Do you know you can help your business make money or save money just doing certain things that doesn’t involve selling your product/service? Did I hear you say how? Then read on.
Do you know you can earn some interest on your funds for a few weeks just delaying payment to vendors the same duration? I’m not saying you should intentionally delay vendor payments after agreeing to pay them on a specific date. All you need to do is negotiate a date that will allow you achieve this.
Do you know you can save more negotiating a discount for early payments to creditors? Are you aware you can place your short-term funds on a call investment that permits you to liquidate within hours when the need to spend arises, theremaking some extra income?
I will assume you already know you can claim various tax exemptions for your business or product, depending on the laws applicable in your country – pioneer status, double tax relief, withholding tax claims, just to name a few. Don’t you?
There are several other significant financial information and guidance thatcan successfully kick-start, enhance and propel your organisation in the right direction, saving your hard-earned cash for other business operations. Financial proficiency, no doubt plays a significant role in running an efficient and successful business, whether you’re a start-up or an established one. And the conserved funds can be put to other beneficial use. You certainly want to increase inventory, expand the business, create a new product, fund marketing and brand campaigns, or even purchase another business. The list is endless.
Financial advice can be sought from various sources, if you do not possess the skill. And who to engage will depend on the nature of your need. Generally, any competent expert in the field of finance or accounting can be of help, and there are also specialists in various segments of the profession that can attend to particular needs. For instance, an investment banker can assist in raising capital, while a financial analyst or management accountant can assist in product/service costing, budgeting, and reporting. The most importance thing is that you get the advice you need to improve your bottom line and the financial health of your business.
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