Managing Business Finances Beyond #COVID19

Do you have a dashboard to help you navigate the current terrain?

Some of these basic #Financial #Management principles will help #smallbusinesses, #Startups and #Entrepreneurs beyond the #COVID19 challenge.

Financial Management Basics #SmallBusinesses & #Startups

HOW TO SURVIVE A RECESSION

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Business as with life has its ups and downs. There are times when everything is going on well and there are those times when you have to tighten your belt to survive. In this article we will look at some tips on how to cope when the economy and conditions for business are not favourable.

The Art of Budgeting for a stress Free Life

The 2nd habit in Stephen Covey’s popular book, The 7 Habits of Highly Effective People, is to ‘Begin with the End in Mind: Envision what you want in the future so you can work and plan towards it'. We all look forward to time to go and recharge…a holiday that is. But how can we enjoy a stress free one?

Let's Learn from the ‪#‎GreeceCrisis‬ it is not Greek!

“Thank you for banking with us, based on your account, you qualify for a loan of xxx amount. I will also give you a very good interest rate” the caller said. You may have received such calls from the banks. I remember asking one of them what I would do with the loans and he said I could renovate my house, furnish the house or start a business. “Do you have a business idea I could start with?” Of course he had none! If one is not careful, one could get into a #GreeceCrisis. Let us learn Greek, the lessons that is:

16 Ways to Finance Your Start-up

As I walked out of the meeting with some young entrepreneurs, one came to me and said, “all I need is Ugx500,000 and I am sorted!”. I knew she was trained in area that the rest of the incubatees weren't and would value her advise. She would have offered her advisory services for a small fee and start saving up for the money she needed.

The challenge is that most businesses want expert advise for free. Of course there is a place for probono services but not all the time. We have to appreciate that the same way we take time to nurture our businesses is the same way the experts take time to acquire knowledge and continuous professional development (CPD). Time is money and the CPDs have to be paid for as well.

I went away from the meeting thinking of how many start-ups have not yet taken off because of lack of capital as it were. I have therefore read about and made an attempt to put down some sources of funding that one may consider: