Tag: Tips for Entrepreneurs

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Process & Business Expansion

3 Effective Tips For Entrepreneurs To Overcome Burnout

3 Effective Tips For Entrepreneurs To Overcome Burnout
3 Effective Tips For Entrepreneurs To Overcome Burnout

Summary: Whether you are passionate about the thing you are doing or not, there comes a moment when we all experience burnout.

Finding something that you love doing and are passionate about and turning it into a full-time career is not an easy task. Even if you end up choosing one and choose to spend your entire life pursuing it, it does not mean you will never experience burnout. Once the excitement and newness of the job paves way for the monotony and pressure to get the job done and achieve your targets, burnout begins to appear.

Burnout in careers is a real issue, especially in this world where the competition is rough and our society keeps pushing people on the go with minimal rest. Due to the constant frenzy of completing tasks, many people are feeling the effects of long-term burnout.

Dr. Vivek Bindra, founder, and CEO of Bada Business Pvt Ltd is also a world-renowned business coach and guides more than 500 corporates in India to keep their employees motivated by achieving work-life balance.

Here are three powerful tips that might appear simple on the surface, but are super-effective if practiced daily:

1. Money is Not the Master Key for Every Door

People today often are a part of a rat race because they have lost their sense of individuality. Their goals are influenced by others and they want to achieve what their peers are trying to achieve, which is more often than not- MONEY! However, contrary to what our society wants to make us believe, money doesn’t resolve all the issues in our lives. No doubt that it makes life more comfortable, but there is more to life than what we buy and own.

In a bid to make a certain amount of money to give your family a comfortable life, you may be sacrificing your time with them. Now, there is nothing wrong with wanting to work hard, but being an entrepreneur one must know that something is going to slip through the cracks, and sacrifices have to be made. The good news is that there are ways to be able to do both.

2. Create Boundaries

The doors of opportunities are not easy to find in our fast-paced society. For entrepreneurs who are on a constant lookout for opportunities to scale their business or people who want to climb corporate ladders in less time, it may be hard to say “no.” Hence, boundaries are necessary to achieve balance. If there is stress in your life, then you have created stress and not the business. If you have stress in your relationship, it is because of a lack of boundaries.

Life is more enjoyable when you learn to say “no” to the things that don’t excite you or help you achieve your innermost goals. You can also work with a business motivational speaker to learn how to create boundaries and focus on the things that matter the most.

3. Give Equal Importance to your Relationships

Many people start their journeys to make money and create wealth so that their families can lead comfortable lives. In their pursuit, they sacrifice their precious time with their family. Hence, while it is good to work hard towards achieving your goals in life, one should not take their family and friends for granted. Relationships are not binding chains. They are like rocket fuel. And to lead a balanced lifestyle, leaning on one another can help us grow.

These three tips might look simple, but definitely will leave a positive impact on your mental and physical well-being. So follow these tips and Dr. Vivek Bindra, who is the best motivational speaker in India.

The idea of managing a business is easier said than done and we completely agree with you. This is why to help you move forward with your business goals, we at Bada Business offer an exclusive Business Coaching Program that comes with Foundation courses, specialized courses, and value-added courses. To know more about our course, visit: www.badabusiness.com

Categories
Process & Business Expansion

5 Amazing Tips For Entrepreneurs To Be More Productive!

5 Amazing Tips For Entrepreneurs To Be More Productive!
5 Amazing Tips For Entrepreneurs To Be More Productive!

Productivity is crucial for the success of any business! And from entrepreneurs to wantrepreneurs, solopreneurs to business owners, productivity is of utmost importance.

There are multiple times when people are busier than productive. And, it is essential to understand the difference between the two. And, if you are not making constant efforts to improve your productivity, it’s only a matter of time before all your business goals and aims will come crashing down. A great business mentor too can help you increase your productivity.

You can complete all your major tasks in less time if you maximize your efforts and minimize distractions. Here are 5 brilliant tips that will improve your productivity rapidly, as a busy entrepreneur:

1. Be More Accountable

Public accountability is something that can truly motivate us. Make a to-do list and set short-term goals, even if it means finishing your pending tasks for the day/week. Share your tasks and goals with a coworker, friend, or with your team. Working with a business coach will also help you to improve. Knowing that you will have to report back and be answerable for not meeting these goals will keep you motivated to perform better to see them through.

2. Find Out When You Are More Productive

Do you struggle with focusing on prioritizing tasks? Do you often fail to manage your time? If you found yourself nodding your head while reading the above two questions, then Time Block could be the solution.

A time block is nothing but small parts of your scheduled time throughout your day. You can decide the tasks you would like to complete according to their priority. Focus on a single task and ignore everything else. Focusing on a single task at a given point in time helps you to concentrate and perform better. It also ensures that you tick off all the important tasks for the day.

3. Eliminate Distractions

Easier said than done, we know, but try to reduce unnecessary distractions throughout the day that we perform unconsciously. You can also write ‘Day in your life off, which is a wonderful way to take note of where you are spending your maximum time.

All you have to do is write about your assigned task and your daily routine which you follow. This will give you an idea of where your maximum amount of time is getting spent. For instance, you can reduce social media browsing, or spend too much time on your phone.

4. Focus On One Task

We know that in today’s busy world, most people will suggest you handle multiple tasks in one go. However, what most people forget to mention is that it reduces efficiency & productivity. When you are being pulled in hundred different directions daily, it is really hard to give your best and deliver quality results. Jobs are often left open and incomplete, or they are full of human errors due to simple oversight.

This is why staying focused on one task until its completion ensures that it has 100% concentration and is done to the fullest potential.

5. Take As Many Tasks As You Can Handle

When you segregate your daily tasks and schedules, it is time to prioritize them wholeheartedly. Allocate your time to the most worthwhile tasks, which will help you to achieve your goals. This also means saying ‘No’ to new projects, new assignments, new clients, and new responsibilities.

Saying NO to non-essential tasks will help you to finalize the list and helps you to stay adhered to your to-do list.

Staying busy and occupied all the time can stifle your mind and block your creative juices from flowing.  Take time to distress your mind regularly as it will impact your effectiveness. And your mind and business will thank you.

Want to know how to deal with business challenges that come unannounced? The idea of managing a business is easier said than done and we completely agree with you. This is why to help you move forward with your business goals, we at Bada Business offer an exclusive Business Coaching Program that comes with Foundation courses, specialized courses, and value-added courses. To know more, visit: www.badabusiness.com

Categories
Strategy

6 Smart Tips For Entrepreneurs To Build Strong Relationships With Investors!

6 Smart Tips For Entrepreneurs To Build Strong Relationships With Investors!
6 Smart Tips For Entrepreneurs To Build Strong Relationships With Investors!

Summary: When adequate funds are the only thing that is stopping your startup from becoming successful, you might want to think about establishing good relationships with your investors.

Entrepreneurs put in their immense effort and hard work in pitching their business idea to angel investors to bring them on board because the key to success for most startups is having funds for the growth of their business.

However, a deal is never done when it comes to dealing with investors. If you have wooed your investors once, it does not mean you won’t need them again in the future. Investors with their lots of experience can offer incredible insight and resources that can get your startup business on the right track.

According to experts, nearly one-third of the startups shut down because of a lack of planning about the proper usage of their funds. This leads to investors losing interest and credibility in their business venture at the very early stage. Many entrepreneurs often hire a business coach to help them navigate the rough waters of the business world.

Managing investor relations can make a huge difference to your business. As an entrepreneur, it is your responsibility to strengthen ties with investors to position your current business for success. While a strong relationship can help the startup to grow rapidly, one wrong move can end the game for you.

Therefore, it is highly essential for you to maintain a working, productive, and winning relationship with your investors, even if they are not friendly.

Here are six pointers that will help you to build a strong and cordial relationship with your angel investors:

1.  Don’t Choose Investors Solely for Financial Purpose

Investors can provide not just funds, but also their valuable guidance and experience to accelerate your business. Acknowledge the relationships and expertise investors will bring to your business by giving them a voice. Listen to their underlying apprehensions and concerns. Encourage open conversation and clear dialogue so that you can learn more about their risk-taking appetite. You can consult with a business coach as well to understand how you can maintain dynamics with your investors.

2. Set Clear Expectations in the Beginning

An entrepreneur and investors need to be on the same page as nobody likes surprises in the business. Thus, it is vital to set the goals, nature of the relationship, degree of control, vision, the scale of growth, and exit strategy that is acceptable to both parties.

3. Be Authentic & Respectful

Investing in any firm is not a matter of a “fund it and forget it” scenario for any investor. In fact, they would like to stay updated with the latest ongoing in your organization. And when you are looking to strengthen your relationship with investors, it should be rooted in authenticity and respect. As entrepreneurs are coming into the market with their ideas, they should also respect their investors` opinions, suggestions, and feedback.

Despite the disagreements, they must behave respectfully towards each other. Discussions should happen openly to arrive at a mutually acceptable solution.

To gain investors’ trust, startups must engage with them regularly, instead of treating them as an obstruction that needs to be dealt with.

4. Share Challenges & Achievements With Investors

Every investor wants to stay updated about the current progress of the venture he has invested in. Hence, update your investors regularly with the latest figures, and charts prepared by the startup team weekly or monthly, if not daily.

Also, be transparent with your investors. Even when there are failures or mistakes, be forthright with your angel investors. Keeping your communication channel open with your investors helps you build a positive image of the startup.

5. Pay Respectful Towards your Investor`s Input

Investors can guide your startup business with their expertise and insights gained from years of experience in the market. You don’t have to agree or incorporate every suggestion, but paying heed and valuing them will give your investors a sense of involvement and validation.

6. Address their Concerns

Investors might have concerns about your plans, strategies, or any other aspect of the business. You should make a conscious effort to address those concerns through open discussion, dialogue, and reasoning.

As founders seeking capital quickly learn, finding the right investor is often all about who you know.

If you are facing the biggest challenges from your investors, we can provide you with amazing solutions with our business coaching program. You can learn from the top industry experts how to take your business ahead in the market. Kick start your entrepreneurial journey by clicking here: www.badabusiness.com

Categories
Motivation & Mind Control

5 Effective Tips For Entrepreneurs To Handle Stress

5 Effective Tips For Entrepreneurs To Handle Stress
5 Effective Tips For Entrepreneurs To Handle Stress

Summary: Chronic stress, as much as we don’t want it, has become an integral part of our modern-day lifestyle.

In today’s era, stress has become an unwanted part of our lives. From students to entrepreneurs, employees to employers, job seekers to housewives, everyone seems to be stressed out these days. Where stress can act as a catalyst and compel us to perform our best, most of the time it harms our physical and mental health.

There are many leaders and business owners who wear burnout, working weekdays, and overworked minds as a badge of honor. This is the reason why most employees today don’t feel in control; rather, they feel beholden to the demands of their employer.  Many successful motivational speakers advocate for work-life balance but seldom do they follow it on their own.

Many entrepreneurs worry about their business especially when it is going through tough times. And because business owners must ensure that both their employees and the organization overall are well taken care of, they worry about whether they’ll have enough left over at the end of the month to cover payroll and operating expenses.

While some financial stress is inevitable, it doesn’t have to be an all-encompassing, omnipresent concern. Here are 5 effective ways in which entrepreneurs can better cope with stress and enjoy their business journey:

1. Utilize the Power of Now

Stress is multidimensional. Staying present and incorporating the power of now is the only way to bypass any stress, especially stress related to finance. Only focus on the present and stop worrying about the future. Tell yourself “anything is possible.” Look around and you will find ideas, suggestions, and solutions to any challenge that you are facing. You can also take help from a business coach if you are seeking professional guidance.

2. Empower Your Teams

Many believe that being an entrepreneur means bearing the brunt all alone. However, you don’t have to bear the responsibility of ensuring the smooth operations of your business all alone. You can empower your team so that they can contribute to achieving your organizational goal. One way this can be done is by showing them how their jobs directly affect the bottom line. This will make them more efficient, effective, and creative, which will increase revenue and ensure the employees and your business is well taken care of.

3. Collaborate with Business Mentors

A lot of times help from professionals can add valuable insights to the potential stresses ahead. There is safety in the counsel of business mentors. Along with providing roadmaps to avoid various business challenges, a mentor can also be a pillar of excellence.

4. Keep a Tab On Financial Statement

One of the major concerns for every entrepreneur is their financial statement. Reduce financial stress by knowing your numbers. Some key numbers include monthly and annual profit and loss, balance sheet, monthly cost to operate, annual forecast, accounts payable, accounts receivable, number of proposals, number of clients, win rate on proposals, and customer acquisition costs.

5. Have an Adequate Safety Net

Always ensure you have adequate safety in terms of savings as it can go a long way in handling financial stress. We all understand the drive to put your money to work, but the ease of mind a safety net can bring often outweighs the value investing that money could bring. By lowering your financial stress levels, you’ll start working more effectively and making long-term plans.

As entrepreneurs, it’s easy to fall into the trap of treating every day financial issues like existential ones. That’s why you can use mindfulness exercises and meditation to see problems from the outside. Do not forget to exercise regularly to regulate your body’s response to stress.

The idea of managing a business is easier said than done and we completely agree with you. This is why to help you move forward with your business goals, we at Bada Business offer an exclusive Business Coaching Program that comes with Foundation courses, specialized courses, and value-added courses.

To know more about this program, visit: www.badabusiness.com

Categories
Business motivation

5 Simple Self-Care Tips For Entrepreneurs To Boost Productivity

5 Simple Self-Care Tips For Entrepreneurs To Boost Productivity
5 Simple Self-Care Tips For Entrepreneurs To Boost Productivity

Summary: Improving your habits can significantly increase your chances of success. It’s time to take a radical approach towards self-care.

Being an entrepreneur can be exciting, financially advantageous, passion-driven and personally fulfilling. It can also be exhausting, stressful and emotionally taxing as each day comes with various business challenges to navigate. In the absence of a business coach and a solid self-care plan, an entrepreneur’s vision can become skewed, making their goals harder to reach.

Entrepreneurs grapple with loads of stress than most people and can quickly get overwhelmed. They often prioritize burning the candle at both ends over caring for themselves. Hence, this often results in burnout and reduced productivity in the long run.

If you are an entrepreneur, solopreneur or even someone who is experiencing burnout lately, here are some great self-care habits to develop that will boost your efficiency and productivity:

1. Nourish Your Body

Entrepreneurs often tend to stay up late to make their dreams a reality. This could easily lead to overwork and overeating. To run a business successfully, one needs energy and stamina. To build that energy and stamina you need to start fuelling your body with nutritious food, rest and exercise. Hence, focusing on a balanced diet will make all the difference. Along with eating a nutritious diet, hydrating yourself is also important. So don’t forget to keep a jug at your desk!

2. Take Adequate Sleep

As we mentioned, entrepreneurs are famous for trading sleep with idea creation and business building. However, an average adult should get 7 hours of sleep every night and make it a common goal. Having a consistent bedtime and a sleep schedule will ultimately boost productivity, allow for more spaciousness in mind for creativity and benefit overall health.

The mentality of checking “just one more email” or “hustle-mode” can often mean that your rest is compromised. Once you develop a regular sleep cycle, you also know how much sleep you need. Resting isn’t at all difficult — it’s giving ourselves the permission to rest that is difficult. So, ensure that you get an adequate amount of sleep.

3. Set Boundaries at Work

We all have heard about boundaries. But very few understand the concept of establishing them at a workplace. When building your business, it is very easy to be tempted to take calls, reply to one more email, and be consistently available at all hours of the day. However, this can mean interrupted sleep patterns, fatigue and poor choices in nutrition. Communicating your set working hours to clients and the time during which you are “available for calls” is an essential cornerstone for your success.

4. Take Regular Breaks

Staying glued to the screens of your laptop can reduce your productivity and efficiency. Hence, taking regular breaks between handling your projects and the clients is essential. Even if you have to force yourself away from your work, make it a priority to take small breaks, when possible, even if it’s just to sit outside and enjoy a nice day.

5. Learn the ‘Art-of-Delegation’

Saying ‘NO’ and knowing what work is better delegated is an integral part of self-care. We often have set parameters and expectations of how a certain thing should be. But the more you allow yourself to be open to results instead of the process, the more you bring to the table.

Self-care is a subjective term. It does not have a fixed definition. It is rather a very vast term that keeps on evolving constantly. For some it might be taking a spa treatment, while for someone it could be reading a book or taking a nature walk.

However, in a broader spectrum self-care can include any action that helps a person refocus, rest and recharge. Activities such as yoga, meditation, athletics, artistic pursuits and even time out with friends could be included under the self-care banner. Building and scaling a business is a formidable challenge. Those well-rested, well-nourished and focused on the importance of wellness are well suited to face the challenges head-on.

The idea of managing a business is easier said than done and we completely agree with you. This is why to help you move forward with your business goals, we at Bada Business offer an exclusive Business Coaching Program that comes with Foundation courses, specialized courses, and value-added courses.

To know more, visit: https://www.badabusiness.com/BCP-Event/?pp_code=BHBB000078&ref_code=SM

Categories
Startup

Startup Ecosystem in India To Get Major Boost As IIT-Kanpur and IIM-Lucknow Sign MoU To Empower Future Innovators of the Country

Startup (Representational Image Only, Photo Credits: NeedPix.com)

New Delhi, February 1: In a bid to give an impetus to innovation in the startup ecosystem in the country, the IIT Kanpur Research and Technology Park and IIM Lucknow-Enterprise Incubation Centre (IIML-EIC) have signed a memorandum of understanding (MoU). The pact between the two world-class premier institutes would boost the entrepreneurial ecosystem and empower future innovators of the country. The two teams met over a zoom call for signing the MoU.

Abhay Karandikar, Director, IIT Kanpur and Chairman Board of Technopark, said that the association between the two top institutes will not only foster close linkages between academia and industry but will also open new avenues for resource sharing. The official further added that IIM Lucknow Incubator and Technopark are a part of academic powerhouses and bring unique values to the innovation ecosystem. We are delighted to partner with the IIM Lucknow Incubator to blend these strengths and leverage synergies. “We believe that this partnership has the real potential to make a deep and tangible impact on not only Uttar Pradesh but also the country at large,” he added.

Anadi Pande of IIM-Lucknow said that as an emerging economy, one needs to fill in the institutional voids that have long existed to create something on the lines of the Silicon Valley and incubation and innovation is the only way out. “At IIM-Lucknow, we are deep into artificial intelligence and have many technology start-ups incubated with us. This MoU will facilitate a collaborative exchange of ideas and knowledge between our start-ups and IIT-Kanpur and Technopark companies and our faculty,” he added.

India is witnessing an unprecedented boom in the innovation start-up ecosystem of the country. The association between IIT-Kanpur and IIM-Lucknow may serve as a benchmark for other IITs and IIMs to follow. In the current scenario the motto of “self-reliance” and ‘Make in India’ and start-up holds more prominence than ever before.

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Startup

Planning to Start Your Own Business in 2021? Follow These 5 Rules For a Successful Start-Up

Tips to follow for successful start-ups| Representational Image (Photo Credits: Pixabay)
Tips to follow for successful start-ups| Representational Image (Photo Credits: Pixabay)

The Indian start-up ecosystem is blooming, with more and more individuals giving up their regular jobs and taking the path of entrepreneurship. As per the Economic Survey for 2019-2020, India now ranks in the number of new firms created annually. Quoting the data from the World Bank, the survey concluded that number of new firms in the formal sector has grown by a significant 12.2 per cent between 2014 and 2018, compared to a meagre growth of 3.8 per cent from 2006-2014.

From idea generation to implementation, starting a business takes a lot of efforts, dedication and perseverance. A start-up founder should be extremely careful while making entry level decisions as the initial success of the business depends upon them. Having a business of your own does look like a Herculean task, but with proper research and guidance, starting, surviving and being successful in the business is not impossible. Being a Solopreneur: 5 Business Tools to Grow your Business.

Here are Five Golden Rules Every Entrepreneur should follow to Make the Start-Up a Success: 

Undertake Market Research and Analysis

The first and foremost rule of any business is to properly research the market. This includes analysing the market demand, competition, price range, and channels of distribution among others. Understanding customers’ taste and preferences is also an essential pre-requisite of launching a product or service. Analysing the market trends and patterns help the entrepreneur to make informed decision and deal wisely with external environment challenges. 7 Powerful Marketing Ideas to Boost your Business in 2021.

Ensure Constant Funding

A start-up needs steady and committed sources of funding to establish itself in the market. Many start-ups shut down in the initial years owing to lack of finance. Before jumping into the market, the entrepreneur should ensure that the business has adequate source of funds and have an access to a regular stream of finance. Various private and public sector banks, venture capitalists, angle investors, government grants are among secured source of finance for start-ups.

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Devise Comprehensive Marketing Strategy

For a business to establish itself in the market, it needs to be visible to its potential customer. Marketing and advertising helps the start-ups to increase its reach. Entrepreneurs should carefully choose their marketing plan and advertisement campaigns. Ads should convey real vision of the business and create a positive image in the minds of the people. Efficient marketing policy also helps in generation the ‘want’ for the product among the potential customers, thereby increasing sales and profits.

Know Your Customers

It has been rightly said and preached for generations that ‘Customer is the King.’ Every entrepreneur need to believe and follow the same. Knowing the customers in extremely important as their attitude, preference and tastes effect the business’s offering. Start-ups should avoid indulging any activity that might upset the customers. Businesses should understand the overall society as well, the cultural and social environment also effects the functioning of the start-ups.

Comply With Legal Requirements

In order to undertake various operational and production activities without any hindrances, businesses should make sure that they comply all the legal requirements. There are various legislations that govern any business, to avoid any penalties or fine, entrepreneurs should make sure that all laws are abided by. These include laws related to incorporation, labour, product, customer safety among others.

Apart from these, entrepreneurs should also focus on sticking to the budget, garnering knowledge about the various aspects of business. Start-ups also need a strong and dedicated team of employees to achieve its goal. Starting a business is indeed a big and courageous step which requires perseverance and dedication. However, with proper knowledge and hard work establishing and succeeding in business world is not impossible.

Categories
Finance

5 Tips for Young Entrepreneurs for Efficient Management of Funds

Tips for managing finance| Representational Image (Photo Credits: Pixabay)
Finance

Finance is the life line of any business. To start, sustain and succeed any organisation proper management of funds is important. For start-ups to establish themselves in the market and survive the stiff competitive environment, regular and steady stream of funds is a pre-requisite. The businesses need money to enter the market, undertake day to day operational activities, production, expand its activities, research and development activities. Several start-ups fail during the initial years of its establishment owing to the shortage of funds or irregularity of cash flows. 3 profit-making small businesses you can start under Rs 20,000.

Proper management of funds is important for long term survival of the business. Overfunding and underfunding are both harmful of the working on the enterprise. Lack of funds leads to interruption of business activities that leads to huge losses to the firm, while the excessive of funds leads to opportunity cost. So proper management of funds is crucial for success of the business. Here are few tips Young Entrepreneurs can follow to manage their finances –

Separate Your Personal and Professional Finances

The first and most important step of managing the funds is to keep the personal and professional money separate. Following the separate entity accounting principle, the entrepreneur should maintain separate accounts for the firm in its name and should not use funds received for the start-up for her personal expenditure. This will be helpful while calculating taxes and filing return as well.

Set-Up an Emergency Fund

The business environment is full of risks and uncertainties. There are continuous macro and micro environment threats that a start-up has to face. In order to cope up with the dynamic and ever changing ecosystem, an entrepreneur should make sure to establish an emergency fund or a reserve to meet such unexpected changes. Even if the business is earning huge profits, it is always advisable to keep aside some portion of money for contingencies.

Look for Diversified Sources of Funding

Though it is also easier to manage the equity funds, but the entrepreneur should not over look debt funding as well. Borrowed funds force the owner to make informed decision and wise investment choices. The capital structure of the enterprise should be a perfect mix of both owned and borrowed capital. Various capital structure theories have proved that a leveraged capital structure leads to higher valuation of the firm. 3 Futuristic Business Ideas for 2021 and Beyond!

Monitor the Expense

Another crucial aspect of managing the funds is to keep a tab on the expenditure. Though a firm has to undertake several expenditure in the initial stages of its life, an entrepreneur needs to make sure that no unnecessary expenditure is incurred. The focus should be on cost cutting and wastage reduction. Follow the principle of money saved is money earned.

Seek Professional Help

Not everyone understands the complexities of managing the finances. There are several financial analyst and advisors who will be able to provide a better guidance on the matters related to money and investment. They also help in ensuring regular and interrupted cash flows. An entrepreneur should not hesitate in seeking external professional help during the initial years of the business.

Finance is important to meet various capital requirements of the business at its different stages. Hence, an entrepreneur should follow ensure proper and efficient management of the funds to long term survival in the business environment.