According to a survey done by a reputed financial technology company, out of the total fund of availed working capital, a company puts 38% of it to expand operations & 34% is used for inventory & equipment purchase.
1. Inventory Management
If the business you are trying to establish has to keep a record of inventory, you will definitely need to embrace and adapt to digitization to accomplish efficient inventory management.
2. Operations
While balancing your Profit & Loss, you will have to manage the cost of operations that your business demands in order to keep running smoothly and or to cater to specific peak season work that may be critical to your business.
3. Import-Export Cost
If you intend to do business internationally, you will have to factor in import/export cost. Your business will need the liquidity to accept new business opportunities in international markets.
4. Marketing
You will need the market to know that you exist and that you are a business they can approach to find a solution to their problems. That’s where Marketing comes in. You will need to widen the visibility of your company with Outdoor Marketing to reach a wider audience.
So much work will have to be accounted for and hence timely review of the book of accounts will have to be done in order to stay on top of your business.
5. Recruiting Staff
Needless to say, all business grow essentially due to one very important reason i.e. its people. You will need to recruit the right people to increase the stakes of your project.
Business requires quick thinkers and firm minded businessmen. Working Capital for business can help you sail through all the costs associated with the business and give you the confidence to move ahead in business without thinking twice.
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