Well-known Astro Strategist cum Business Astrologer Mr. Hirav Shah needs no introduction. He has been making a huge mark across the globe with his immaculate understanding of Business strategies combining them with the power of astrology and creating wonders for Businessmen, Entrepreneurs, Celebrities, and Politicians. Recently he was asked to share his valuable opinions for modern entrepreneurs who are thinking of launching a start-up business.
Hirav Shah says that the effective management of cash is one of the keys to a successful organization, seldom will these start-ups survive until the next round of funding. Above all, the investors would definitely look at the management capabilities before granting additional funds. As such, the stability of a start-up somewhat depends on the strength of cash flow, which is the lifeblood of any business.
Basically, cash-flow management is the conversion of sales into cash and cutting down unnecessary costs.
Here are the tips recommended by Hirav Shah that will surely help a start-up business to manage cash efficiently:
1. Iron Out Delinquencies
Delinquencies are one of the main issues faced by every type of business. For start-ups, these assume more significance as they might be already walking on a tightrope. Giving credit is an option to build a business, but payment delays and extended Accounts can have a major impact on working capital.
Start-ups should develop a clear payment system and must explain their payment policies in advance to their customers in a better way. Always provide alternative payment methods to their potential delinquent customers such as installment plans and credit card payments based on the track record of the customer.
2. Up-to-Date Accounting
Start-ups need to have a strong understanding of their financial position on any given date. For this, the business’ account books should always be required to be updated in a timely manner and accurately as well. Timely updates of financial records always help businesses to make correct decisions.
3. Establish Effective Payroll System
It is advised to have fewer cycles in payroll accounting because it cuts down on administrative costs. Therefore, implement a bi-monthly cycle payroll account instead of a bi-weekly cycle. Also, credit expenses directly to bank accounts as it saves time, cost of writing as well as presenting checks.
4. Utilize Cloud Technology
Cloud is the new buzzword, also it is a real boon for start-ups because they provide advanced technologies, storage solutions as well as save huge costs of investing in hardware such as servers. Nowadays there are a number of productivity tools available in the market which can simplify and rationalize the accounting process.
5. Leverage Data Analytics
Nowadays, small businesses have access to built-in analytical tools and technologies which can provide data for every aspect of a business and insights about better management of cash flow. Start-ups could use this data to control costs and decide their investment priorities.
6.Have a Good Rapport with the Employees
There is no denying the way that workers are the greatest resource of a business. Beneficial employees can deliver quality work inside a specified time, which could get more requests and lift income. Continuously reward employees who perform well. If they get compensated for their great work they will have the inspiration to work more effectively and help the firm touch greater heights.
7. Peer Network
Continuously learn from companions and see what they are doing to improve their income. Join a system of start-up groups. The network will permit communication with specialists and offer tips. Online sites, for example, LinkedIn can assist you with discovering connections and create associations with experts inside the business. Online webinars are additionally an incredible method to get to money related exhortation on an assortment of themes.
If a start-up doesn’t have the opportunity or ability to keep updated records of income or oversee money, at that point it is prescribed to re-appropriate these key functions. This allows organizations to concentrate on other significant territories, for example, production and sales.
Hirav Shah concludes by saying that if you know where you are, you know where you want to go, you know why you want it. The only thing left is to analyze chances to ACHIEVE your GOAL. What is the GAP between your actual goal and Potential revenue? Researching and analyzing your business helps you target your ideal customer, identify new market opportunities, and improve your sales performance. Exponential growth can be achieved. When you know your destination before you begin. In life, when you have CLARITY on where you want to go and GUIDELINES on what are the CHANCES of REACHING there, things get less confusing. This AstroBusiness Analysis will help you come out stronger, faster, and smarter when unexpected realities happen in your life and business. You can transform your thinking from how life used to be to how life will be.
That’s what the job of an Astro-Strategist for Entrepreneurs is!