Business financial management (BFM) in the digital era.

  • Lyn Tukei and Violin Emily Godwill
  • Tuesday, September 6, 2022
Business financial management (BFM) in the digital era.

It’s a digital world and we all live in it. Sports, health, and business - you name it!

Prior to covid-19, businesses saw technology as a helpful tool in management, helping to introduce automation and faster processes. However, the pandemic forced companies to look at creative digital solutions so that they could function remotely.

Speaking of business, business financial management (BFM) has taken the digital migration by storm. From the comfort of their homes, business owners can conduct business remotely. This keeps a person on top of the business situation at hand, with an eye on the future.

BFM includes activities like; business capital availed by business owners, starting a business, working capital funds, buying and selling products or assets, initiating loans, issuing stocks and maintaining accounts.

So, what are the tips for managing business finance in today’s digital world, you ask?

Firstly, engaging the online audience on various platforms like social media is key. With digital transformation, business has shifted to where the audience is, online; Twitters spaces, Facebook, Instagram live, Youtube and other platforms are the new community meeting points for people and various stakeholders.

According to DataReportal, social media statistics for Uganda were 3.40 million users by January 2021, the number increased by 900 thousand (36%) between 2020 and 2021. Therefore, one of the of the sound BFM tips is having a strong online presence. That presence can also act as a market for the business’ products.

Thanks to BFM, business owners can manage their expenses skillfully. This negates the need for impulse purchases which cause losses. Due to the vast presence of service providers online, business owners are able to choose those with the best services at the most suitable prices. Before, this would have been impossible.

Marketing could never have been easier without the onset of BFM. It has led to the advent of online shopping which has bridged innumerable business gaps. According to BigCommerce, 43% of global shoppers research products online via social networks. Through online shopping, business owners are able to allocate useful capital to marketing their very own products. These are but two of the key merits of BFM.

Conclusively, the world has been catapulted forward with the global digital shift. BFM has been one of the key contributors and the biggest winners have been the business owners, grasping the several opportunities that it offers.

No generation has had the opportunity, as we do now, to build a digital economy that simplifies everything. It is a wonderful opportunity that anyone can grab.

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