Whether you’re starting up a new business or have a business that’s going through a rough spot, you’re bound to, at some point, find yourself in a spot where you need to raise funds for your business quickly. Fortunately, there are lots of different options and strategies you can utilize to raise money and get your business off the ground or back on track, whichever the case may be.
If you’ve been following the news lately, then you are likely aware that there has recently been a major drop in the price of oil, which is something that affects many countries around the globe. For Russia, that means that it has considerably less money coming in and that it has to do something about that problem…and fast. Its answer, thus far, has been to make huge budget cuts- by a whopping 10%!
All ministries and government departments are, as a result, hard at work making their budget cuts, which must total $9.1 billion. That’s definitely no small feat! However, it’s certainly not a brand new challenge for Russia.
Last year, Russia was again forced to redo its budget, and it was for the same reason- falling oil costs- then as it is now. However, these most recent cuts weren’t decided on until December of last year when the Prime Minister realized a problem was brewing and sought to take immediate action to try and correct it.
Do you think that sales increase, profit or loyalty of customers is the strength of a business? While all of these are important to the success and survival of your business, it should not be the only central focus. Yes, all three of these will help you during the survival of your business, but if you don’t have steady cash flow, your business will eventually flop. Remember, cash is needed to pay the utilities, employees and purchase inventory. Without it, you won’t be able to keep those doors open for long.
The main rule when it comes to personal finance is spending less than the money you earn. To advance financially, it is of utmost importance to save, especially any extra money that you make. Making more money can definitely improve your bottom line and give you added income to put in a savings or retirement account. These are limited ways to save money, but there are so many ways that you can make extra money to possibly pay down your debt or save for the future and also have a little fun while doing so.
Based out of Berlin, Number26 is a relatively new finance tech startup that offers mobile banking services to most of Germany, and is continuing to grow. Number26 is spreading into six additional European markets, and is successfully winning over customers from rival companies like Banco Santander SA and Deutsche Bank AG.