PASSIVE INCOME STRATEGIES FOR MSMEs: SECURE GROWTH, STABILITY IN UNCERTAIN TIMES
Mint Mumbai|November 14, 2024
I Forging diverse passive income streams takes time, but steady approach builds a strong base
- Tarun Birani
PASSIVE INCOME STRATEGIES FOR MSMEs: SECURE GROWTH, STABILITY IN UNCERTAIN TIMES

In an increasingly unstable economy, financial resilience of micro, small and medium enterprises (MSMEs) is critical. A sound passive income strategy can provide stability for personal security and long-term business growth.

Passive income serves as a reliable safety net and a driver for future expansion. But, the first essential step is keeping personal and business finances distinct—a foundational practice for sustainable growth and effective management.

Separating personal, business finances

A core financial strategy for business owners is maintaining a clear line between personal and business funds, because if personal and business finances overlap, cash flow tracking becomes challenging, leading to accounting issues, tax errors and even compliance problems. Separate accounts streamline these processes, simplifying tax management, profitability tracking, and ensuring transparent financial records.

Moreover, separating finances builds credibility with banks, investors and creditors, who prefer businesses that demonstrate organized, professional financial management. A well-kept business account shows stakeholders that the business is both profitable and is committed to sound practices. To sustain financial separation and growth, entrepreneurs can take the following practical steps:

この蚘事は Mint Mumbai の November 14, 2024 版に掲茉されおいたす。

7 日間の Magzter GOLD 無料トラむアルを開始しお、䜕千もの厳遞されたプレミアム ストヌリヌ、9,000 以䞊の雑誌や新聞にアクセスしおください。

この蚘事は Mint Mumbai の November 14, 2024 版に掲茉されおいたす。

7 日間の Magzter GOLD 無料トラむアルを開始しお、䜕千もの厳遞されたプレミアム ストヌリヌ、9,000 以䞊の雑誌や新聞にアクセスしおください。

MINT MUMBAIのその他の蚘事すべお衚瀺
World Bank calls for reforming skills training in India
Mint Mumbai

World Bank calls for reforming skills training in India

India must make a coordinated effort to reform and rebrand vocational skill training, besides aligning education with the job market, to leverage its demographic advantage to meet the $5-trillion target for its economy, the World Bank said.

time-read
2 分  |
November 23, 2024
Mint Mumbai

FCPA cases take long to conclude after indictment

For investors keen to know the fate of billionaire Gautam Adani's indictment by US authorities, the watchword is patience.

time-read
2 分  |
November 23, 2024
Short-covering, relief rally add ₹7.27 trillion wealth
Mint Mumbai

Short-covering, relief rally add ₹7.27 trillion wealth

Markets up 2.39% to hit the highest in six months, a day after Adani's indictment

time-read
2 分  |
November 23, 2024
Wetter monsoon slows pace of adding new transmission lines
Mint Mumbai

Wetter monsoon slows pace of adding new transmission lines

India's addition of new power transmission lines fell by half over a year earlier in the April-October period as a wetter-than-usual monsoon slowed work.

time-read
2 分  |
November 23, 2024
COP29's $1.3 tn fund plan disappoints Global South
Mint Mumbai

COP29's $1.3 tn fund plan disappoints Global South

The 29th edition of the UN climate change conference in Azerbaijan emerged from a deadlock with an annual climate finance goal of $1.3 trillion for developing countries, much to the disappointment of the Global South.

time-read
3 分  |
November 23, 2024
Jaguar rebrand is pink, diverse and doesn't feature any cars
Mint Mumbai

Jaguar rebrand is pink, diverse and doesn't feature any cars

Luxury automaker Jaguar is betting that a colorful and youthful rebrand will help it successfully launch fully into the electric-cars market.

time-read
3 分  |
November 23, 2024
Mint Mumbai

Services up as manufacturing slows in Nov

The HSBC Flash India Services PMI was at 59.2 in Nov from 58.5 in Oct; manufacturing PMI fell slightly from 60.4 to 60.2

time-read
1 min  |
November 23, 2024
MSMED may protect medium firms too
Mint Mumbai

MSMED may protect medium firms too

The Centre may consider including medium enterprises for the protection granted under MSME Development (MSMED) Act, 2006, to resolve payment disputes.

time-read
1 min  |
November 23, 2024
Europe boosts Indian textile exports in FY25
Mint Mumbai

Europe boosts Indian textile exports in FY25

Demand for Indian handloom, apparel partly fuelled by Bangladesh crisis

time-read
2 分  |
November 23, 2024
Mint Mumbai

RBI nudges banks to cut speculative bet in rupee

The Indian central bank, in a rare move, instructed some banks to cut their long positions on the dollar-rupee pair on Friday, seeking to curb speculative positions with the currency at a record low, four bankers familiar with the development told Reuters.

time-read
1 min  |
November 23, 2024