So, you've liberated the money that was previously tied up in outstanding invoices and your cash flow is in a much healthier place. With greater certainty over your capital expenditure power, you may find it's the right time to invest some money in growing your business - but where do you start?
Here are three ways you may like to invest your recently freed cash.
1) Technology
An estimated 38 per cent of surveyed small businesses predicted an increase in IT spending this year, according to a report published by Business 2 Community. With competitors aiming to improve their services, products, productivity and bottom lines with tech, many small businesses are feeling the heat to keep up.
2) Marketing
Promoting your business doesn't have to be expensive. Research, for example, can be time-extensive, but not costly should you spend the hours doing it yourself. The internet is a powerful tool, after all, and you may like to consider using it for your marketing goals.
For instance, social media marketing is relatively inexpensive compared to traditional forms of marketing, like television and print. Similarly, Wasp Technologies found that 59 per cent of small-business respondents rank their websites as an important feature of their business. With a good plan, you can aim to generate more commerce in the digital world.
3) Stock
Christmas is coming and so are your customers. If you don't have adequate stock levels, you may be sending more people away empty handed than you would like, and they're likely to go instead to your closest competitors.
Be sure to have the levels of stock to match demand as closely as possible. Run the numbers of your previous successes during the often busy festive period and start planning now to avoid disappointment - for you and your clients.
If you'd like to look into how debtor finance can help free up your cash flow, chat to our team today.
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].