From Surviving to Thriving: 2021 Key Business StrategiesFeb 10 2021 in Invoice Finance
Businesses of all sizes in nearly every industry experienced difficulty in 2020. Whether they were struggling with cash flow and were forced to close temporarily, or transitioning their employees to work from home, COVID-19 presented a variety of challenges most of us never thought we would have to face.
It was a year of survival: businesses adapted and did what they could to make it out the other side. With 2020 behind us, it’s time to focus on adopting key business strategies to get out of survival mode and into thriving mode. Here’s how to start:
Focus on What You Can Control
There’s still a lot that’s out of your hands: government regulations, public trust and willingness or ability to spend money, vaccination rates, the virus itself, and more. Although it’s good to be aware of how they can affect your business, a better approach is to shift your energy towards what you can control.
This may include developing a new product or a new service that better meets customer demands in the current conditions, adopting a lean and agile operating model, reconnecting with your most loyal customers, or managing your cash flow with alternative finance solutions.
Adopting a Lean and Agile Operating Model
Agile organisations empower teams to make decisions, rather than relying on people at the top of the business hierarchy to make them. Those teams are encouraged to take action, learn from their mistakes, and adapt to move forward. This not only fosters a culture of improvement and innovation, but it also makes it faster and easier for a business to pivot when consumer demands change – and it can better prepare you for unforeseen challenges like COVID-19.
Combining agility with lean operations helps you save money. A lean business is one that focuses on more efficient business strategies to be able to do more with less. This approach helps you eliminate waste, improve sustainability, and reduce your expenses.
Going lean starts with you assessing your organisation’s processes and identifying opportunities for improvements. Once the areas of improvement have been identified, strategies to go lean could be adopting new technology and embracing automation to save costs. Enhancing process efficiencies, improving communications, or restructuring and redefining roles to improve employee engagement and reduce turnover.
Focus on Core Customers and Personalised Offerings
Identifying your core customers – those who are most likely to buy enough of your products to enable you to keep selling them – is essential for both survival and growth. Losing your current customers is a major risk, not only because they are likely to continue to buy in the future, but also because they are the people who are most likely to tell a friend about your business.
Keep your current customers coming back with personalised offers and solutions. Ask your customers for feedback to show them you value their input. Develop a loyalty program that rewards them for their continued support and encourages social sharing. Getting to know your customers and catering to their changing needs are also key foundations in building loyalty.
Cash Is King: Seek Alternative Flexible Finance Solutions
When slow payments start to affect your ability to pay suppliers, pay wages, and meet your ATO obligations, you will soon realise that cash is king. Getting a traditional loan in the current climate can be tough, and your business could be left waiting for weeks or even months. There is a simpler alternative, where instead of waiting 30, 60, or even 90 days for your clients to pay their invoices, you can access that cash in as quick as 4 hours.
BCashflow Positive has been providing flexible invoice financing to help businesses improve their cash flow for over 31 years, via a simple and transparent process:
1. Invoice your clients and send us a copy
2. In as quick as 4 hours, we’ll advance you with up to 90% of the invoice value
3. You’ll receive the remainder with any accrued fees when your client pays us
When you work with us, you will enjoy several benefits that can help you save time, money, and hassles:
Fast approval: A response is provided within 24 to 48 hours of receiving your application.
No hidden fees: Our transparent fee structure ensures you know what you’ll be paying—no surprises.
No quarterly audits: There are no intrusive shadow software or quarterly audits. We give you the freedom to run your business.
Help when you need it: Our friendly local team is only a phone call away to answer any questions you may have.
Since 1989, BCashflow Positive has been a trusted partner to help small to medium businesses improve their cash flow. We have offices in Sydney, Melbourne, Brisbane, and Perth, and work with clients all over Australia. If you are exploring strategies to thrive in 2021, then improving your cash flow should be one of them. Contact us today or call 1300 937 292 to speak to an invoice financing expert.