Business is going well; clients are satisfied, and you have a team of skilled professionals. Growing and expanding is important, but first you must scale. Resources and talent are extra costs. You might struggle securing cash if you depend on clients paying their invoices on time to generate cash flow.
What can small business owners do over to ensure they are ready for the increased cash flow demands of growth?
1. Hunt for the big fish
Growth requires a clear vision and focus. When you pursue a large goal, small fish don’t matter. However, catching the big fish requires an enormous amount of patience and strategy. Chess is like this: a long-term strategy is crucial to success, but you need to plan several moves ahead.
Think big – new products, better services, more options to suit clients’ needs. Set clear goals and objectives for the whole company, so that everyone knows where the business is heading. Think big to make a bigger impact.
2. Make sure all your ducks are in a row
Organising your business’s paperwork and archiving will save you time and money. Take time to clear out old paperwork, receipts and letters and make your office more spacious. Establish a system for incoming invoices, purchase invoices, and a cashbook. Being organised is key to growing a business.
3. Explore alternative financing options
Cash flow is the lifeline of a healthy business. Consider other options if you lack reliable cash flow. Invoice financing can help you access funds quickly and reliably, freeing up time and ensuring you maintain steady cash flow to help your business grow.
4. Follow the trail
To ensure your business is paid on time, it’s critical to issue invoices in a timely manner. With invoice payment periods increasing in recent years, it’s even more imperative to send invoices promptly so that they can be paid on time. This ensures that debtors have sufficient time to pay the outstanding invoice and assures your business will maintain positive cash flow.
5. Whisk up a new plan
Revisit your business plan and extend your original plans. Take the time to reinvest in this strategy and spritz it up with new bursts of energy and inspiration. See your plans through to fruition.
6. Start your tax return early
Resolve to complete your tax return as soon as you can. To complete your return, your accountant will need full records of your financial transactions. Therefore, it’s advisable to get started early so why not use this time over the Easter break?
7. Stay up to date with industry news
Understand who your competitors are and what they offer. During your downtime, read industry news. Stay on top of arising issues and trends.
8. Upgrade your equipment and systems
Conduct a review and assessment of operations. Improve output with newer equipment that may save time or implement different systems that produce better accuracy for business growth. The business will grow stronger with simple and effective tools. Consider asset rentals if you do not have the funds to purchase this equipment outright.
9. Reward your employees.
It is when employees feel valued and acknowledged for their contributions that they are at their most creative and productive. When your team lands an account or impresses a client, reward them. Celebrate team accomplishments with a staff outing. Employees are the backbone of a company and deserve appreciation for their work.
10. Celebrate your wins
Running a business can be challenging, so it’s important to take time out to enjoy your success. Enjoy a cup of coffee and a treat over the Easter break and take the time to re-energize. A refreshed and energized business owner can better lead their business to growth and success.
You need to manage these steps to expand your empire successfully.
To learn more about invoice financing and how it can help you, contact our friendly team today!
