Follow These Savings Tips To Boost Your Entrepreneurship
One of the purposes of saving is to have resources that allow you to acquire goods such as machinery, vehicles or technology to strengthen your business.
One of the purposes of saving is to have resources that allow you to acquire goods such as machinery, vehicles or technology to strengthen your business. - Photo:
The micro, small and medium enterprises and emerging enterprises, were among the hardest hit last year, when the pandemic halted economic activity in various sectors and led to a significant decline in earnings.
Although the coronavirus came suddenly and altered the numbers of several companies, it also reminded us of the importance of establishing savings plans, to prevent the drama of MSMEs from repeating itself and have a better cash flow and with it the possibility of acquiring more assets that strengthen the business.
Among the goods most requested by companies are vehicles, especially now that homes are booming. According to the firm Raddar, which studies the behavior of the Colombian consumer, in 2020 four out of ten Colombians asked for addresses in the country.
This has been reflected in the growth of the activity of small and medium-sized companies dedicated to the transport of goods and personnel, which have covered the high demand for home service for businesses, supermarkets, warehouses, in addition to the transport of personnel, through cargo and passenger vans.
In order to consolidate a savings plan that facilitates the purchase of new goods and the contracting of other services that promote your business , DFSK, a company that offers transportation solutions, shares these savings tips for entrepreneurs.
Keep your finances balanced:
It should be emphasized the importance of having a budget, as it helps to have greater clarity about the resources we have and how we are investing or spending them. This in order to organize the finances of the business and analyze what percentage of the income can be used for savings.
Paola Lozano, national manager of DFSK PracoDidacol, affirms that “when the engines of an enterprise are turned on, it is vital to have a savings plan that allows maintaining a financial balance during the initial stage, in order to be able to project into the future and achieve the acquisition or payment of goods, be they vehicles, technology or machinery ”.
Be careful with your expenses:
It is key that you differentiate operating costs from secondary expenses, this in order to prioritize your investments and reduce payments for unnecessary things. To do this, make a list of your obligations, organizing them from highest to lowest relevance. According to Financiera Comultrasan, with this information you will be able to make controlled and more precise decisions, instead of withdrawing the money without knowing where it is going.
For his part, David Polo Moya, consultant and creator of Emprender Fácil, advises separating personal accounts from business accounts from the first moment, and not making payments that correspond to business expenses with personal money and vice versa, to avoid confusion and mismatches in finance.
Schedule your savings:
Avoid making excuses for saving and opt for the programmed saving mode, with which you can define a monthly fee and a saving period, and you can gradually consign these resources to a bank account (better if you establish a specific purpose for that money).
A wise advice, says Polo Moya on his blog, is not to put off the issue of financial health and save from the first moment, since having a good savings plan allows you to have a fund for contingencies or emergencies. This saving can then be supplemented with investments that generate better returns.
Define your needs:
Although saving makes it possible to acquire assets for the business, be prudent with your investments. Establish what the business needs are and how you can meet them. For example, if you need to improve your home service, be sure to choose a vehicle that is cost-effective in terms of fuel economy, maintenance costs, cargo space, and other factors.
Make your products known:
Although it seems obvious, it is essential that you have various strategies to promote your product or service, so that you can increase your income and these translate into greater savings in the future.
Today there are free platforms and networking spaces on social networks or groups such as Wikiempresarios, Market Place or Esse Es, where you can share your business and attract potential clients.
Work in Coworking spaces:
Collaborative spaces have become popular in recent years as an alternative for those companies that want to reduce their office expenses or cannot have an independent one.
In addition, the Financiera Comultrasan highlights, "in them, in addition to socializing and creating business chains with other entrepreneurs like you, you can also exchange ideas and knowledge that will be useful for your business.
Organization and discipline will be crucial so that taking care of the finances of your venture and being able to make investments in goods and improvements in your business model, translate into the prosperity and success of your project.
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