HOW TO GROW YOUR BUSINESS
Hello, my dear Steemiants.
Today I want to share with you some TIPS important for all those who are dedicated to the world of entrepreneurship.
Those of us who travel through this fascinating path know that it is not always easy to maintain our businesses more in Venezuela where we are currently going through a difficult economic situation.
However, many of us continue to bet on our ideas and the materialization of our dreams, that is why, regardless of the size of our business, the objectives are generally the same: Grow and reach more people.
Here are some tips that I consider important to maintain our businesses and increase revenues.
To do this, we need to project, within a period of no more than 5 years, where we want to go with our businesses, so it is essential to establish a financial plan that allows us to reach the proposed goals.
One of the frequent mistakes we make when we decide to start is the desire to increase short-term income, which usually leads us to deviate from the main objective.
Let's take an example: if we set up a workshop for the production of printed flannels, we tend to want to diversify quickly and we start to elaborate new products, for example, pants, which would force us to acquire new equipment mostly without planning the expenses and thus increasing our cost structure.
When our companies begin to generate profits it is essential to create at least 2 funds, one is a buffer of eventualities and the other one of reinvestment. The first is to address emergencies that may arise along the way and the second to meet goals such as the acquisition of new equipment, improve infrastructure and the conditions of our human capital.
The acquisition of credits for the growth of business has become indispensable. Analyze the ease of payment, costs and interest rates of the different loan options offered in the market, will help us make decisions that fit our needs. In Venezuela leverage with banking is a favorable option for many companies, given the hyperinflationary level that we currently live, increasingly, the share of the return of capital plus interest is more accessible to payment, by the level of devaluation of our currency during the time or lapse of the credit.
It is always important to comply with all our financial obligations with our employees, suppliers and banks, companies without human capital, sellers of inputs or access to credit that disadvantage their operation at important levels. Fully complying with our payments increases our credibility and the possibilities of acquiring new credits in the future.
Social networks and websites attract followers, but also potential buyers and partners. However, it is necessary to carefully evaluate each of the platforms and the responsible management of them to obtain the results we desire.
We try to surround ourselves with qualified personnel to take the financial management of our companies, although we have notions of administrative management we must receive the advice of professionals and experienced in the administrative and operational management of them.
I hope these tips are of great support and usefulness to all those who read me.
I'm Juan Carlos and I'm sure we'll continue reading.
Hey Juan! I like this. Good layout and easy to follow. Just found this in the Business tag. Hashtag #sbo for any advice you may have for Small Business Owners. I'm trying to create a community on here where small businesses can go for advice and share advice too! This could be useful for them :-)