Small businesses across Australia are looking for innovative ways to boost their cash flow in the future, according to a recent survey from American Express.
The survey found that businesses are turning to a variety of different tools in order to increase their revenue in the face of increasing competition. Among those surveyed, 41 per cent are now looking to invest in online resources and a social media presence in order to build their business.
Price discounting was also a popular method for companies, with this representing an avenue for 29 per cent of respondents. Roughly a quarter or respondents are also looking to grow their range of products, increase marketing and negotiating better deals with clients.
Martin Seward, American Express vice president of small business services, suggested these changes were being driven by growing competition.
"Small businesses are increasingly competing in a proliferated and cluttered market. But despite all of their challenges, time and time again they demonstrate a commitment to adapting while still maintaining an absolute commitment to customer service - a key focus for half of the small business owners surveyed," said Mr Seward.
With three-quarters of businesses reporting that it is getting increasingly difficult to navigate their market, organisations will need to be sure they have the right tools to drive future growth in their company.
Of course, boosting sales alone isn't guaranteed to a business's performance, especially if they are still experiencing high rates of unpaid invoices. Assigning these invoices to a debtor financing company is an easy way for organisations to support their existing growth strategies and build a profitable business.
As businesses across Australia look for ways to improve their performance across a range of measures, having the right support in place is going to be essential.
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].