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Finance

4 Effective Bookkeeping Tips for Small Businesses

Bookkeeping | Representational Image (Photo Credits: Pixabay)
Bookkeeping | Representational Image (Photo Credits: Pixabay)

For business to be successful, it needs to record all its economic transactions chronologically without any emission or omission in the entry book. It helps a business to keep a tab on its dealings as well as inflow and outflow of the financial resources. Here, bookkeeping comes into picture. It undertakes the recording of financial transaction and involves preparing source documents for all transactions that are economic in nature, operations, and other dealings of an enterprise. It is not merely restricted to big business houses, forming the foundation of accounting bookkeeping are used in small as well as medium level business firms and non business enterprises. 3 Top Investment Schemes in India to put your money at!

For small businesses as well, a sound bookkeeping is an important prerequisite to keep all the financial transaction in check. It helps in regular valuation of the assets, tab on debtors and the borrowing activities of the firm. Bookkeeping also helps in keeping a check of embezzlement of funds and money laundering by an employee if any. Here are some tips for bookkeeping for small business:

Keep Personal and Firm’s Account Separate

The first and foremost principle of bookkeeping is to have a separate account of the business and the owner for financial purposes. Following the accounting principle of Separate Legal Entity, the accounts for both the entities should be different. All the transaction related to business should be done through enterprise’s account and not the owner’s personal one. 4 Smart Ways to raise fund for your startup without Investors.

Record Transactions Chronologically

One of the most prominent features of bookkeeping is that all the transactions are recorded timely and regularly. Ideally, all the dealing and financial events are recorded in the books of accounts on the day their occurrences. It also includes the accounts which are debited and credited after a transaction and a brief description about it. It helps the business to look for and clear discrepancies if any.

Organise Business Documentation

Various transactions are substantiated with relevant business documents including vouchers, bills, receipt among others. These works as an evidence to the transaction and provide various essential details about it such as the parties to the deal, date and time of the transaction, amount involves other terms and conditions if any.

Review the Records

To ensure that no fraud or miscalculation is taking place, a firm should keep reviewing its records on a regular basis. It helps business to evaluate all its transactions and accommodate for any omission or error in recording. It also enables the owner to keep a tab on expenses, account receivables, debtors, accrued income and other important accounts.

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Business motivation

7 Rags To Riches Biographies Every Young Entrepreneur Should Read for Constant Motivation

Inspiring Biographies| Representational Image (Photo Credits: Pixabay)
Inspiring Biographies| Representational Image (Photo Credits: Pixabay)

The journey of becoming a successful entrepreneur is not an easy one. It long, tiresome, disappointing and dis-heartening. Many people start doubting themselves and questioning their capabilities. They grew insecure, may even lose the spirit to carry forward and give up in the middle. No rewarding journey has been completed without hardships and fair share of failures. Young people in their initial stage of entrepreneurial life are bound to face several social and financial complexities which may deviate them from the life long goal of having a successful business of their own.11 Business Lessons every Entrepreneur should learn from Late Dhirubhai Ambani!

However, there are multiple stories of people who despite being form a marginal and economically weaker sections of the society, held on strong to their dreams, squashed all the bottlenecks to be highly successful businessman and titans in their field. Young entrepreneurs need constant motivation to keep going in the directions of their dreams and accomplishing them. Here are some biographies all entrepreneurs should read for inspiration and motivation: 4 Tips For Selecting a Powerful Business Name for your Startup!

Karsanbhai Patel: The Man Behind ‘Washing Powder Nirma

Ramesh Babu : The Barber With A Rolls Royce

Patricia Narayan: FICCI Woman Entrepreneur of the Year

Sunil Bharti Mittal: Connecting India

What I Know For Sure: Oprah Winfery

Big Magic- Creative Living Beyond Fear: Elizabeth Gilbert

The Man Who Made Reliance Industries: Dhirubhai Ambani

Despite all the hardships- social, personal, economical- these real life Rags to Riches stories will inspire all the entrepreneurs throughout the business cycle form generation of the business idea to its implementation, establishment of business to its sustenance and success and motivate them to never give up and keep working towards the goal.

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Startup

Startups and MSMEs in India Get Major Boost As Indian Bank Signs MoU With SID of IISc for Extending Exclusive Credit Facility to Businesses

Startup
Startup (Photo Credits: Pixabay)

New Delhi, February 20: In a bid to extend the exclusive credit facility to Startups and MSMEs in India, state-owned Indian Bank has inked an MOU with the Society for Innovation and Development (SID), an initiative of the Indian Institute of Science. Under the pact, the Indian Bank will extend loans of up to Rs 50 crore to these startups for their working capital requirements or for the purchase of machinery, equipment among other things.

This initiative is a part of the Banks scheme Ind Spring Board for financing Startups and will empower Startups and MSMEs to realise their research efforts powered by financial support from the Bank and backed by incubation facilities offered by SID, it said in a release.

In its statement, the Bank said that SID is the forerunner in setting up joint R&D with industries and supporting start-up incubation, the bank said, it provides support to the MSME sector by providing joint research and development arrangements and technical and financial support for incubation and acceleration of high-end technology products under its department named TIME2. (Technology Innovation for Midsized Enterprises).

Under the MOU, SID will identify the start-ups and MSMEs based on their credentials and past experience and will refer the list of such members who require financial assistance to the Bank, it added.

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Business motivation

Ease of Doing Business and Ease of Living Among Government’s Priority for India’s Economic Growth, Says PM Narendra Modi

Business Tips | Representational Image Only (Photo Credits: Pexels)

New Delhi, February 20: Prime Minister Narendra Modi on Saturday stressed the need for a coordinated approach among the states and the Centre to achieve the ‘Atmanirbhar Bharat’ (self-reliant India) goal. Speaking at the sixth meeting of the Governing Council of NITI Aayog, the Prime Minister said that ‘ease of doing business and ease of living’ is also among the government’s priority to a strong country’s economy. He made a strong case for repealing archaic laws for ease of doing business in India and said the centre and states need to work closely to boost economic growth.

Praising the Union Budget 2021-22 which was presented by Finance Minister Nirmala Sitharaman earlier this month, the Prime Minister said that people have made up their minds about what they want. He stressed on ‘zero defect, zero effect’ mantra which he gave in August 2014 to Indian entrepreneurs for better products–a direct reference to the need to make things without causing environmental harm.

During his address, the Prime Minister said that ‘Atmanirbhar Bharat’ campaign is the way to build an India that produces not only for its needs but also for the world, and these productions will also stand the test of world superiority. To achieve the goal, the Prime Minister added there is need for a better coordination among Centre as well as states and increase export.

The Prime Minister stressed on the policy framework and cooperation between the Centre and states, saying “coastal states are a fine example”. “Exports from the blue economy have unlimited opportunities. Why shouldn’t our coastal states take extra initiatives for the same?” He added saying that India managed to build a good image internationally during the Covid-19 period because the central and state governments worked together for the betterment of people.

 

 

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Startup

Maharashtra To Create Incubation Centre for Startups Near Mumbai To Give Major Boost to New-Age Enterprises

startup ipo india

Mumbai, February 20: Maharashtra is planning to set up a large incubation centre for startups near Mumbai- then financial capital of India, soon, Chief Minister Uddhav Thackeray said on Friday. The setting up of an incubation centre for startups will give a boost to new-age enterprises. While speaking at the annual NTLF event of IT industry lobby Nasscom, Thackeray said that the state is also determined to make Mumbai as one of the fintech hubs in Asia. The Chief Minister added saying that in the last three years since launching the Nasscom 10,000 startups programme, which has a warehouse in nearby Navi Mumbai, over 50 new companies have benefitted and over 1,300 jobs have been created.

“Encouraged by this success, we are planning to set up a large incubation centre near Mumbai with Nasscom in the near future,” Thackeray said. After the success with the 2015 IT Policy, Thackeray said the state is now creating an IT/ITes (IT enabled services) promotion policy for 2021 which will have a focus on creating the right ecosystem for technology companies, incentives for innovation and research and development, and a close working relationship with the state. Maharashtra is already using tech inputs for governance and extending services to the public, including blockchain, internet of things and artificial intelligence-based solutions, he said.

The Chief Minister added saying that besides the traditional hubs of Mumbai and Pune, Thane, Raigad, Nashik and Nagpur are also getting traction and tech investments lately. He said in the last five years, the state has received Rs 65,000 crore in investments from IT companies which have helped create 8.5 lakh jobs in the state. Reiterating his predecessor Devendra Fadnavis” target, Thackeray said the state is on its way to becoming a USD 1 trillion GSDP state by 2025.

At present, its GSDP is close to USD 500 billion or 16 per cent of the national GDP, he said, adding that a third of the foreign direct investment received by the country comes to the state. Thackeray said the pandemic period was a testing time for all and the tech industry helped in ensuring that people stay connected through audio and visual modes and said COVID-19 helped hasten the pace of technology adoption. He also noted the sacrifices of emergency services rendering personnel including those from the police and medical fraternity to ensure the city keeps moving.

Categories
Finance

4 Smart Ways to raise fund for your startup without Investors

4 Smart Ways to raise fund for your startup without Investors

Building a business from the ground up is often very hard. To build it without the initial capital investment from the investors can be even harder. It may take a little longer, but starting a startup in India without the burden of investors can yield benefits that outweigh the cons.

You can be in complete control of your destiny, and can quickly change the business direction whenever it`s needed. Here are 5 ways in which you can do fund-raising for business without investors:

  1. Do not quit your Job

Since starting a startup business in India without investors can leave you with a lack of funds, it is always a cool idea to continue with your day job. This will give you the advantage of saving your salary.

  1. Government Loan Schemes

Whether you want to start your business without an investor or unable to find one, you can still fulfill your entrepreneurial dream, thanks to government schemes. To focus on ‘Make in India’, the government has started a few loan schemes.

Schemes like CGTMSE, MUDRA, and Stand-up India can provide you collateral-free debts and can get access to low-cost capital.

  1. Use your Revenue to do Fund Raising

Not all startups are pre-revenue generators. Many startups have customers and monthly revenue, so why not plan smartly and use that money to grow faster. A Revenue Based Loan can turn your revenues into growth capital and can help you to do fund-raising without an investor.

  1. Crowd Funding

You can also raise money through crowd-funding. Crowd-funding refers to raining money from a large number of people who contribute with a small amount of cash. The process of crowd-funding is typically done via online platforms.

Make Necessary Sacrifices for Business

A business is like a baby! Hence, be ready to give all your time and attention. Not just that, you must be willing to make sacrifices to free up your time.

As an entrepreneur, you may want to taste success as soon as possible. However, patience is the virtue that makes any business successful. You may feel challenged at the initial stage of building a start-up. If not prepared, you may have to suffer losses too. Hence, get all the information and knowledge from the industry experts.

Learn from their experience to take your business ahead with our Everything about Entrepreneurship course. To know more, click here: https://www.badabusiness.com/?ref_code=ArticlesLeads

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Business motivation

3 Best Marketing Strategies to Boost profit margin in Tiffin Services Business

tiffin service

A tiffin business in India is not a new segment in the F&B industry. But as the young entrepreneurs in India are willing to step into this segment with their innovative approach, the segment has begun to gain popularity.

As the millennial and students are migrating across different cities because of job opportunities and education, the tiffin services in India has witnessed an increasing demand.

Zaika Tiffin Service was started with an investment of INR 7,000. Started from the kitchen of Jinisha Jain is now serving more than 1500 meals over two years.

You too can open a tiffin service and turn it into a popular brand with the correct marketing strategy.

Good food and excellent service in the tiffin service business are essential. But what if nobody knows you are serving? It could be a game-over stage for your tiffin business.

If you already have a tiffin service business and want to increase your profit margins, here are the 3 best marketing tips:

  1. Customer Engagement on Social Media

We know that Facebook & Instagram may sound overwhelming at first; however, they can help your tiffin services gain vast exposure. According to Bain & Company, ‘customers who engage with the business on social media spend about 20-40% more money on that business’.

Promoting your business on social media platforms will drive more customers, which means a significant growth of profit margins in tiffin services.

  1. Include Complimentary Items in the Tiffin

We all love complimentary stuff! So why not give your existing customers or new clients something that they are not expecting? Include some pickles, curd with spices, chutney, or a mouth freshener to make their meal-of-the-day extra delightful.

  1. Keep Updating the Menu

To prevent the boredom that might crawl in after a certain duration of time, refreshing your menu now and then is highly advised. Also, you can ask your customers what they will like to eat on weekends. This will help you understand your customers better and improve your tiffin business services.

Don`t forget to take regular feedbacks from your customer and work upon them to have a large database of Happy Customers! You can learn more strategies that can prove to be powerful for your tiffin business services via our Everything about Entrepreneurship course. To know more, click here: https://www.badabusiness.com/?ref_code=ArticlesLeads

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Finance

3 Top Investment Schemes in India to put your money at!

investment

While growing up, for the longest time, most of us believed that the money plant in our house will grow cash for us in the future. Though, it would have been great had that belief was true, the reality remains the same- we all want to see our money grow!

So, if you are looking to grow your wealth, investing your money in different schemes can be a brilliant option provided you make the right investment decision, at the right time.

India is a land of savers and not many investors. According to a report by New Indian Express, ‘only 2% of the Indian population participates in equity markets directly or through mutual funds due to their risk-averse nature.

Most of the Indians are always on the look-out for a high-return, low-risk combination in an investment plan. Unfortunately, it does not exist, at least not in the real world.

So does that mean you should not invest? Certainly not! Here are 3 top investment plans to look at while reaching for your financial goals:

  1. Debt Mutual Funds

Do you want steady returns? The Debt Mutual Fund schemes are for you! These schemes are less volatile and involve less risk as compared to equity funds.

Debt mutual fund primarily invests in fixed-interest generating securities like government securities, corporate bonds, commercial paper, treasury bills, and other money market instruments.

  1. National Pension System (NPS)

Managed by the Pension Fund Regulatory & Development Authority (PFRDA), NPS is a long-term plan focused on retirement. This investment scheme is a mix of equity, corporate bonds, fixed deposits, government funds, and liquid funds among others. The minimum annual contribution has been reduced to INR 1,000 for an NPS Tier-1 account to remain active.

  1. Public Provident Fund (PPF)

The Public Provident Fund is one of the most popular investment schemes that every Indian turns to. The scheme has a long tenure of 15-years. Thus, it offers huge tax-free compound interest. One of the major reasons behind its popularity is that it is a safe investment as it is backed by a sovereign guarantee.

Some of the above-mentioned schemes are fixed income while others are linked with the financial market. Where fixed-income schemes help to preserve your savings, market-linked investments offer high returns and high risks too.

However, for a long-term financial goal, it is important to make use of both worlds. Hence, make informed decisions by keeping time duration, taxation, and risk in mind. You can understand the in-depth stock market knowledge with our problem-solving courses. To know more, click here: https://www.badabusiness.com/psc?ref_code=ArticlesLeads

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Finance

SMBs in India To Benefit As Google Announces Rs 109 Crore for Small and Micro Enterprises in the Country

Google (Photo Credits: Unsplash)

New Delhi, February 18: With an aim to support small and micro enterprises (SMBs) in India amid the COVID-19 pandemic, tech giant Google on Wednesday said it would give $15 million to Indian SMBs. The amount that has been announced by Google for businesses in India is nearly Rs 109 crore. Reports inform that the investment is part of the $75 million commitment from Google to help small businesses outside of the US. “In India, we will invest $15 million to support small and micro enterprises across the country and are in discussions with local partners,” the company said in a statement.

Google said it is working with non-government partners who have a long track record of providing resources to businesses that are generally overlooked by traditional lenders. When the coronavirus pandemic hit in 2020, Google had announced a $200 million investment fund as part of its more than $800 million commitment to support small businesses. In a statement, Google said it has had a special relationship with small businesses around the world – helping them scale, innovate and reach new customers. “With today’s announcement, we’re proud to help them meet a new challenge — accessing capital needed to recover and build resiliency for the future,” the tech giant said.

In July 2020, Sundar Pichai, the CEO of Google, had announced a ‘Google for India’ digitisation fund through which, the company will invest Rs 75,000 crore or approximately $10 billion over the next five to seven years to help India go digital. During the ‘Google for India’ virtual conference, Pichai had said, “We will do this through a mix of equity investment, partnerships, and an operational infrastructure ecosystem in India. This is a reflection of our confidence in the future of India and its digital economy”.

 

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Motivational

10 Inspiring Steve Jobs Quotes that will Dramatically Shift your Mindset!

steve jobs

Stay Hungry, Stay Foolish- Steve Jobs

A perfectionist, a visionary, an inventor, and perhaps a genius; everyone knows Steve Jobs. If not all about him, at least they know of his existence. Or, about the innovative range of products he created and changed the world of technology.

Steve Paul Jobs was the co-founder and the former chairman and CEO of Apple- a world leader in its sector. Long before he died in 2011, Jobs became a household name. Known for his charisma and strong leadership qualities, perhaps even he never imagined the global impact he had made by being a powerful entrepreneur in the world of computers.

So whether you find him polarizing or like a saint, Apple`s late co-founder, Steve Jobs was certainly an inspiration for the young entrepreneurs. With his passion and creativity combined, he touched many lives.

His legacy still lives on through his company- Apple Inc. However, his powerful presence can be felt all around the world through his motivational thoughts and revolutionary ideas.

Here are 10 Steve Jobs quotes that will inspire you to follow your dreams, despite the thousands of setbacks:

  1. “The people who are crazy enough to think they can change the world are the ones who do.”
  2. “Remembering that you are going to die is the best way I know to avoid the trap of thinking you have something to lose. You are already naked. There is no reason not to follow your heart.”
  3. “Getting fired from Apple was the best thing that could have ever happened to me. The heaviness of being successful was replaced by the lightness of being a beginner again. It freed me to enter one of the most creative periods of my life.”
  4. “It’s really hard to design products by focus groups. A lot of times, people don’t know what they want until you show it to them.”
  5. “I’m as proud of many of the things we haven’t done as the things we have done. Innovation is saying no to a thousand things.”
  6. “Quality is more important than quantity. One home run is much better than two doubles.”
  7. “Be a yardstick of quality. Some people aren’t used to an environment where excellence is expected.”
  8. “Sometimes when you innovate, you make mistakes. It is best to admit quickly and move on with improving your other innovations.”
  9. “That’s been one of my mantras—focus and simplicity. Simple can be harder than complex; you have to work hard to get your thinking clean to make it simple.”
  10. “I’m convinced that about half of what separates successful entrepreneurs from the non-successful ones is pure perseverance.”

You live only once, make it count! You too can fulfill your entrepreneurial dreams with our Everything about Entrepreneurship course and do what you truly love. Click here to know more: https://www.badabusiness.com/?ref_code=ArticlesLeads