Blog

It’s the start of a new year and the beginning of a new decade. This is also the perfect time to reflect on what your business has achieved in the last year, and what’s needed to achieve future goals. 

Here are some top New Year Resolutions to consider for fuelling business growth:

Set SMART Goals with KPIs and Benchmarks

Every journey begins with a destination in mind, and for businesses setting SMART (Specific Measurable Attainable Realistic and Time-bound) goals is an important first step when planning for growth.

When setting your goals, make sure you have Key Performance Indicators (KPIs) and benchmarks set for every goal. This will enable you to measure the milestones that are key indicators for your success.

Plan your Success

The key to many successful businesses is planning everything down to the smallest detail. Make sure that planning is one of your resolutions this year and don’t leave your success to chance.

Planning every step of your business journey will help you decide what you’re going to do, when you will need to do it, and what you should avoid doing to grow your business.

The best way to put your plans into action is to review your most recent success stories to determine what you did right and can duplicate, instead of reinventing the wheel.

Track Your Cash Flow

It is important to track your cash flow, particularly the peaks and troughs periods. This will help you determine whether your business has sufficient working capital or should look into getting cash flow financing to improve cash flow.

Also, make it a resolution to periodically complete a cash flow analysis for your business, as this will give you a clear picture of what your cash flow requirements are.

Get Paid On Time

It’s not a surprise that a large number of businesses struggle to get paid on time. As a result, they find it difficult to manage their cash flow.

Make it part of your cash flow strategy to follow up persistently on late payments. If your payments aren’t being received by the due date, send customers a follow-up email or make a phone call. Include a late payment policy in all your contracts which clearly explains the penalties that will be enforced if there’s a delay in payment.

Look Into Cash Flow Financing To improve Cash Flow

For businesses that offer flexible payment terms to customers, cash flow problems can be substantially compounded. Waiting for 30, or even 90 days to get paid, forces many businesses to fund their operations using some form of finance.

A flexible form of business finance is cash flow financing.

Cash flow financing can help improve your business cash flow by reducing the time it takes for you to receive payments. At BCashflow Positive, we can fund your sales invoices in as quick as 4 hours, so you don’t have to wait 30, 60, or even 90 days to get paid.

BCashflow Positive’s cash flow financing can help inject immediate cash into your business by advancing up to 90% of the face value on your invoices upfront. The remaining 10% is credited to you when your customer pays us. This will make it easier for you to meet your ongoing expenses such as ATO obligations, staff wages, and supplier payments.

If you are looking for a faster way to access the cash tied up in your invoices and to give your New Year cash flow a boost, call BCashflow Positive on 1300 937 292 for more details or CLICK HERE to get a quote.