, you might not be necessarily thinking about developing your contingency plan — you’re all focused on growing your business.
Making a company more efficient should be a goal for every business owner. Business efficiency refers to the fundamental reduction of wasted resources used to produce output, whether the latter be physical products or services. As a result, efficiency determines how effectively a business converts inputs such as capital, labour, and materials into outputs like revenue, goods, and services.
It's difficult to deny the importance of properly managing your company's money. A study by CBInsights revealed that 38% of new enterprises fail because of a lack of capital and the inability to acquire further funding.
Running a start-up, small- or a medium-sized business is a lot of hard work. You are bound to be caught up in a multitude of business processes which can make it tough to focus on the core vision of your company. A key mistake most entrepreneurs make is not asking for help on time. Delegating certain jobs offer key advantages to you and your growing team.
Launching a Technology company? Things you need to know if you are launching your own Technology Company.