One of the harsh realities of starting a small business is that your first goal is to merely survive.
With the small business scene in Australia becoming ever more competitive, the bar is constantly being raised - but by using some smart strategies, you can ensure your business keeps it head above the water.
Focus on branding
Peter Drucker, the father of modern management, once famously said that there are only two things in business: innovation and marketing.
His words rings true even to this day. In a world where markets are becoming increasingly saturated and everyone is offering the same goods and services, there is a definite need to stand out from the competition. One of the best ways to do this is by establishing a unique position in the market by forming a strong branding strategy for your business.
Stay on top of your cash flow finance
Without a steady cash flow, your small business simply won't survive.
Even if you're recording a healthy number of sales, you shouldn't let your unsettled invoices stack up. Debtor finance, for example, is the perfect solution for small businesses looking to quickly get their hands on the cash they're entitled to.
Hold onto your customers
Although customer acquisition should be one of the most important goals for businesses of any shape and size, you shouldn't neglect the value of the customers you already have.
Keep the 80-20 rule of marketing in mind - 80 per cent of your business is funded by 20 per cent of your client base. If your existing customers are especially satisfied, they can even help you grow your business through referrals and recommendations.
Keep up with the times
There's no denying that businesses in every industry are being shaped by technology.
Just look at how the introduction of the cloud has radically changed the way we do business, altering our processes for everything from data storage to communication and collaboration. To survive now and into the future, your business needs to take a keen interest in the latest technological developments.
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].