This is one of the most important elements of your markets management and you will need to set up effective financial handling arrangements.
This can be done by dealing in cash, with appropriate receipts, or through electronic systems. With markets offering incubation space to prospective SME’s, it can sometimes be difficult to predict your markets income, due to an often-high level of turnover, or churn.
Utilising the facilities of a markets industry technology provide, or by contrast exploring whether a website can cater for much of your market’s financial and other record keeping facilities, may be best undertaken after a test or pilot period.
Pilots are also invaluable for reviewing the systems you have implemented, as with hindsight and experience you may wish to reconsider some. Consulting the public at this time can also deliver new insights and, in combination with a marketing plan, reinvigorate your market in time for a launch.