Until now, it seems that the pandemic has no signs of ending. This situation forces many people to quit their jobs and finally decide to open a business. Starting a business in 2020 is indeed a challenge. Apart from having to be mentally strong, you also need to be competent and careful in managing expenditure items. So that your business can be strong and survive in the midst of the storm that is currently hitting all business actors. Because opening a business nowadays is full of challenges and risks. It could even be that, within a few months after opening a business, profits cannot be achieved according to the dream target. In fact, many people say that they can just return their capital and be grateful.
Don't let this happen to you, businessman. Who says you can't make money when you start a business in the pandemic era? If you are willing to learn and dare to try, it is possible for your business to even gain skyrocketing profits. What's more, if you are good at seeing opportunities in the midst of this situation. Indeed, policy direction is still changing. In fact, with this, your toughness and flexibility as an entrepreneur are being trained.
How? Are you ready to become a MakinCUAN entrepreneur?
For this reason, you need to know what expenditure items have the possibility of generating capital for your business. Don't let it happen that you set the wrong budget or just because one item of your business expenses doesn't work.
What to do?
1. Anticipate large expense items
For those of you who are building a business, this is what you need to be aware of. It is natural that there are posts that require large amounts of funds. Usually these are capital or asset expenditures. It's big at the start, but in the future you only need maintenance costs. Calculate these kinds of costs carefully. If it's a purchase, do in-depth research to compare which one will provide the most long-term benefits.
2. Calculate the number of workers
When you are just starting to build a business, really calculate your need for labor. one of them is how many workers you have to recruit. There are many questions, is it better to pay cheap or expensive but experienced labor?
There is no right or wrong about these two choices. The best thing is, you have to first look at the type of business, business phase, and what kind of workforce needs are most urgent at this time. Don't recruit workers who are not suited to their roles and pay. Ask more questions and read. Flying hours will also help you see this problem more skillfully. What you also need to remember is that if you employ too many workers in the wrong phase, instead of progressing, your business may actually suffer due to cost constraints.
Carefully calculate the large fixed costs for worker salaries. Review whether you really need workers with certain skills and how many. Even if you have been recruited, you must be able to continue to monitor their performance.
A bit troublesome, perhaps, in your opinion. What's more if you also start to have several outlets located far apart. But if you use Qasir, employee monitoring can be made simple. Even though you have lots of outlets. Because Qasir has features that you can really rely on to take care of these things, such as Manage Employees, Manage Outlets and Absence.
Employee Management allows you to manage employee access rights, the outlet they are responsible for, track transactions during the employee's work shift, and so on.
Employee Management is a free basic feature that all Qasir users can enjoy at no cost. You can read more about Managing Employees by clicking this link.
Like Manage Employees, Manage Outlets allows you to monitor all your outlet branches, product stock and transactions that occur easily and simply. This feature also includes basic features that can be used by all users. To find out an article about how to use the Manage Outlet feature, click this link.
So, this one is called the Attendance feature. As the name suggests, this feature was created to facilitate the process of clocking in and leaving your employees accurately because it uses an automatic clock system, there is a selfie mode and coordinate points. You can also monitor the reports from anywhere, you just need to open your Qasir account. The Attendance feature is included in the subscription type paid premium features which require a subscription fee. But don't worry, the costs are very affordable and suitable for MSMEs. Only less than IDR 200 thousand per year or only IDR 500 per day. To read about how to use the Absence feature, please click this link.
If you want to subscribe to Absence, click this link.
3. Carefully select raw materials
Apart from labor, raw materials are also an expense item that you need to pay attention to. Choosing raw materials that are too expensive can cause your business expenses to swell, resulting in product prices increasing. In the end, this will also affect your own business customers.
In order for customers to remain loyal, it is best to look for suppliers who provide raw materials at the best prices. Make sure the price of the raw materials you choose is affordable and has the best price. Review whether your raw materials are commensurate with the quality you will get.
Did you know, you can look for raw materials in the Qasir application. To open the Home menu, you will see the Order Goods menu. There you can find various needs for your business, starting from FMCG goods, fresh raw materials from our reliable partners, coffee beans, to packaged goods and various plastics.
Click here to try wholesale shopping at Qasir.
4. Estimate raw material stocks
Ensuring that the stock of raw materials in the warehouse remains in safe quantities is very necessary. But remember, storing excessive amounts of raw materials can also make your expenses even bigger. Automatically your production cycle will become unbalanced.
Not only the production quantity, but you also need to pay attention to expiration times, which can result in the quality of your product decreasing. It's best to be wise in purchasing raw materials. Manage your raw material expenditure more carefully so that the business capital you have can be allocated to other expenditure items.
5. Pay attention to promotional spending
Promotion is very necessary for entrepreneurs in the initial phase. However, if the quantity is too many and large, it's not good, right? What's more, considering that your business is still starting out. Instead, try to use promotional methods that are cheap and spread more widely. For example, by utilizing digital marketing via social media and word of mouth promotions.
Apart from using this system, you can also use close people who have lots of followers. There's nothing wrong with giving free products by asking for a little review from them on social media, you know. In this way, your business can certainly be known to more people. Come on, try it, BossQ!
The key: Remain systematic in managing finances
The things above are closely related to managing finances. But do you know the key to all of this running well? Systematic. Systematic steps make your work efficient and not wasteful. Systematic steps include recording all business-related matters, EVERY DAY. Yes every day. So if at any time you need notes on the days that have passed, you won't have any trouble. Hassle? No!
You already use Qasir. Just maximize all available functions and features. If you need additional features to make your work more systematic, you can choose premium features that suit your type of business. One of the features that will help you systematically manage your finances is Automatic Sales Reports.
This is a feature where you can see business reports just by opening your email, so you don't need to access and log in to the Qasir system to see your business sales reports. Simple! To read how to use this feature, click here.
Apart from using selected features that help you manage your business finances, Qasir has tips for managing expense items when building a business. Let's look at the steps!
Steps to Manage Expense Posts When Building a Business
Quitting work and opening a business during a pandemic is indeed tricky. But if you already know the details, you can definitely enjoy it. So, how can beginners like you manage expense items when building a business?
Step #1: Separate business and personal savings
Separating business and personal accounts is important. Especially if you open a business with friends. Don't let it happen, because of money your relationship with your friends will fall apart.
Why do you have to separate business and personal savings? Because by separating your savings accounts, it will be easier for you to manage your business. This also exists in an accounting principle called 'business unity', where the owner's assets must be separate from the company's assets. If you separate them, your financial or capital management can be made more accurate.
Step #2: Check the financial health of your business
When building a business, make sure to check your financial health first. To start, evaluate your finances. Then open the financial report to find out the cash flow from your business so far. What monthly expenses will your business have?
After finishing, try to map out how much money will come in, go out, and if there is any capital that you have to pay. It's best to pay close attention and don't miss anything.
Step #3: Plan the use of capital
If you want to open a business, you must have sufficient capital. How much capital is needed, goes back to how big the business you want to build. The capital you need is none other than to buy raw materials, equipment, supplies, and so on.
You need to remember this, BossQ. To start a business, try to use your own capital so that later you don't have to take the risk of owing money to other parties. When you make a profit, you should also make your business expenses. Don't be too impulsive in spending money, you will face a situation of lack of funds.
To avoid a shortage of funds, you need to have a capital expenditure plan that takes into account all the benefits so that your sales can increase further. You can definitely do it!
Step #4: Time to create expense items
When creating expense items for your business, try to make a comparison ratio for each expense. What do you need to open a business?
For example, you can create a post to pay for labor, raw materials, goods production costs, as well as expedition services. If you want to post the expenses needed for your business, you also take into account whether the capital you need is sufficient or not. If it's not enough, of course you will need additional capital.
The ideal ratio formula for business includes: 30 : 30 : 30 : 10. Where you can divide it by:
- 30% for operational costs
- 30% for employee salaries
- 30% for your business development
- 10% for your personal benefit.
With a cost allocation ratio like this, of course your business can be measured and neatly organized. If so, let's immediately try to make a ratio for your business!
Step #5: Create financial books
After making expense comparisons, keeping financial books is also important, BossQ. To do this, record all types of income and expenses from the smallest to the largest amounts periodically. To stay safe, try to have proof of every transaction you make.
You need to remember this, BossQ. Don't let it happen that you don't know where your income comes from or even what you spend on it. Believe me, good bookkeeping is certainly the key to success in managing business capital.
Step #6: Check stock, assets, debt and capital regularly
Next there is something else that is important. You also have to check the available stock of goods. Whether the stock is sufficient or not.
Apart from that, you also need to check the bills that come from goods suppliers. Don't let goods stop because you forgot to pay for them. Well, that's not all, BossQ. You also need to check the receivables that come from buyers. All of these steps need to be taken to avoid bad bills or double payments.
Step #7: The importance of evaluating your business
Already divided the capital ratio, made bookkeeping, checked assets, debts and capital too. Then the next step is to evaluate your business, BossQ. By evaluating your business, you can know whether your cash flow is good or not.
First, you can analyze your sales results, how much money you need to buy raw materials, produce goods, expeditions, and so on. By analyzing your bookkeeping records, you can find out which expenses are large enough or which ones are less. Are you sure whether your expenses are effective or not?
Secondly, you can find out through your workforce. They are also the ones who help you directly in the field. It's best to accept every idea that comes wisely. Who knows, they may have opinions that could be useful for making your business a success.
In order for your business to continue to develop optimally, it is best to carry out evaluations like this regularly. Evaluation can certainly be your opportunity to build closeness with them.
Step #8: Do you need to make efficiencies?
After carrying out the evaluation. You can certainly assess whether this expenditure is efficient enough or not. If the situation is not possible, like this pandemic, of course you need to review it so you can get optimal benefits. From this evaluation, try thinking again about cutting expenses.
To maintain your spending rate, you certainly need to ask a few questions. For example, if you are in the culinary business, you can ask this question:
- Is it possible that there are raw materials that need to be replaced?
- Is it necessary to reduce portion sizes?
- Is it necessary to increase prices?
- Do you need to maximize your existing workforce without having to recruit new ones?
- Is it possible to use an expedition at a cheaper price?
By being efficient, you will save on expenses that are not too important. Who knows, from some of the posts that you cut, it turns out that you can allocate them again by making more creative products, such as new product variants. The more you can cut, the better your business development rate will be. Don't let it be the other way around, BossQ.
Step #9: Strong commitment and discipline
The 8 steps above would certainly not be possible without a strong commitment from BossQ. Indeed, you need a long period of time to be able to manage capital until it is truly effective and efficient. But that means it's not impossible for you to do it.
Apart from a strong commitment, you also need to be disciplined in implementing the rules that you make yourself. By instilling this character in yourself and your workforce, your business will run smoothly according to the plans you made. Let's be a good example for your workforce at your place of business!
Step #10: Use the features in the Qasir application
If you have done all the steps above, try checking the features of the Qasir application that you have by reading this article. With the Qasir application, your flow of expenses and income can certainly be maintained. Moreover, Qasir has an Automatic Sales Report feature where each report will be sent automatically via e-mail.
Apart from that, you can also manage and create various attractive discount programs so you can earn more income. Meanwhile, so that your income and expenditure transaction processes can be maintained properly, you can also check the Additional Notes feature. Through this feature, you can make special notes for each order on the receipt and transaction history sheet. So you no longer need to write all transactions in the cash book. It's safe!
With just one application, you can save several steps. Come on, download the application here! The faster you download, the faster you can enjoy your day! Keep up the enthusiasm, BossQ!
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