For running a business successfully and ensuring growth in your business you need to assess the position of your business. This assessment is basically a comparison between the goals and milestones that you had set for your business with the actual current scenario in the business. It is necessary to check the status of your business at regular intervals. This will help you to identify the problem areas in your business.
Digital marketing encompasses all marketing efforts that use an electronic device or the internet. Businesses leverage digital channels such as search engines, social media, email and their websites to connect with current and prospective customers. This can also be referred to as ‘online marketing’, ‘internet marketing’ or ‘web marketing’. In simple terms, any form of marketing that exists online is called ‘Digital Marketing’.
Digital Marketing process broadly involves the following steps:
- Plan and Strategize
- Measure and Audit
Cash Flow Management for business is the process of monitoring, analysing, and optimizing the net amount of cash receipts minus the cash expenses. Net cash flow is an important measure of financial health for any business. It helps the business owner to analyse optimum cash needs; this can be achieved by estimating the monthly cash needs and identifying the sources from where these can be met.
Cash flow management involves:
- Knowing when, where, and how your cash needs will occur.
- Knowing the best sources for meeting additional cash needs.
- Being prepared to meet these needs when they occur by keeping good relationships with the debtors and creditors.