If talking about the most important thing in running a successful business today, most entrepreneurs tend to think about obtaining profits. Whether it is a new marketing strategy, finding trading channels that are different from competitors, creating interesting content, or using technology to help analyze customer behavior.

At the same time, financial matters are important if the entrepreneur manages and manages well. It will help bring more benefits to the business than before such as strategic financial planning and systematic accounting management. Because having a good financial structure will create credibility and lead to opportunities to access new funding sources used to expand business including business loans at lower interest rates. In addition, careful and concise financial planning within the company may allow entrepreneurs to see something that is often overlooked, such as hidden costs, interest, depreciation, etc.

Secret Sauce: Guidelines for Financial Institutions to Provide Easy Loans

Financial institutions have continuously provided financial assistance to entrepreneurs in various forms. If entrepreneurs want to be approved for lending from financial institutions to run their business quickly and flexibly, in addition to having documents and information ready. Entrepreneurs should pay attention to risk management within the company. This is usually a condition that financial institutions determine when deciding to grant credit. Entrepreneurs should present a business plan that demonstrates how well the company manages business risks, such as having a wide range of products on hand to diversify risks. Creating sales channels both online and offline to prevent being blocked by stores from selling products through social media. Showing the potential to expand the business within the scope of the business owner's expertise, etc.

Doing Business through Process Innovation

Currently doing business by developing products for commercial market (Product Innovation), both improving product quality, new product development or product enhancement. This may no longer be enough. In this year 2023, modern entrepreneurs must focus on developing innovation through processes (Process Innovation) to achieve better product management, such as using AI to analyze in-depth customer data (In-Depth Data). Analytics) to monitor changing consumer behavior. Creating a systematic logistics system to deliver products faster and more accurately including reducing operational procedures. For example, a leading Thai company has only one Chief Financial Officer (CFO) of the company but supervises all affiliated companies including designing the accounting department, finance department, and human resources department with a Shared Service structure, meaning that all affiliated companies can use human resources under the same platform.

All of these are changes in the organization's operations to respond to the changing business model. With the purpose of reducing product costs and focusing on meeting customer needs speedily, effectively, and keeping up with the business competition in today's world that is becoming more intense day by day.

Source: NIA SCB Innovation Based Enterprise - IBE 4: Turn Difficult Finance & Accounting to Sexy Items project seminar by Mr. Rachit Chairat, CEO AccRevo, February 8, 2023.