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Insights from a workshop leader: start your budget right with finance expert Ekta Sikder
Today meet workshop leader and former mentor Ekta Sikder , as she reveals how to start your budget when developing your business and her story, since she has been involved with SINGA.
About Ekta
Ekta Sikder enjoys meeting people and making new discoveries. She has spent over 15 years as a business consultant with a focus on start-ups, entrepreneurs and emerging businesses. Ekta prepares businesses to present themselves, their product and their plan to potential customers, partners, investors. As an independent business advisor, her focus areas include strategic growth planning, business development, and financial services. Ekta is originally from New York City, but after nearly seven years has happily made Geneva her home.
When launching your business, what is important to keep in mind regarding finances and budgeting?
While the idea of “developing a budget” can make many of us anxious, it is essential for understanding your business.
Start off by identifying your basic business assumptions – estimated sales and cost.
A sales forecast is an estimate of the quantity of goods and services you can realistically sell over a given period. You can base this forecast on competitor sales data, industry-wide comparisons, and economic trends.
“Understanding your financial plan is key in understanding the health of your business and to develop a sound future growth plan.”
Cost assumptions can be split into 3 categories:
o Fixed expenses: Expenses that are due monthly whether your business brings in any revenue or not.
o Variable expenses: Expenses tied to the sales of your company.
Example: if you take credit cards as a form of payment. You know you will incur merchant services fees; however, you don’t always know the amount.
o Start-up Expenses: this includes capital expenditures such as servers, software and assets needed to set up your office.
…And don’t forget to ask for help!
When did you join SINGA and what do you enjoy the most about working with the SINGApreneurs and the SINGA team?
I first joined SINGA in March 2019 as the mentor to Kindy Sylla, entrepreneur and founder of Syba Designs. Working with Kindy has been such a rewarding experience. As a mentor I have been able to support her on her journey forward, challenge her on her strategic plans and introduce her to my network to build quality business relationships.
“I am truly impressed by the talent and dedication of the SINGApreneurs and the SINGA team. They are an inspiration to anybody starting a business.”
This year, I was leading the budgeting and finance workshop. Working with SINGA has given me the opportunity to meet amazing individuals, who are discovering their own stories.
This has been an enlightening experience. Not only did I enjoy listening and learning from the SINGApreneurs, but I also got a chance to provide constructive and valuable feedback to help them present themselves in any future opportunities they have moving forward. What makes the SINGA Programs unique to me is that they are designed to guide emerging entrepreneurs and offer the critical support necessary to ensure continued success as they build and develop.
Useful resources to go further:
Investopedia
Investopedia helps in simplifying complex financial information to allow anyone to learn and develop their financial knowledge and skills. When I need a refresher on certain financial terms and/or business equations, this is my go-to source.
Capterra
Capterra is an online resource to help people find the best business software. It is a valuable tool in identifying various financial templates and models when building your budget.
GWEN: Geneva Women Entrepreneurs Network
GWEN: Geneva Women Entrepreneurs Network is a networking group to help launch, inspire and empower women from around the world who are now living in Geneva to turn their business ideas into reality and/or build their young startup into that successful company.
…and don’t forget to network! There are many advisors, mentors and industry professionals in Geneva willing to help!
Get in touch with Ekta Sikder:
Ekta provides independent advisory services to Geneva based start-ups, entrepreneurs and emerging businesses. Don’t hesitate to contact her:
+41 79 137 09 70
ekta@esikder.com
