Survival and growth strategies for CA SMPs – series II

Mind your cash-flow and staff

Understand exactly what your finances are telling you.

Calculate from time sheet cost time spend on each assignments and Issue invoices promptly and chase up debtors; don’t spend more time on assignments than you actually need as it will be straight loss; and keep in touch with your bank.

In addition,being SMP you should register with MSME and always quote your MSME details on invoice, you can impose late payment charges on any customer that does not pay on time.This will not only encourage prompt payment, but will also cover costs incurred by late payment.

Your staff are one of your greatest assets and could be the key to retaining clients and keeping your business running. Training is important to their personal development and the productivity of your business, so don’t be tempted to scrap your training plan.
Retention of old staff and grooming new staff to the ethical practices of firm leads to growth.

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