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I have in past written some #thread on #entrepreneurship ..
I wish to share a few learnings today that have been very recent. My observations are solely based on my own experiences so please ignore if you feel it’s not important.
I wish to share a few learnings today that have been very recent. My observations are solely based on my own experiences so please ignore if you feel it’s not important.
#Covid crisis threw some important learnings. The most important was to have a financial buffer. Never overtrade your financial capacity and keep some liquidity in hand. Yes these were once in lifetime situation but we never know. So please keep liquidity in business.
Take/ avail the maximum amount available as CC or overdraft and keep that at all times. Because when the crisis hits, even the banks refuse to enhance your loan accounts or overdraft facilities. Only Government policy can come to your rescue.
Register yourself with all possible associations and Government registration. My #MSME came in handy when government announced us additional loans/ term loans that were given without any collateral. Your industry association helps you network and survive the rough patch.
Always invest in your own place of work and prefer a registered commercial or industrial area/complex. In case of manufacturing, make sure your factory premise is in industrial area. It matters when you need Factory act or Fire safety requirements etc.
As the times are changing more and more companies want to work with factories/ suppliers that comply all the norms. Be it registration, social audits and basic infrastructure. So whenever you do invest, make a very informed choice which will help you in work and as an investment.
