There is enough evidence that shows a strong and direct co-relation between success and financial literacy of the owners of a small enterprise. Some key determinants of financial literacy amongst small business owners include:
A businessperson must possess this basic skill, as is the source of important information vital to critical decision-making, and responsible for minimizing risks.
Weak knowledge of business finance leads to high interest and high debts and thus business reversal. Ability to obtain capital from third party sources with minimal cost and payoff obligation is a key skill.
Most small business owners seem to be on top of cash flows than overall budgeting. Expenditure planning along with cash flow analysis is of course key to the success of the business operation.
Employees are infinitely more critical in small business given the multi-tasking and the 1-0-1 understanding of clients and operations. It is thus important to get payroll right every-time to avoid employee dissatisfaction.
Cloud based or outsourced services could sometimes be 50-80 % cheaper than the direct costs incurred. 3 key areas of focus include CFO, Payroll and accounting services.
The solutions offered under Outsourced CFO Service in India include Strategic planning, Transaction support, Budgeting & forecasting, Financial analysis, Board & management reporting, Investor relations, Business plans, Cash-flow and Cost Management, Sensitivity analysis.
Small businesses India live and die by their cash flow and are typically tracking daily financial transactions, which include purchases, receipts, sales and payments.
Hey! We are looking forward to start a project with you!