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3 Worst Financial Mistakes Every Small Entrepreneur Must Avoid

Smruthi Kishore

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3 Worst Financial Mistakes Every Small Entrepreneur Must Avoid,Startup Stories,2018 Latest Business News & Updates,Startup Stories India,Latest Technology News 2018,Three Worst Financial Mistakes,Small Entrepreneur Must Avoid Financial Mistakes,Top 3 Financial Mistakes Small Entrepreneur

It is quite often that small entrepreneur who end up making small mistakes which in the future turn out to be messy. The fact is that, if you are not careful, these little financial errors can lead to some serious cash flow problems. Take a look at these 3 worst financial mistakes that every small business owner must avoid.

1) Avoid late payments

Pay the bills when they are supposed to. Avoid late payments. Some keep the bills aside till the due date has arrived. This is applicable to both account payables as well as receivables. When it’s your client’s turn to pay you, then give them an extended window of time to make your payments so that you can foster more sales.

Tip: Give your client an extra 14 day period to pay an invoice. If you provide quality goods within the given duration of time, your clients will have no issues regarding the payments they have to make you.

Solution: Use online payments gateways that offer online invoicing and accounting features. This way all your bills will be organized and can be accessed anywhere and at any time.

2) Always keep an emergency fund aside

The first quality that defines an entrepreneur is the tendency to have foresight. A business owner should have the instinct because you never know what is going to happen.

Tip: Every business owner should have at least a three-month emergency fund. The majority of the startups fail due of the misuse of the capital they have. Having an emergency fund makes you feel stronger even during your weak moments or probably when your startup fails. Also separate your personal finances from your business finances, avoid mixing these two expenses.

Solution: Start putting money away as soon as the cash comes in. Use your business credit card for your business expenses only.

3) Avoid spending too much time on non-cash generating activities

Yes, avoid spending your valuable time on noncash generating activities. This doesn’t mean you need to stop living your life and work like a machine. When it comes to time management, it is important to pay close attention to your productivity levels.

Tip: Distinguish and find out which activity has the highest chance of eventually generating cash flow.

Solution: Spend 80 percent of your time doing these cash generating jobs and rest of the time spending for all miscellaneous jobs. Work on these 3 simple tips and try avoiding them in your future.

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Women And Work Life Balance

Startup Admin

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As a woman, growing comes with its pitfalls, its struggles and its unrealistic expectations. As a woman in a competitive work environment, not everyone has the option of being successful and having a comfortable home environment. If you are tired all the time, unhappy at home everyday and not growing the right way, then these tips might just help fix the every day blues.

1. Define the word balance to yourself 

Whether you are a working mother or a working woman care of things at home, what does the word balance mean to you? The word balance is like clothes: it is not designed to fit everyone perfectly. Write down your priorities and think about how to spend time outside work as well. Chalk out your life outside and work, this will give your life the much needed clarity. Before you jump full throttle into two worlds at the same time, define what balance means to you and set the guidelines to your happiness.

2. Seek the balance 

Let your colleagues and bosses know how serious you are about maintaining a strong work life balance. One of the major mistakes I made at the beginning of my career was to make it known that I am available all the time. I would reply to mails constantly and always stay on top of things. Not only does this ensure an early burn out, it makes your life at home miserable, to say the least. My work life balance is gone for a toss, obviously. However, if you still have the chance, then yourself now! Set a timer on your email app and make sure you do not respond as soon as you get an email. P.S., this really does help keep yourself sane.

3. Let your aspirations be known 

Define both your family and career aspirations. Reflect and revisit them often. Communicate your aspirations to your organization or network, as well as your family. On a side note, if you really do want to take a break from work, make sure you understand the repercussions of how going back to work will be like.

We live in a male dominated world. There is no denying that Achilles Heel. As a woman of this generation, we want everything. We want to be at the top of the corporate ladder and be the best version of ourselves on the home front as well. If you think we missed out one any aspects which might help, then comment and let us know!

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How Online Marketing Can Be Used To Promote Your Business

Startup Admin

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How Online Marketing To Promote Your Business,Startup Stories,Startup News India,Latest Business Updates 2018,Online Marketing Tips,How to Promote Your Business,How to Grow Your Business,Define Your Target Audience,3 Ways To Promote Your Business

First, you need an idea, then you define a target demographic and finally, you make sure your product is of selling value! Once you have all your formative ducks in a row, its time to think of a marketing strategy. In a world that is leaning towards the digital side of life, there is so much one can do to grow a new business. If you are still wondering about how to grow your business the digital way, then these strategies might just help you!

1. Social media 

In this digital world, social media just cannot be ignored. This is where all the “magic” is happening. A rule of thumb to follow for social media is to be authentic and true to you as well as to your brand. Your audience can smell pretense a mile away and the moment they detect signs of false promises, your brand is negatively affected. To create a direct contact with your audience, make sure you reply to messages as often as possible. By doing this, you are building a loyal audience for yourself and letting people know that you are open to feedback! Social media is tricky and done right, it can help your business grow in leaps and bounds!

2. Leverage influencers 

Influencers are the new flavour in the field of online marketing. If you are looking at a way to increase the online presence of your brand without taking years to build your audience, then influencers are the way to go! Find the right influencer in your niche so that you target the right audience. It is not just about spreading your message. It is about spreading your message to the right consumer base. If you can do this properly, then you can reach a sizable audience for not much money invested when you think about the potential profit it can return.

3. Be different 

“Be you. Everyone is already taken.” How many times have you heard this and why does it ring so true? Simple answer? It is! Everyone is already taken, why do you want to sing the same old tune over and over again? With social media being social media, there us the chance of being different by being you. Be original and quirky and uniquely represent your business through advertising and marketing. Show everyone not only why your business is awesome, but why it is head-and-shoulders above everyone else.

The world is constantly growing and with change, comes innovation and creation. No matter what marketing strategy you use, if you do not have an effective sales funnel and optimize your conversions, you will just be throwing money away.

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Women Entrepreneurs Who Rule With Their Crew

Smruthi Kishore

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Women Entrepreneurs,Startup Stories,Startup News India,Best Motivational Stories,Female Entrepreneurs Rule,Top Female Entrepreneurs,First Youngest Woman Entrepreneur India,Most Successful Female Entrepreneurs,Women Inspirational Stories of Success,Empowering Women

For generations, male dominance has overpowered every aspect of life. However, women have been working together and fighting the system. While movements like #MeToo and the Women’s March have been helping in empowering women, there is still a gap when it comes to female entrepreneurs. Women in lead roles are a rare phenomenon but when it does happen, everyone stands up to take notice. To stay sane in a forever competitive world, these five friendships are extremely crucial.

1. The Been There Done That One 

When you are starting out as an entrepreneur, it is important to have a mentor by your side. When that mentor comes in the form of a close friend, it makes things all the more exciting! Since women face unique challenges in business, it is critical to have this experienced entrepreneur on your side to guide the way forward.

2. The Industrious One 

There are friends who talk business and those who avoid the subject entirely. When starting out, it is important to have that one friend who knows the in and outs of the business world. Not only can you geek out together, you can also stay up to date with everything in the world of business and commerce! An added bonus? This friend can keep you sane through the tough times, especially when it seems like no one else understands what you are going through!

3. The One Who Everyone Knows 

There is always that one friend who seems to know everyone or who is known by everyone. This particular social butterfly will help you expand your circle in ways you did not know was possible. A friend like this is important for every female entrepreneur to have, giving you the opportunity to grow and expand your business like never before!

When growing, it is important to surround yourself with people who have your interest at heart. Identify the females you need to add to your circle. Then start building those relationships one brunch at a time!

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