Australian companies are increasingly turning to digital avenues to try and support future growth in their business, especially around taking orders for products, according to the most recent study from Sensis.
The company's survey of small- and medium-sized businesses found that a majority (57 per cent) are using the internet to receive orders for goods and services. What's more, 82 per cent are purchasing products online and 89 per cent are finding suppliers through the web.
While turning to online suppliers is a great way to lower business costs and boost overall revenue, there are still challenges that come from this option. When you source products across the country, rather than from local suppliers, it can be easy for invoices to go unfulfilled.
Fortunately, small businesses also have access to financing methods that can improve their cash flow and settle outstanding invoices. Tools like Debtor Finance can be used to unlock greater regular cash flow, without having to take on excessive costs.
While there are clearly risks that come from sourcing products and services online, companies are clearly still enjoying the benefits of these services. Among businesses with a website, 16 per cent saw a notable increase in sales once they built an online presence, with 66 per cent of firms now owning their own website and 54 per cent selling products online.
Among the most common markets for products were local markets (84 percent), but a growing number are also selling overseas (26 per cent).
Another 69 per cent of respondents indicated that their website improved the effectiveness of their business, suggesting that the benefits extend well beyond the increase in sales that a business can realise by heading online.
As more businesses take their products and services online, there is going to be an increasing number who are buying, selling and invoicing well beyond the original scope of their operations.
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].