Research and Develop New Products and Processes
As small business owners we are frequently told that we are the backbone of the economy, not only, do we create jobs but small businesses are actually innovation hubs. Due to the fact that more often than not small businesses are working in circumstances where every dollar counts, we are often the ones that have the big ideas in terms of streamlining processes. Unfortunately, many small businesses never attempt to develop the ideas they have because it can be very costly to take on the invention of new software or machinery. That said you can use Factoring or Invoice Factoring to release the capital you need for the project.
Government Support Available
You would be surprised at the number of government grants available for small business research and development. In fact, it is completely possible that come to the end of the financial year you will not be out of pocket with the assistance of government grants and refunds and you could be well on the way to revolutionizing your industry.
The fact that you will have to fund the research yourself before the grant money comes through is obviously a valid concern because often there is not too much available money in a business to allocate to such a cause. This is another situation where debtor finance could prove to be useful because it could help to bridge the cash flow gap.
Now that Cashflow is Financed
If you have an idea that you think is worthwhile exploring there is support in the business community for you to do it. Not only could you be enhancing your own business but you could be creating a product or process that many other businesses also have a use for, so consider invoice factoring to release your hidden capital to fund your project.