Current Scenario and the number one reason businesses fail

Hello everyone and welcome back to our blog.

My name is Rene Bonomi, CEO and Founder of Bonomi Desenvolvimento Empresarial.

I want have a discussion and learn from you, what you have been doing to manage the finances of your business. Do you think you have been managing your business well financially?

And the reason I ask you this is because I have seen in many cases of companies that were not managing their finances very well, and the number 1 reason businesses fail is because they not only run out of cash but also have failed to raise new capital.

Sometimes, when managers start to think about taking care of their numbers, it might be too late. For example, with the current crisis we are facing, investors are skeptical about investing in business overall. They will only invest if they realize the business is well managed.

So, if you realize your business need cash in the medium term, I suggest you start planning your fundraising strategy to have funds for a bigger period. For example, if you usually fundraise for a 1-year budget, I would plan for an 18-month budget.

Lastly, an advice I give to you is: start to very carefully take care of your business finance. And if you need some support, I am looking forward to see how we can work together.

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