Managing money and controlling spending in a disciplined manner is one of the things that many people have difficulty controlling. The ability to control expenses or income is one of the most important reasons that help build budgets properly and thus save and continue projects and flourish.
Money is one of the most important elements that help projects grow, develop and expand, and most projects that cannot manage money in the right way find themselves threatened by the risk of losing liquidity that is squandered without a financial plan and perhaps in unnecessary spending at the expense of priorities, to find themselves at the end outside market
The following are important points that help in managing money and organizing cash flows to achieve personal interest or the interest of the project.
Prioritization list:
Presenting desires over needs often constitutes a discount on the financial balance. Therefore, priorities must be rearranged by providing necessities and perhaps relinquishing those luxury or unnecessary things, this matter will save money and put it in its rightful place in order to achieve benefit and avoid wasting money.
Apply the billing system:
To be aware of the movement of money in the account of your organization, apply the invoicing system in sales and purchases, and make sure that this is from the first moments of establishing your project, this method will enable you to monitor the financial movement and know the aspects of money disbursement and avoid many of the errors that accompany the beginning of the project that will affect it in the future when it expands.
Set up budgets:
Budgets help in evaluating performance, knowing and evaluating solvency, and being able to purchase the actual needs that the project needs, so preparing the budget for procurement helps you determine the exact expenses needed for this process and prepare to provide them in a timely manner.
Create an account for emergencies:
Experience and days have proven that the continuation of conditions and things as they are is very difficult. You may lose your job, work on your project decreases, or stop for a period of time, and thus your income will decrease. You have to be prepared to face the downtime or move from one job to another. Of the money and using it in an emergency that will help you weather the crisis, the emergency account can be a bank balance or things you can sell.
Monitor your progress:
Work hard and continue perseverance to achieve the goals will directly affect the progress, prosperity, and growth of your project, so you have to monitor your project and know the size of the transformation and increase in sales, you have to re-adjust the purchases of the production inputs that you will increase on, and thus the price will decrease. You should benefit from this point, so you must review Production costs, profit margins, and operating expenses accurately, as this helps you make the right decisions at the right time.
Buy at the lowest prices "negotiate before you buy":
Many companies put their products on the market at unreal prices according to their pricing policies, with the aim of reaching a comfortable price for them after applying offers or negotiating with clients on lower prices, and companies and establishments resort to this method to provide other services to customers other than reducing the price, such as in installments or the payment system. You should pay close attention to this matter and not buy until after negotiation.
Compare prices before buying:
I always look in the market for new and good offers and lower prices, not associated with one effort or company, so you miss out on your project a great opportunity to reduce expenditures and may get high-quality products from new suppliers. Also, your association with one party or one supplier may affect your project in the event that this resource stops providing you with production inputs, you have to be more aware of this matter.
Apply the prepay policy:
This policy helps you to maintain the liquidity in the account of your project or your establishment, motivate your customers to pay in advance by providing services of offers and discounts, this will reduce the problems of late payment and incomplete purchases.
