Sales is important. As is diversification and avoiding concentration
risk. “Be careful not to take on too many or too large transactions: do
not try to net every bird that passes, because many have failed for
taking on too much, but no one for exposing himself too
little”, Cortugli advises. And he was astonishingly prescient on
treating sticky receivables. After one year, cut the amount due in half
and write them off entirely after two years, he suggested. For him, time
lost by a merchant was far more expensive than loss of money
Archive for November, 2016
Sales is important. As is diversification and avoiding concentration
Some of the other reasons why co-working is a preferred choice are –
Networking Opportunities – There are ample opportunities to grow your network and build relationships within the community and during various events organised at the co-working space. The events could be workshops and thought leadership talks which would, in turn, enhance the competence and work ethos of you and your team.
Access to various resources– You have access to the various facilities at the co-working spaces be it unlimited beverages (tea and coffee), pantry services, high-speed WIFI internet, meeting/conference room, printers, recreational areas (pool, foosball, table tennis), free events and thought leadership seminars. These places are also accessible 24*7 mostly, be it Independence day or Diwali, you are free to come and use these spaces.
Cost saving– In comparison to a traditional office space, co-working spaces help cut costs to a large extent. It saves the money spent on interiors, furniture and fixtures. Working out of a co-working space can save expenditures on all these depreciating assets.
Easy accessibility to talent– If you are looking to hire fresh talent you can look within your shared space. You would have access to various freelancers and companies you can outsource your project to.
No administrative hassles – There is no need to run around for any repairs and maintenance. Just contact your centre head or the Community Manager and get things done immediately. The entire facility is managed and maintained by the co-working space.
Community Engagement– Co-working spaces keep members engaged with constant engagement activities and events. They try to avoid an ‘All work no Play’ culture. All festivities are celebrated to ensure a healthy work-life balance.
Interesting employment trends develop when technological disruptions set in, right from the times of the industrial revolution to the sharing economy of today. As peer-economy technologies gain traction; a projected 20x growth in the 5 main sharing economy sectors (music and video sharing, ride sharing, shared accommodation, peer to peer funding and online staffing), this trend seems here to stay! We are seeing innovations in the way people choose to work and find work as well as in ways companies find and groom talent. An early example of an online marketplace for work, Amazon’s Mechanical Turk, showed how easy it was to scale organization’s workforce on-demand. India’s sharing economy player FlexingIt launched this concept to cover management, analytics and finance domains apart from tech and creative jobs. Leading organizations are using services like FlexingIt and Freelancer to build global and right skilled teams for short term projects.
Collaborative consumption is changing mindsets – we are prioritizing experiences over ownership, choosing to share with a growing community over purchasing solely for personal use. This mindset extends to the employment space with more whenever and wherever workers prioritizing flexibility, autonomy and mastery over job security. Some young employees are choosing to exercise their freedom by becoming well-rounded masters of many trades, passions and pursuits while others are choosing to dive into niche skills needed simultaneously by many employers. Experienced employees are quitting long-held jobs to offer their time as consultants in the freelance world where they get to choose their clients, their schedules and locations. The sharing economy is providing easier means for skill development and continuing education. Ecosystems such as Edureka and Simplilearn benefit both organizations and employees, making up-leveling accessible while removing barriers for companies to build immersive learning and development programs.
Tired of the hassles of managing your own office? Exasperated running behind the internet service provider to get your internet working? Well, then it’s the time you should consider moving to a co-working space.
The Co-working industry in India is no longer the hub for only budget tight start-ups and freelancers. In the present time, it is an attractive choice for many mid to large sized companies too. A lot of well-established companies like Amazon, Yahoo, Paytm are working out of co-working spaces.
Loans are one of the classics of financing personal investments, such as a home, a car or your children’s education. Loans, especially (small) business loans are also very suitable to finance your business.
Taking a loan from a bank means you borrow money from a bank. In return, the financial institution expects interest and a timely repayment of the loan. Always keep in mind that the bank will expect repayment and interest and they are going to find one way or another to get it back, even if you are broke.
Borrowing money from a bank has several advantages:
Unlike professional or private investors banks will not have a say in your business operations and how you manage your loan. It will be your decision alone how exactly you spend the money as long as you keep the bank in the loop.
Banks don’t get a share of your profits. They only expect debt repayment and interest. After having paid your debt there will be no commitment to share profits with the bank. However, do pay attention and read the terms and conditions of the loans carefully, repayment terms of the numerous commercial loans may vary.
A loan that is specifically intended for business purposes usually has a low interest rate in comparison to many other funding options. Especially compared to borrowing money through credit cards and finance companies can involve huge fees and interest rates.
You can deduct the interest payments on your business loan from your taxes.
A business loan is available for immediate use, builds a credit rating (which helps in securing future loans) and also creates a good financial reputation for your business from early stages.
Interest rates are fixed in the contract with the bank. Hence, you can calculate precisely when and how much you have to pay back. This makes a bank loan a funding option that is very easy to plan for the future. If you read all the terms and conditions carefully when setting up the contract there will be no bad surprises in the course of taking and repaying the loan.
A loan also offers you the possibility to build a relationship with a professional banker. This relationship might prove very useful in the later stages of your business, when you are on the lookout for more money
India is rapidly growing, India is evolving economically. India’s GDP grew by 7% in the first half of the financial year 2015-16. This makes India the fastest growing large economy in the world and brings with it a lot of opportunities for investors and entrepreneurs.
The government of India launched several new reforms and campaigns that aim at pushing the economy even further. Make in India, Digital India, Skill India and Start-up India are only some of the campaigns that the government launched to keep the economy growing.
KPMG recently published a white paper that explains the policy changes by the new government. Make in India (building a manufacturing infrastructure), building Smart Cities, the liberalisation of the regulatory framework of FDIs, housing for all, Digital India, Skill India (youth skill program), roads and highways, the hygiene infrastructure, the automobile sector, renewable energies, railways and construction are only some of the big opportunities that the growing Indian economy offers entrepreneurs and investors and that are covered in the KPMG report