Money is what makes business run and at one point or the other,you might be almost out of business because you are running out of cash.It is therefore necessary to save your business from financial woes before you are drowned.So,to get your business up and running,you need to pay close attention to FINANCE.
The most easiest option is to seek funding from external sources,but this can be more daunting,if the money in question is large.So what do you do?
Start sourcing for funds for your business by doing the following:
1. Taking from your personal savings is one sure way to source for business especially as a beginner.
2. Cut costs by reducing your operational expenses:Reducing unnecessary or extravagant spending for the mean time like buying expenses family family clothing,visiting recreational centres regularly, constantly organizing luxurious parties,etc.
With time you will soon discover they are non essentials as they are not essential for life as you can live without them.
3. Selling off some of your assets in order to raise immediate cash.Under these categories comes your clothing and fashion accessories,fixed assets like landed properties,technology products like phone,car,laptop,etc.The list is endless.
4. Laying off every redundant staff:As these may pave a way for your business turning point.
5. If you are used to giving out extra incentives or benefits,stop this for a while and focus on revitalizing your business.
Trying to solve all your financial needs at once is like jumping from frying pan to fire,which will further put you into more financial mess.Break down your businesses into sizeable chunks tied to specific needs and begin to fill them with the excess funds gathered.