Chinese, Russian visitor surge push Dubai toward 20 million target

The number of Chinese and Russian visitors to Dubai surged in the first three months of the year, boosted by the United Arab Emirates’ recent decision to grant visas on arrival to citizens of the two countries.

Overnight Chinese visitors jumped 64 percent to 230,000 in the three months to March 31, making it Dubai’s fourth largest source market during the period, Dubai’s tourism department said on Monday. Overnight Russian visitors rose by 106 percent to 126,000.

“We knew that there is huge potential there for us to capitalize on,” Dubai Tourism Chief Executive Issam Abdul Rahim Kazim told Reuters in an interview ahead of the release of the Q1 numbers.

Tourism is a key sector for the glitzy Middle East citystate which has spent billions of dollars trying to attract visitors with sites like the world’s tallest tower.A general view of Atlantis resort is seen in Dubai January 19, 2013. REUTERS/Mohammed Omar

The overall number of overnight foreign visitors increased by 11 percent to 4.57 million in the quarter compared to the same period a year ago with India and Saudi Arabia holding as the first and second largest source markets, respectively.

“We’ve been focusing a lot on family tourism being our priority,” Kazim said.

Last September, the UAE announced it was granting visas on arrival to holders of Chinese passports and the same policy was introduced for Russians in January.

The increasing number of Chinese and Russian visitors is likely to be welcomed in Dubai where growth slowed last year due to low oil prices and sluggish global trade.

China is the world’s largest outbound tourism market with Chinese travelers spending $261 billion in 2016, according to the United Nations World Tourism Organisation (UNWTO).

Russia used to be a major source market for Dubai until its economy slipped into a recession in 2015 under pressure from sanctions and low oil prices.

State-owned budget carrier flydubai is planning to add flights to Russia after the number of Russian passengers traveling to Dubai increased in the first quarter.

“It’s a huge market for Dubai,” flydubai chief executive Ghaith Al Ghatih told Reuters on Monday.

However, Dubai is set to lose some direct flights to the United States, a top 10 source market, following Emirates’ decision this month to cancel some services from May.

Kazim said the tourism department would have to increase efforts in other markets to “compensate if there is any drop from the U.S.”

Along with China and Russia, Dubai is targeting South Korea, Nordic countries, Eastern Europe, and the former Soviet states as growth source markets.

 

Uber’s Revenue Hits $6.5 Billion in 2016, Still Has Large Loss

 

Ride-hailing service Uber Technologies Inc generated $6.5 billion (roughly Rs. 41,914 crores) in revenue last year and its gross bookings doubled to $20 billion (roughly Rs. 1,28,964 crores), the company said on Friday.

Its adjusted net loss was $2.8 billion (roughly Rs. 18,054 crores), excluding the operation in China it sold last year, Uber said.

As a private company, now worth $68 billion (roughly Rs. 4,38,477 crores), Uber does not report its financial results publicly. It confirmed the figures in an emailed statement after Bloomberg reported the results.Uber's Revenue Hits $6.5 Billion in 2016, Still Has Large Loss

Uber did not provide first quarter figures, but a spokeswoman said they “seem to be in line with expectations.”

For the final quarter of 2016, gross bookings increased 28 percent from the previous quarter, to $6.9 billion. But Uber’s losses grew to $991 million in the period, as revenues grew 74 percent to $2.9 billion from the third quarter.
In a separate emailed statement, Rachel Holt, Uber’s regional general manager for the United States and Canada, said: “We’re fortunate to have a healthy and growing business, giving us the room to make the changes we know are needed on management and accountability, our culture and organization, and our relationship with drivers.”

Uber has been rocked by a number of setbacks lately, including detailed accusations of sexual harassment from a former female employee and a video showing Chief Executive Travis Kalanick harshly berating an Uber driver.

The company is in the process of hiring a chief operating officer to help Kalanick manage it, repair its tarnished image and improve its culture.

Two of Uber’s high-level executives recently said they intended to leave, and last week the company’s communications head announced her departure.

 

Why Small Business Owners Must Understand Financial Statements

 

As a small business coach, many times I will start the initial conversation with a new client by asking the business owner: What are the financial statements? I have gotten such perplexing answers as: A bunch of numbers on a piece of paper? A tax return? A bank statement? Does it have to do with a balance sheet? Are there revenues involved or is that even on a balance sheet? Does it involve revenues or gross profits?

From years of working with small business owners, it is very apparent that most small business owners don’t utilize their financial statements to manage their business. As a result, they usually can’t read or understand their financial statements. My business partner, Jack Mencini and I have seen grown, husky men cry when we ask them to tell us what they see on their financial statements and tell us what the numbers mean. Unfortunately, the great majority of these business owners give us that look like the deer in headlights because they have no clue how to present what is detailed on their business’s financial statements. No one’s ever taken the time to teach them. Most small business CPAs are missing out on the opportunity to teach their clients the numbers by having their clients present the numbers.

Many small practice CPAs feel that they usually do a good job explaining the aspects of the financial statements when they present the client’s tax returns or quarterly financial statements. As a business coach and having tenure in the financial profession, I know that most small business owners don’t know how to read the financial statements. The short summary from their CPA at tax time really doesn’t give them all the knowledge they need for understanding and planning for their business throughout the year. Most business owners know they should know these numbers, and after being in business for several years, most people assume the business owner knows the numbers. Many are too embarrassed to admit they don’t understand their numbers, which is why we have all of our new clients present their financials to us during our first meeting. You can’t fake your way through a presentation.

With solid understanding of the financial statements, a small business owner will know, and more importantly, understand on how to take action. Knowing what the numbers represent and what they are telling you, allows you, as a business owner, to succeed on purpose. We tell our business coaching clients that our definition of business success means to achieve growing and sustainable profits. Without sustained profits, you’ll eventually run out of cash and be out of business.

As a business coach for over 15 years, I am often initially seen as a nuisance to my client’s CPA or financial advisor. This is due to the fact that the small business owner will have to get answers to many questions they don’t have answers to. In turn, the small business owner will turn to their CPA or financial person and that individual says: “Well, why do you want to know that?” The answer to give the CPA is that you are working with a coach who says I should know the answers. It’s key to break down the poor communication that often exists between CPAs and business owners. Typically the CPA thinks communication is great, but the owner is typically frustrated. Believe me, it’s rare that a client of ours raves about their CPA.Why You Need to Understand Financial Statements

Why You Need to Understand Financial Statements

A big reason why understanding the financials is so important is that it allows you, as the owner, to do one of the most important things for your business, which is to create a profit plan for your business. You may have heard it called a budget, but budgets often miss a key component, which is the sales forecast and not just expenses. The profit plan is impossible to pull together if you don’t understand financial statements.

So the first step for you, as a business owner, is to figure out what all the numbers on your profit and loss and balance sheet mean. Once you understand them, the process of projecting out those numbers for the next year isn’t so daunting. In fact, it becomes tremendously empowering. Picture having a road map for the next year for how your business is going to make money over the next 12 months. That is usually hard to imagine for most business owners.

Most owners have an idea of how much money they’d like to make this year, but a recent discussion I had with a business owners shows how a gap often exists between what the owner would like and how to get there. I asked him what his goal was for the year. His response was, “My goal is to have a $100K in profit, because I did that last year, but when I went to the bank, the money wasn’t there. For this year, I would like to end the year and see $100K in my bank account.”

After a few more questions, I helped him understand where all the money went in the prior year. Paying down debts. Stocking up inventory. Paying taxes. Late paying clients, which resulted in Accounts Receivables piling up. So for him to be able to have $100K left in the bank at the end of next year, he would likely need to have profit of about $250,000. I wish you could have seen the smile on his face. He had been wrestling with this question for a while and now he finally had an answer!

If you put a good plan together, it is surprising and exciting to achieve the plan and be focused. By understanding the financial statements, as a small business owner, you will begin to take management action to make things happen.

Running a company successfully is not nearly as hard as some people make it out to be. Understanding your numbers is a key first step to simplifying that process.

You don’t need to become an accountant or CPA to read a financial statement, but you need to know and keep tabs on the numbers to run your company and achieve your profit plan.

Those small business owners who have reached out to coaches to help them understand financial statements take on a new demeanor that is a mix of being calm and excited. It boils down to the confidence they have in their plan and running their business. At the point of knowing that they fully understand their business, the realization surfaces that they can steer their business in the direction for sustainability, success and profits. That is powerful!

 

SoftBank to Buy Robotics Firms Boston Dynamics, Schaft From Alphabet

 

HIGHLIGHTS
SoftBank will buy Boston Dynamics and Schaft from Alphabet
It did not disclose the terms of the transactions
Boston Dynamics was acquired by Google in 2013
Japan’s SoftBank Group Corp said on Friday that a unit of the company will buy two firms that build walking robots from Alphabet Inc, which would add to the group’s growing artificial intelligence portfolio.

The Japanese company will buy Boston Dynamics and Tokyo-based Schaft, which design and manufacture robots that simulate human movement. It did not disclose the terms of the transactions.

SoftBank’s shares rose as much as 7.9 percent after the deal was announced, hitting a 17-year high.

“Smart robotics are going to be a key driver of the next stage of the information revolution, and Marc (Raibert) and his team at Boston Dynamics are the clear technology leaders in advanced dynamic robots,” SoftBank Group Chairman Masayoshi Son said in a statement. Raibert is CEO and founder of Boston Dynamics.

SoftBank has embarked on an aggressive acquisition campaign to boost its research and development capabilities. The group is backing the $93 billion (roughly Rs. 5,97,269 crores) Vision Fund, the world’s largest private equity fund, which seeks to invest in technologies expected to grow significantly in the near future, such as robotics and artificial intelligence.SoftBank to Buy Robotics Firms Boston Dynamics, Schaft From Alphabet

Son, Japan’s richest man, describes the fund as essential for setting up SoftBank for a data “gold rush” which he expects to happen as the global economy becomes increasingly digitised.

Schaft, a University of Tokyo spinoff, develops bipedal robots designed to negotiate uneven terrain.
“Robotics as a field has great potential, and we’re happy to see Boston Dynamics and Schaft join the SoftBank team to continue contributing to the next generation of robotics,” an Alphabet spokesperson said.

Boston Dynamics has produced a number of robots that mimic human and animal movement including Atlas, a humanoid model that co-ordinates motion and balance using its arms and legs and can pick itself up off the ground when knocked over.

It is best known for building robots that look as if they belong in science-fiction movies and are often co-developed or funded by the US military. Its military projects would mean the acquisition is likely to be subject to regulatory approval from Committee on Foreign Investment in the United States.

The company was acquired by Google in 2013 during a robotics shopping spree led by Android creator Andy Rubin, but the team struggled to find its place within the tech giant after Rubin’s departure, former Boston Dynamics employees said.

“They’re advancing the state of the art in independent robotics. They are probably the leader in the US,” said Arnis Mangolds, a robotics expert who has worked with Boston Dynamics.

“But the problem is it’s not ready for prime time, and very few people have a tolerance for that.”

© Thomson Reuters 2017

For the latest tech news and reviews, follow Gadgets 360 on Twitter, Facebook, and subscribe to our YouTube channel.
Tags: SoftBank, Alphabet, Artificial Intelligence, AI, Boston Dynamics, Shaft, Science, Telecom, Google

 

Six Indian cities among top 10 emerging investment destinations in Asia Pacific region

 

Six Indian cities, including Hyderabad, Bengaluru, Mumbai, Pune, Chennai and New Delhi are among the top 10 markets targeted by investors in Asia Pacific region. Most of the global investments for this year will be made in commercial office assets in these markets, says a report titled ‘Betting on Asia Pacific’s Next Core Cities’ by international consultant Cushman & Wakefield.

Limited investment opportunities due to a shortage of investment-grade assets in the safe haven core markets of Asia Pacific have prompted investors to turn their attention to secondary and tertiary markets and even to non-core property types, it said.

In its latest research report, the company has used a proprietary tool – Strategic Location Indicator – and selected the next core and emerging markets in the Asia Pacific region that will offer investors the opportunity to tap into their long-term growth fundamentals, which will become increasingly viable due to sustained reforms.

“Asia Pacific remains a very viable investment target for global capital. After entering in 2005 to 2008 and having learnt many valuable lessons since then, global investors are now well equipped to take advantage of the potential that Indian real estate markets offer,” Siddhart Goel, Sr. Director, Research Services Cushman & Wakefield said.

He further said: “The country is firmly on track to become an economic powerhouse with strengthening GDP, better business environment and investor-friendly policies by the Central Government.”

Despite concerns about global events such as Brexit and changing US immigration policies impacting the IT-BPM sector in India, the company has seen that other sectors such as BFSI, healthcare, consulting services and various manufacturing industries are increasingly driving demand for commercial spaces.Six Indian cities among top 10 emerging investment destinations in Asia Pacific region

“This has resulted in net absorption across the top 8 Indian cities to remain in the range of 32-35 million square feet (msf.) in the last three years even as the share of the IT-BPM sector in commercial office leasing has steadily gone down from 65 per cent to 70 per cent to 52 percent to 55 per cent during this period,” he said.

“Within APAC, India is expected to continue contributing highly to the total office demand. Consequently, global investors are increasing their capital outlays substantially as they are confident about the long-term prospects of the Indian economy in an environment of increasing transparency and accountability backed by policy reforms such as RERA, REITS, GST, Benami Transactions Act, etc,” he said.

Investment activity in Asia Pacific has been robust in 2017. As noted in C & W annual report The Atlas Summary 2017 report, real estate investment volume in Asia Pacific is expected to hit USD611 billion this year.

A total investment value of close to USD 136 billion in the region in the first quarter of this year, which is a record quarter high and is a good indicator of health of investment in real estate in Asia Pacific region. Pending any unforeseen circumstances in the months ahead, a positive momentum is expected to continue making 2017 a banner year for real estate investments in Asia Pacific.

For 2017, some of the themes that will continue to influence the investment landscape in the region include real estate going public. Government efforts to implement pro-investor legislation in many emerging countries will improve transparency and efficiency, which will widen the investor base.

While Tokyo and Singapore continue to be the region’s hubs for Real Estate Investment Trusts (REITs), the next wave will be propelled by the region’s emerging markets, in particular China and India, it said.

Alternative assets will be hot. Data centers remain lucrative as online shopping becomes the norm and data needs for cloud-based systems rise. Student housing, retirement living and healthcare are also gaining prominence as popular alternative property investment types, the report said.

Similarly in India, the investment appetite for industrial parks, logistics and warehousing parks is increasing as improving infrastructure, roll-out of the Goods and Services Tax (GST), and industry friendly policies promoting FDI and private investments, amongst other initiatives support the Central Government’s focus on its Make in India campaign, the report added.

 

Six Indian cities in top 10 realty investment spots in Asia-Pacific

 

Six Indian cities — including Hyderabad, Bengaluru, Pune, Mumbai, Delhi and Chennai — have found place in the top 10 emerging property investment destinations list for the Asia-Pacific.
“Most global investments this year will be made in commercial office assets. Markets in Bengaluru, Chennai, Delhi NCR, Hyderabad, Mumbai and Pune are well placed to outperform other cities from emerging economies in the Asia-Pacific,” said a report titled ‘Betting on Asia Pacific’s next core cities,’ by property consultant Cushman & Wakefield.
Limited investment opportunities in safe haven core markets of Asia-Pacific have prompted investors to turn their attention to secondary and tertiary markets and even to non-core property types, said Cushman & Wakefield.
The consultant used a proprietary tool, strategic location indicator and selected the next core and emerging markets in the region that will offer investors the opportunity to tap into their long-term growth fundamentals, which will become increasingly viable due to sustained reforms.
Siddhart Goel, senior director, research services at Cushman & Wakefield, said: “Asia-Pacific remains a very viable investment target for global capital. After entering in 2005 to 2008 and having learnt many valuable lessons since, global investors are well equipped to take advantage of the potential that Indian real estate markets offer.  The country is firmly on track to become an economic powerhouse, with strengthening GDP (gross domestic product), better business environment and investor-friendly policies”.real estate, property
Goel said that the developments have resulted in net absorption across the top eight Indian cities to remain in the range of 32-35 million square feet in the last three years even as the share of the IT-BPM sector in commercial office leasing has steadily gone down from 65-70 per cent to 52-55 per cent during this period. “Within APAC, India is expected to continue contributing highly to the total office demand. Consequently, global investors are increasing their capital outlays substantially as they are confident about the long-term prospects of the Indian economy in an environment of increasing transparency and accountability backed by policy reforms such as RERA, REITS, GST, Benami Transactions Act, etc,” he said.
What’s ahead in APAC?
Cushman said according to its ‘The Atlas Summary 2017’ report, real estate investment volume in the Asia-Pacific is expected to hit $611 billion this year. A total investment value of close to $136 billion in the region in the first quarter of this year, a record quarter high, and is a good indicator of health of investment in real estate in the Asia Pacific region. Pending any unforeseen circumstances in the months ahead, a positive momentum is expected to continue making a banner year for real estate investments in Asia Pacific.

I-T department questions Misa Bharti on investments in real estate

 

New Delhi: The income-tax department on Wednesday questioned Misa Bharti, MP and daughter of RJD chief Lalu Prasad, in connection with its probe into the alleged land deals worth Rs 1,000 crore and tax evasion.

Sources said Ms Bharti was questioned about her personal finances and investments, especially in real estate, after she finally deposed before the investigating officer of the case here after skipping similar summons at least tw-ice. She was questioned for over four hours and was confronted with certain documents seized by the department in the case, they said. Ms Bharti was also asked about her and her family’s connection with firm identified as Ms Mishail Packers and Printers Private Limited.

Ms Misa, a Member of Parliament (Rajya Sabha) from the RJD, had earlier skipped income-tax summons that were issued to her in this case registered under the Income-Tax Act, 1961, and another under the Benami Transactions (Prohibition) Act, 2016. A similar exercise of obtaining details is to be carried out by the department against her husband Shailesh Kumar, they added. Mr Kumar, like Ms Bharti, had skipped the I-T summons.Misa Bharti (Photo: PTI)

The department on Tuesday charged six family members of RJD chief Lalu Prasad, including wife, son and daughters, under the new and stringent anti-benami assets Act in connection with the probe. The department has also served notices of attachment of assets to Ms Bharti and Shailesh Kumar, former Bihar CM Rabri Devi, son and Bihar deputy CM Tejashwi Yadav and daughters Chanda and Ragini Yadav.

The provisional attachment order has been issued under Section 24(3) of the Benami Transactions (Prohibition) Act, 2016, and Lalu’s kin have been identified as the “beneficiaries” of the alleged benami assets. Those who violate the Act attract a rigorous imprisonment of up to 7 years and fine up to 25 per cent of the fair market value of the property.

The department has attached about a dozen plots and buildings in Delhi and Bihar including a farm house and land in the Palam Vihar area, a residential building in the posh New Friends Colony area of south Delhi, nine plots on a 256.75 decimal land area in Phulwari Sharif area in Patna, where a shopping mall was being constructed, among few others in the same area in Bihar’s capital. The department has said these alleged benami assets bear a “deed” value of about Rs 9.32 crore but the taxman has estimated their current market value at Rs 170-180 crore. Benami properties are those in which the real beneficiary is not the one in whose name (benamidar) the property has been purchased. The department will now move for confiscating these assets after getting approval from the Adjudicating Authority of the Act. The Act allows for prosecution of the beneficial owner, the benamidar, the abettor and the inducer to benami transactions.

 

1.6 lakh new businesses register on GSTN in 4 days

 

Navin Kumar, chairman of the GST Network.(Livemint)

As many as 1.6 lakh businesses that were previously not registered for either VAT, service tax or excise duty have enrolled for Goods and Services Tax (GST) in the past four days.

As the GST Network portal reopened for the third time registration for both new assessees and existing excise, service tax and VAT payers on June 25, businesses rushed to get themselves registered ahead of the July 1 rollout of GST.

“Since June 25, 1.60 lakh applications for fresh registrations have come in. Of this 53,000 applications have been completed with details of business. The rest are in process,” GSTN Chairman Navin Kumar told PTI here.

New businesses have 30 days for registering on the GSTN portal beginning June 25.

In first two rounds of registration window, about 66 lakh out of existing indirect tax payers of 80.91 lakh had registered with GST Network, the IT backbone for GST.

Kumar said there were many businesses in sectors like tax, sugar and diamond that were earlier not registered with the state tax department and are now registering.GSTN

Although businesses with turnover of up to Rs 20 lakh are exempt from GST and hence registration is not mandatory, traders and manufacturers are preferring to get themselves registered so that the input tax credit can be passed on in the supply chain.

Also, on an average, 40,000-50,000 applications from existing excise, service tax and VAT assessees have come in, taking the total enrolment figure to nearly 68 lakh.

This is against the 80.91 lakh existing excise, service tax and VAT assessees.

“We have already issued provisional IDs to the 68 lakh existing assessees. Of these, provisional registration certificate has already been issued to 10 lakh assessees. The remaining will be sent today,” Kumar said.

The 15-digit provisional ID would work as the Goods and Services Taxpayer Identification Number (GSTIN).

GSTN — the company readying the IT backbone for the GST regime — has been working overtime to ensure a smooth registration and all these assessees have been given a provisional ID, using which they can start transacting business from July 1.

When a business registers under GST, it is given a provisional GSTIN. After that, in the second stage, the business has to log in to the GSTN portal and give details of its business like the main place of business, additional place, directors and bank account details.

The government has done away with the requirement of verification of registration through digital signature or generating electronic verification code (EVC) through banks.

Businesses can just save these documents on the GSTN portal and an e-mail will be sent to them saying all their details are received and the process of registration is complete.

The biggest tax reform since Independence, GST will be rolled out at the mid-night of June 30 and make India a single market for seamless movement of goods and services. The GST subsumes 16 different levies, including excise, service tax and VAT.

 

6 REASONS WHY TO APPLY FOR A HOME LOAN ONLINE

Your abode is where you feel the safest, most secure, and most comfortable. So why not ensure that you make your home the best that you can? With the fast-paced lifestyle that we lead, it is understandable that one doesn’t have the time to head to multiple financial institutions to apply for a home loan, but here is where online home loans come in. Listed here are six reasons as to why one should be browsing and clicking away on their computers instead of heading to their nearest financial institute for a home loan:

Image result for 6 REASONS WHY TO APPLY FOR A HOME LOAN ONLINE

  • Time saving

Who has the time to make appointments with the loan manager, personally convince them of their credibility, and provide adequate reason for applying for a loan, etc. Instead you could simply have your loan approved in a few minutes online! With online home loans, a few simply swipes and clicks and you get your loan approved! Isn’t this one of the best reasons to apply for a home loan online?

  • Effortlessly convenient

You can apply for a loan from the comfort of your couch! There is no need to take multiple trips to the financial institute; all you need to do is fill out the appropriate online form, get the approval, and undertake the rest of the procedure online. There is no hassle of meeting the lender personally for any part of the process to take place.

  • Multiple options under one roof

You can check out the various home loans available on the different websites and undertake a compare and contrast of interest rates, EMIs, collateral requirements, etc. However, you need to ensure that the website you are checking is trustworthy and not fraudulent.

  • 24×7 service

Your job requires you to be at the workplace during the time when traditional lending institutions function. How then can you apply for a loan? Easy, all you need is your computer and an internet connection and you could apply for a loan even in the middle of the night! Websites operate all through the year unlike the conventional lending institutions which operate for only a certain number of hours each day and take holidays!

  • Better access

Traditionally, financial lending institutions have been wary of lending money to potential borrowers with no credit history or a low credit score. However, online lending institutes are more forthcoming about such borrowers and provide loans relatively willingly. As these online lenders are not so picky when it comes to lending, they are fast becoming the go-to option when it comes to home loans.

  • Best solution for financial emergencies

Imagine that you are renovating your home but the contractor says that the costs will be way more than expected. At such a time, you may be falling short of cash and don’t have the time to go to a traditional lending institutes and apply for a loan. In such a scenario, your best option becomes the online lending institute which will approve your home loan faster than the traditional medium.

Go ahead and make your dream of a ‘dream house’ come true by applying for an easy online home loan right away!

Common Mistakes Small Businesses Make While Financing

 No matter what the size of your business is, finance plays a vital role in its functioning. But no matter how hard you try, some Business financing mistakes are bound to happen. While learning from the mistakes can be an excellent approach, let us list some of the most common mistakes that small business make to ensure that you don’t repeat them.

According to a recent report, businesses surviving for ten years and more stumbles down to just 1 in 3. With such odds, it is critical for small businesses to make sure that they do everything possible to increase their success chances.

Every business owner might already know that managing the finance is one of the most important aspects of any business. As important as Business financing is, it is very commonly seen that inadequate funding is often the main reason responsible for a business collapse. While financing is something that you learn with experience, we’ve created a list of some common mistakes that small business make to help you steer clear of them.

smallbusinessloan-56a830345f9b58b7d0f166c7

Spending from own pockets

Whether it is a small or medium business, every organisation goes through cash crunch. During this delay period, it is not always possible to bear all the expenses from your pocket. Thus, it is usually recommended that instead of shelling out your personal funds on your business during cash crunch, you can opt for short term or working capital loans. There are several financial institutions that can help you cover up this cash crunch and smoothen the flow of activities.

 

Spending Too Much

A lot of business owners believe that they need to spend a lot to get everything in place before they expand their activities. For example, many of them invest in much larger business space than they need at the moment and believe that they are making a future-proof decision. However, this is not the right approach. The correct thing to do is to commence their activities with small amount and then expand as your business grows.

Not Monitoring the Books

It is crucial to monitor closely the direction in which your business is moving, and an excellent way to do so is by tracking your finances. Some of the firm owners involve themselves so deeply in running the business that they completely forget about maintaining the financial records. Down the road, this can lead to many missed opportunities as well as a sizable financial disaster. Managing the records isn’t all that difficult, but if finance is not your forte you can always hire an accountant or use a book-keeping software.

For your small business to succeed, it is crucial to pay attention to the smallest of the details and analyse every penny that you spend. The ones mentioned above are very commonly made mistakes by businesses, and there is also a possibility that you might be committing them as well. Avoid them or stop doing them to ensure that your business is protected and succeeds as per your expectations.