Careful planning is essential for ensuring small business success

October 12th, 2016

Most budding entrepreneurs get into the world of small business management because they're passionate about their initial idea. If there's a product they really want to sell or a service they're dying to offer, they generally work on developing that offering first, then figure out the details later.

If you want your business to have real staying power, you've got to carefully plan for the future.

The details are of critical importance, though. If you want your business to have real staying power and not just be a flash in the pan, you've got to carefully plan for the future. This includes both short-term concerns, such as how you'll launch your business in the first place, and long-term ones such as your plans for continued production, marketing and sales.

It's relatively easy to have a flashy product that grab's people's attention in the first week or two. What's tougher is running a company that's built to last.

What exactly do you need to plan?

If you want to launch a successful business, there's a lengthy to-do list that extends well beyond simply creating a product. According to the Department of Industry, Innovation and Science, you should begin with an effective short-term plan for getting your business off the ground. Consider questions like: How will your company be structured? Where will you be located? Do you have a financing plan that will ensure you have access to working capital?

Answering those basic questions should be enough to get your company off on the right foot. Once you've moved past that stage, you'll need to begin planning for more long-term success. This will include challenges like marketing to a wider audience, meeting bigger sales goals for each month and maybe even pitching your idea to investors who can help you grow your business further.

Building strong customer relationships is key

As you start to fall into a rhythm with running your business, you'll find that your customer relationships are your greatest asset. After all, anyone can make just one sale to a given consumer, but what's more difficult is nurturing strong relationships that will produce many, many fruitful sales agreements down the road.

Regular communication with clients will help relationship building.Regular communication with clients will help relationship building.

Forbes advises that when it comes to relationship building, there's no such thing as too much communication. The more you talk with your customers and discuss the mutually beneficial relationship you have, the easier it will be to establish trust and reach a point where sales are basically automatic. This will help keep revenue flowing for the long haul.

Once you have relationships with customers built on openness and honesty, you can start to be more forthright about important things like deadlines. For example, if you have unpaid invoices on your ledger and you need to get paid in order to prevent cash flow issues, you can broach this subject more easily and get your company solvent again.

Invoice finance can ensure smooth money management

Sometimes, no matter how hard you work to develop strong relationships with customers and have open conversations about the debts you're owed, nothing works. You still end up with unpaid debts that make it difficult for you to meet expenses in this month. This situation may seem dire, but fortunately there's a solution - invoice finance.

With invoice finance, you can get the up-front cash you need to keep your company in business. Forget about waiting weeks to be paid - we can provide between 80 and 90 per cent of the total amount of cash you need within 24 hours. Then, you can turn around and use this money to drive real business growth.

If you'd like to learn how Earlypay's Invoice Finance & Equipment Finance can help you boost your working capital to fund growth or keep on top of day-to-day operations of your business, contact Earlypay's helpful team today on 1300 760 205, visit our sign-up form or contact [email protected].