Deepshikha Singh, Managing Editor
India’s oldest private carrier, Jet Airways was forced to stop its operations on April 17 after it ran out of cash, thus becoming the third airline in the country to fail in less than a decade. Another business failure is that of Kingfisher Airline. Launched by Liquor baron Vijay Mallya in 2005, Kingfisher owes banks, oil companies, aircraft lessors a whopping Rs 7,000 crore (Rs 70 billion). There are numerous other firms like Spicejet, Adani Enterprises, ADAG Group, DLF which are burdened with losses, mounting debt and are either shutdown or are on the verge of breathing their last. Running a business means putting money into production. While one might have little money at hand for the initial setup, chances are that there will loans, credit cards and investors involved in the process. However, whether a firm is a bootstrapped venture or you have lenders to back you, starting business often means getting into debt. Most business owners run into financial problems within one year of starting their business, due to debt that creeps up on them such as salaries, taxes, EMIs or credit card debt. No matter the amount of hardwork and effort that is being put into a business, its survival and growth are directly proportional to proper financial management.
With lenders tightening the reins on borrowers and the prices for everything from materials to services on the rise, many business owners are struggling under the weight of growing debt. We believe when in debt, seek advice. Thus, taking note of this, in our current edition of Consultants Review, we have featured a list of ‘10 Most Promising SME Advisors - 2019’. This carefully crafted list features some of the prominent names of the industry which are leaving no stone unturned when it comes to managing the debts and finances of their customers. I hope the list helps you in your future endeavors and we achieve our mission.
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