New Financial Year Brings New Commitments For Entrepreneurs
Here are some unique takes on how to make 2017 your best year in terms of finance.
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The financial year (2015-16) has ended and all the financial records of previous year are closed. Entrepreneurs are also taking their new financial resolution for year 2016-17. It's time to change things for the better with hope and renewed vigour. At Entrepreneur India, we tried to find out what some of the leading entrepreneurs are planning to work on this new financial year. Here are some unique takes on how to make 2017 your best year in terms of finance.
Cash is King
"Cash in hand and cash outflow are most important metrics for us as a funded startup. Our resolution this financial year would be to base all our strategic decisions with diligent analysis of how is this going to affect the cash situation of our company and to make sure that financial prudence is percolated to each stakeholder on our platform," said Samar Singla, CEO and Founder, Jugnoo.
"As an entrepreneur I have 4 financial resolutions which I stick to: Cash is king, profit and revenues are just numbers; create structures to ensure details of every penny spent without hurdles; Financial freedom to every function to design and maintain their Proft and Loss accounts and costs and take accounting class to ensure understanding of debit and credit," said Pranav Maheshwari, Founder, Vistarooms.com.
Striving for More
"We have a financial resolution of 10x growth in monthly revenue by March 2017 and enabling direct monetary incentive for each team member on every successful shipment, achieving true inclusive growth," said Bhavik Chinai, CEO, Vamaship.
"As a recently-funded startup, our financial resolution is to ensure that we continue to grow aggressively and gain a large share of market in the next 6 - 12 months while keeping our overall expenses in line to allow us to create several new products that will help us change the landscape of the forex industry," said Nitin Motwani, Founder and CTO, BookMyForex, a marketplace for retail foreign exchange and private remittances.
"Industrybuying.com crossed 1.2 million visitors monthly recently and our goal is to achieve 2 million $ monthly GMV by Q4'16. In terms of GMV, we have grown by more than 100% in last 6 months and are targeting 25% Month on Month growth rate for the next 2 quarters," said Swati Gupta, CEO and co- Founder, Industrybuying.com.
"Voonik is looking to grow from $80 Million GMV to $550 Million GMV and end the FY16-17 with profit. We want to be the number one fashion platform in India by engagement and market share and grow from 10K to 50K sellers. We should be at 90% gross margin and recover the Customer Acquisition Cost (CAC) in the first month itself," said Sujayath Ali, Co-founder and CEO, Voonik.
Going back to the basics
"My resolution for this financial year would be to go back to the basics. Its important to focus on straightforward bookkeeping and cash outflow by assessing operational costs and future revenues and spends. Since I come from a finance background I understand the importance of making the right financial choices which I will be focusing on as far as my venture is concerned," said Prateek Rallan, Co-founder and CEO, Bundle of Joy
"My financial resolution for 2016 will start with building relations with our customers based on trust, honesty and complete customer satisfaction. Therefore we want to be a company where we could deliver good values to the customer and make a lasting impression. This will help us make profits in return for ourselves and our taxi partner," said Rakesh Agarwal, Director and CEO, Magic Sewa Pvt. Ltd.
A Year for Financial Prudence
"2016 is the year for financial prudence and discipline where the ROI on every penny spent will be factored in. This will also help startups work more on the 'wow' factors of their products and spend money where outcome is more certain," said, Vishesh Goel Co-founder, FitMeIn.
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