Businesses should always run like a well-oiled machine. Business owners must make sure to optimise businesses which translates to money saved. Especially in this COVID 19 scenario where every businesses are forced to cut back on expenses, optimising business costs is of significant importance especially the SME sector. The SME sector is a key contributor to the country’s GDP. According a report by IBEF, India is home to over 3 lakh small and medium enterprises. The curbs and lockdowns imposed on pandemic struck locales of the country is a hindrance to most business operations. Let’s explore a few ways how a business can optimize business costs and save big.
Working Capital Requirements – Unlike big companies, most start-ups have to rely on credit to manage their working capital. Most start-ups and similar businesses always find difficulty in arranging this capital. This is because of the risk averse mentality of banks, who are reluctant to offer these businesses loans. Therefore, the business owner would have to arrange a collateral to get a loan against it. The collateral will most likely be the personal assets of the business owner. However, many fintech companies have entered the space and are actively financing the credit requirements of these companies. ZikZuk, a fintech company based in Hyderabad, is offering credit services to the business owners with their business credit card – Founderscard to help the businesses in optimizing their working capital requirements.
Vendor Discounts – Most vendors and suppliers often give discounts to businesses to encourage timely repayment of dues. Businesses if they have access to a credit facility can often pay these vendors early and avail these discounts. This might turn out to be a significant amount of money. These vendors might charge a late payment penalty if the payments are not made on time. Therefore it’s better for a business to repay its outstanding dues as early as possible and get the added benefits of availing discounts.
Dashboard and Reports – Business should make use of a system, where it can monitor its entire cash inflows and outflows. The system should also have the ability to generate reports on demand. This way, businesses can save money which otherwise would require the services of an accountant. With Founderscard, ZikZuk offers business owners a customised dashboard with AI driven reports. This enables the business owner to take data driven decisions and stay on top of his cash flows.
Preventing Fraud – With the help of business credit cards, the business owner can assign credit cards to his/her employees for all official expenses. This would bring more transparency in the transactions and these can be monitored in real time. This prevents the business from the risk of various types of fraud. In addition to this, a pre-determined limit on these cards so that the transactions made on these cards are controlled. It also relieves the employee the hardship of preparing his/her expense statements which can be translated to productive hours saved.
With these methods, a business can save a significant amount of money. In addition to this a business owner must continuously refine and develop his business process and avenues unique to his/her business to further optimize. The business credit card mentioned above is a useful tool for a business to manage its payments and cashflows.
Founderscard the latest offering by fintech company ZikZuk is a business credit card for business owners which offers best in class credit, rewards and benefits and AI generated reports so that one can always stay on top of his business expenses. Founderscard enables business owners to
Easy access to credit – In comparison to other traditional cards, Founderscard delivers the best in class credit limit, allowing business owners to meet their credit needs which includes early payments to vendors and working capital needs thereby optimizing cashflows.
Manage your finances – Expense management has never been easier. Understand and manage your business spending effectively using real-time transaction data and AI-generated business reports. These reports enables business owners to take data driven business decisions.
One stop solution for your travel expenses – Founderscard has one of the lowest Forex markup fees, at 2%. Founderscard also provides a one-stop travel solution with unique discounts on travel expenses. To know more about the Founderscard and its offers please visit founderscard.in