Nagpur: Lady Entrepreneurs’ Wing of Vidarbha Industries Association (VIA LEW) in association with de Asra Foundation, Pune jointly organised the session to impart knowledge to the entrepreneurs about gain valuable insights into effective business planning strategies to kickstart as well as to learn the financial aspect for ensuring the success and stability of small businesses on 10th August 2023 at VIA Auditorium, Nagpur.
Eminent speaker on financial aspects, CA Renuka Borole, deAsra Expert & Owner of Renuka Borole & Co. addressed the participants on “Importance of Financial Discipline for Small Business.” She said generally, we have seen budding entrepreneurs are not much capable to handle all segments of businesses like finance, marketing, sales, production, etc. She advised, we should work on preparing a budgeting system in our business viz. nano, micro, small. This will help to grow, put our savings in future expansion of business and reduce unwanted expenditure. She said whatever profits we are earning from our business; we should also invest in other projects to generate more profits from other sources. One must possess a knowledge of costing, technical side and carefully look after all statutory compliance to avoid heavy penalties. Maintain the books of accounts, records book of business for reporting to Govt Departments, timely filing of GST, Income Tax
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She shared tips to improve your CIBIL scores, control on liquidity, all transactions should be done through banking instead of cash transactions. Cash transactions are not preferable for small businesses. She elaborated the PMEGP scheme, Government Subsidy, Incentives, Banking Loans available at minimum rates. She advised the entrepreneurs to purchase raw materials at lower costs, which will enhance your profitability. Market research is also important for entrepreneurs.
Rasika Mohidekar, Director of Shrikhandwala Food Products Pvt Ltd, Nagpur shared her presentation on “Business Planning to Start & Grow your Business”. She shared her business journey, how to cope up from failures, handle day-to-day challenges, understand customers’ needs, know your competitors, etc. She shared tips to maintain sufficient stock of inventory to fulfil future demand of the market, no compromise/maintain good quality, hygiene and safety of products to attract your regular customers. Make good relations with your employees, develop a healthy business environment.
Nowadays social media is very strong, use this tool to market and promote your new products, which will reach maximum people, she opined. For scaling up of any business, she said to study customers’ need and availability of products in the market. She said yourself is the best judge to analyse your products.
Vaishali Aparajit, deAsra Foundation moderated the session.
Initially, Rashmi Kulkarni, Chairperson – VIA LEW in her welcome address said VIALEW launched an eCommerce platform for entrepreneurs to market their products globally. This platform is very useful for those who are lacking and face challenges to sell their products online. This will be a good opportunity for ladies and entrepreneurs to display and sell their products and scale up their businesses. She further said LEW is coming up with their annual event “Udyojika – An All-Eves’ Exhibition” from 30th Sept and booking of stalls will start from next month.
Project Directors – Dr Anita Rao and Sania Ramchandani jointly conducted the proceedings and Dr Rao summed up the session and said take aways for participants is, be Professional diversities, Gap Identification to under markets requirement, take a break, if business is not in your favour, this will help to change your perception. Yogita Deshmukh, Secretary – LEW proposed a formal vote of thanks.
Prominently present were the Advisory Committee – Sarita Pawar. Immd Past Chairperson – Poonam Lala, Past Chairpersons – Chitra Parate, Neelam Bowade, Vandana Sharma, Shachi Mallick, and Manisha Bawankar. Vice Chairperson – Indu Kshirsagar, Treasurer – Poonam Gupta along with LEW Members, lady entrepreneurs, start-ups and ladies took benefits.
