'Determining the right amount of funding a business needs is a common challenge for many SMEs' - says expert.Running a successful business is more than about coming up with innovative ideas and creative concepts – crunching the numbers game is just as important.While most entrepreneurs have a comprehensive blueprint and clear vision for their business, many often struggle to gauge how much funding their business needs.
“Without knowing the ins and outs of money matters like cash flow and planning, these businesses might find it tough to figure out how much funding they really need to keep the business going and growing.” “Funding requirements and the use of credit will vary based on business life stage , operating cycles, growth plans, industry, and market conditions,” she explained.
“Embarking on a smoother financial journey starts with effective cash flow planning. Cash flow is like the oxygen that keeps a business alive and running smoothly,” Naidoo said. “The working capital cycle, or business cycle, is the length of time from purchasing raw materials to receiving cash from the sale of finished goods,” Naidoo said.
Apart from cash flow projections, pursuing the correct form of funding is also a challenge for most SMEs.
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Source: ITWeb - 🏆 45. / 51 Read more »