Below we share some management, budget and investment advice for women entrepreneurs. Virginia Porcella, finance specialist and author of the book “High Heels Economy” and “SOS Economy,” offers her tips.
Managing and organizing a company’s finances is essential to long-term business survival. It involves more than properly keeping numbers: it implies good analytical capacity and skills to make the right strategic decisions.
Inventories or goods in stock refer to the amount of fixed assets or goods that a company has at a specific moment in time. Inventory control is generally an issue that is poorly addressed by SMEs.
The cash flow statement is a financial report that records a company’s cash inflows and outflows at a given time. It is one of the most essential elements in the financial management of a company since it is an important indicator of the firm’s liquidity.
Price is undoubtedly one of the most determining factors that buyers take into account upon judging the appeal of a product or service. It is a very delicate process where a price too high can avert prospective buyers while a price too low can generate losses or even create a bad image for the business.
Proper cash flow management is key to the success of a business over the long term. It is essential for SMEs to effectively manage cash with the same level of precaution as would be given to income, expenses and profit. Otherwise the company may find itself insolvent.
Having a successful company is not only the result of a brilliant idea, but also the responsible stewardship of the accountant or financial manager.
SMEs have the characteristic of not having large sums of money at their disposal. For this reason, savings are seen as a challenges, but it is not impossible.
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