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Munaf Umarji Patel | 5 Tips To Improve financial Management

Munaf Umarji Patel is one of the most successful businessmen in the Dubai Emirates. His theories about doing business are really inspiring. A lot of people want to know his secrets of doing business. and Munaf Umarji Patel happily helps them.

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Munaf Umarji Patel | 5 Tips To Improve financial Management

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  1. 5 top tips to improve your financial management Guide MunafUmarjiPatel

  2. 1.Haveaclear businessplan

  3. ABUSINESSPLANWILL ESTABLISHWHERE YOUAREANDWHERE YOUWANTTOGETTO OVERTHENEXTFEW YEARS.ITSHOULD DETAILHOWYOUWILL FINANCEYOUR BUSINESSANDITS ACTIVITIES,WHAT MONEYYOUWILL NEEDANDWHEREIT WILLCOMEFROM

  4. 2.Monitoryour financialposition

  5. You should regularly monitor the progress ofyourbusiness.Ona dailybasis,youshould know how much moneyyouhaveinthe bank

  6. 3.Ensurecustomers payyouontime

  7. Businesses can run into majorproblemsbecause of late customer payments.Toreducethe risk of late or non- payment, you should make your credit terms and conditions obvious fromtheoutset.

  8. 4.Knowyour day-to-day costs

  9. EVENTHEMOST PROFITABLEOF COMPANIESCANFACE DIFFICULTIESIFTHERE ISN'TENOUGHCASHTO COVERDAY-TO-DAY COSTSSUCHASRENT ANDWAGES.

  10. 5.Keepup- to-date accounting records

  11. If your accounts are not kept up-to-date, you could risk losing money byfailingtokeepupwith late customer payments ornotrealizingwhenyou have to pay your suppliers.

  12. “Successisnotfinal;failureisnotfatal: itisthecouragetocontinuethat counts.”

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