April 2023

सु र्खि यां

BE

DISCIPLINED TO BE A CHAMPION

TRUSTEE TALKS... I Can I Will The months of March and April every year seek special attention for business people, especially MSME entrepreneurs. The month of March gives jitters to straighten the books of account and make plans for the next year. The month of April tests their commitment to stick to the plan from day one. In my experience working with small businesses, I find that adequate importance is not given and time is not spent to make projections in line with vision or wish. India is offering tremendous opportunities for all businesses to grow. Of course, it is subject to committed actions by all. The first thing any business person requires is a mentor or a coach who can ask questions without giving answers. The question every business person should ask is, "Am I coachable?"

Lr. Shyam Taneja

EDITOR SPEAKS… Discipline is one of the most important personality traits in everyone's life. Nature observes it at every moment. The sun rises in the east and sets in the west; the moon changes its size on a daily basis. There is a set orderliness, efficiency, punctuality, and organisation in nature that helps us humans govern our daily tasks. It is this discipline that brings perspective to our lives! Then why must we not learn from the natural forces around us? Just like we perform our daily tasks methodically, why can’t business owners keep tabs on their income and expenses daily? This does not mean they have to update their books of accounts every day, but they must be mindful of their accounts and insist on regular reviews. It’s always better to track progress and be in control than to run helter-skelter like a headless chicken like most entrepreneurs during the month of March! Of course, iLEADians know better, right? I CAN I WILL

Trishha Jyotirmay Jhaver

The Indian MSME story is

great but can become

greater with financial

discipline Want to know how?

ILEAD वह मजबूत पेड़ है जो सुनिश्चित करता है

कि आपकी कं पनी साल भर फलती-फू लती रहे -

धूप में पनपे और किसी भी क्रू र तूफान को झेले।

सोच सीख संगत संगठन

Want to

know more

about this

perennial

growth

tree?

Enquire

now about

ILEAD!

The Indian MSME

Sector

120 million people employed

633.9 lakh MSMEs in India

33%

of country's GDP

49.5%

of India's total

exports

Growth is possible

only when it is

properly planned

and accounted for!

लेखा बही व्यवसाय का असली

रंग दिखाती है। लापरवाही से

इसे यूँ ही छोड़ने से बचें

6 ways Book-Keeping help MSMES

1. अभिलेखों का आयोजन - When it comes time to budget, apply for loans or grants, or see if you’re turning a profit, bookkeeping discipline helps to find the information you need quickly.

2. सटीक वित्तीय रिकॉर्ड - Balance sheet, profit and loss account, cash flow statement are the key elements for reporting to your investors/ financiers/bankers.

3. बजट बनाना - An accurate understanding of how your business performed in the past helps decide a budget. Overspending reflects costsaving measures.





4. निर्णय लेना - Makes simple

decisions like applying for loan,

hiring employees and

submitting grant applications

become easier.

5. कर भुगतान - Business taxes can be

scary, time-consuming, and

stressful, not with updated

accounting records. They make

the tax filing process easy!



6. निवेशक प्राप्त करना - Businesses need

funding to succeed. That funding can

come in the form of owner’s equity,

grants, business loans, and investors.

But, investors need accurate financial

health before investing.



5 Corporate lessons

H O L I teaches us...

Burn Old Attitude

Enjoy Diversity

पुराना रवैया

जलाओ

विविधता का

आनंद लो

हितधारकों के

साथ समय

बिताओ

Spend Time with

Stakeholders

Embrace Achievements

उपलब्धियों

को गले

लगाओ अति उत्साह

से बचो

Avoid Over-enthusiasm

No matter which sector you fall into, the tools of ILEAD ensure financial prosperity. Enquire Now!

BREAKING MYTHS ABOUT NUMBERS

vs Accounting Accounting is a methodical record-

keeping system of monetary

transactions of business.

Finance Finance is the management of

funds in the best possible manner.

5 ACCOUNTING RULES FOR GOOD MSME FINANCIALS

Manage Cash Flow

Take a salary

“Cash is King.” For many businesses,

especially new ones, where credit

lines are limited and financing is

difficult, cash proves to be one of the

most critical assets.

Treat yourself as a company resource

and ensure to be monthly compensated.

Most fatal errors happen when owner

and business are treated as one.

Identifying a Path

to Profitability It is okay to take an early loss

in business but this cannot be

a long-term strategy.

Entrepreneurs must have a

path to profitability to attract

investors and succeed over

time.

Forecast the Future Be capable of making predictions

about the future of your business.

Make accurate predictions about

future revenues, future operating

costs, future resource needs, and

future profit levels to attract

investors, secure funding, hire

employees, and take on

additional clients or customers.

Comunicate about Money You must be comfortable to

clearly discuss the hard

numbers of your business—

with employees, vendors,

and investors or other

stakeholders. The more

clarity of communication

the better!

ILEAD SESSION AWARD WINNERS FOR MARCH 2023

Lr. Kehul Shah

Lr. Kirit Patel

Lr. Nisarg Shah

ने तृ त्व ले खां कन की तरह है ,

सब कु छ सं तु लित होना चाहिए



Want to support your child

to be a good leader?

Sign up for the LiMA Camp right away!









LiMa Camp Highlights

8-day summer camp in Himachal Pradesh under expert Mentorship Physical, Mind & Soul Development Focus on life skills and leadership Adventure, fun & self - exploration



To know the best accounting

practices for the sustainable

growth of your organisation join

the Live sessions of BUILD India 2.0



Click to follow the link

संगत में सबका विकास

Group meetings

of iLeadians

Togetherness

Motivation

संगत से सबका विकास

Taking Initiative

Learning with fun!

Value-added sessions for self-development



KNOWLEDGE SHARING

Choose the Sampark App

to connect and

communicate with your

fellow ILEADians

सुनो सुनाओ...अपनी कहानी से किसी की प्रेरणा सूत्र बन जाओ

Initiative to encourage

reading through Know your

Leaders favourite book

I CAN I WILL attitude re-affirmed

by Lr. Amit Nagrath

Lr. Pinal Shah explains his Ikagai

through poetry

The power of Now by Lr. Nisarg Shah

छोटे कदम बड़ी उपलब्धि की ओर

Hoardings of Member Leaders in the city of Ahmedabad

Do you want to be a part of a

system where Giver's Gain?

LEADER PARTH DESAI PRACTISING CHARTERED ACCOUNTANT

LEADER PARTH DESAI IS

ASSOCIATED WITH THE

FIELD OF FINANCE FOR

15 YEARS. HE IS PART OF

THE TEAM KR ICFO

SERVICES LLP, A

STRATEGICALLY BASED

ORGANISATION IN

MUMBAI, AHMEDABAD

AND BARODA.

OUR SERVICES INCLUDE BUSINESS STRATEGIES AND MANAGEMENT

CONSULTING AT ALL STAGES OF THE BUSINESS



A T T E N D A F R E E

S E S S I O N O F

ILEAD!

Connect with

passionate MSMEs

owners to

experience business

growth

NEED LINK FOR SIGNING UP AS GUEST

Scan the QR code to watch

the ILEAD sessions of 2023

www.icaniwill.foundation Write to [email protected] for suggestions, contributions and feedback

on this newsletter issue.