Just because your business is making money doesn’t mean it’s stable. Stability is the ability to withstand a temporary problem, such as a decrease in sales, lack of capital, or loss of a key employee or customer. Analyzing your cash flow and a variety of negative scenarios will help you determine whether your business is financially stable.
Entrepreneurship activities and doing business are quite propagated on every platform. Specifically, you can see increased instances on social media platforms where influencers try to motivate you for starting a business. They do nothing wrong as doing a business carries immense importance to attain significant financial sustenance.
However, we often miss out on business stability strategies. Business owners are miscalculating things when they think they have done enough to start a business. It is not the case anymore as technological evolution is disrupting business operations quite vividly in recent times and it would continue to do so.
All business and financial experts were found second-guessing in front of a pandemic-like situation. Only a few of the handful of businesses were able to operate as they had leveraged the latest ways of doing business and carried on with their operations remotely.
FINTECH Consulting is a firm of Chartered Management Accountants providing high-end services in the field.