Business Development vs Financial Management

The priorities of businesses are various and in the midst of recent times, these have changed substantially. Whilst prior to the pandemic, the focus for businesses was geared towards growth, this quickly changed to an extensive emphasis on survival as hard reality struck. As restrictions are easing and economies gaining speed, in this blog article we shall discuss the delicate balance between business development and financial management.

Financial management 1

Financial management

This remains one of the most critical components for the functioning of any business. Ensuring that budgets are well-managed is an integral aspect of sustainability and future prosperity. Several businesses engage financial specialists including accountants to help them manage their cash-flows, future projections, supply of funds and respective tax returns. This helps businesses maintain a more prudent approach which caters for the future, being able to take on real and safe investment opportunities. Another critical aspect of financial management is managing the profits that a company makes. A company’s profits may be used for several purposes and the related decisions would impact businesses for many years. They may be kept for contingency, or else allocated for innovation, expansion or dividends. Whilst financial management is an essential aspect for any organisation, it should not come at the cost of proper business development, which breathes life into a company.

Business development 1

Business development

Without making the money required to sustain an organisation, it is useless to discuss financial management. Following a period of economic contraction, businesses need to gear themselves to ensure growth and it is here where the importance of brand presence is underscored. Investing in your marketing and business development has never been more important, as the world now seeks to navigate through a post pandemic scenario. The pandemic has accelerated the need of effective business development and marketing. For one, businesses have come to appreciate more the importance of digital marketing and a strong online presence, especially as people were restricted indoors. In a post pandemic world, investing in the appropriate online channels and focussing on client acquisition is of paramount importance. In today’s competitive landscape, your business cannot afford to settle for sub-par online channels which include inferior websites and not properly managed social media channels. Time is of the essence and with every passing moment you may be losing out on visitors, prospects, leads and thus potential sales.

If you want to up your business development game, send an email to info@myc.com.mt to set your plans into action.

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