It's always important to make sure you've got an ear to the ground and are listening out for what's going on around you in the business landscape of Australia.
SMEs are in competition with one another, but there's always something that can be taken away from others to get yourself on the path to glory. So, what are the Australian business leaders of tomorrow saying about the current situation surrounding business finance in Australia?
Getting ahead with the best cash flow
According to Chris Von Wilpert, the 24-year-old founder of Snow Joey, having a sound client base is one of the most vital parts of profitability.
Snow Joey has made a success out of flavoured ice - what can you take away from it?"I think it doesn't matter how good your idea or offer is, if you can't build that first base of customers then you won't have a business," said Mr Von Wilpert to Flying Solo.
"See what's working and modify your offer or approach if needed. With our business model, the more money we fundraise for our customers, the more profitable we are as a business."
Without a strong clientele, Snow Joey wouldn't have had the grounding to be profitable and therefore successful. According to the Scottish Pacific SME Growth Index for 2016, 77 per cent of SMEs that are forecasting growth are having to use their own personal finances to achieve this.
Many business owners don't want to rely on these sorts of measures, and there is a solution. Invoice finance from Earlypay can put money in your hand at a time when you would otherwise be forced to wait for clients to pay their outstanding invoices. This can take weeks and weeks, but with a tailored finance solution, you'll have the money you need to grow without needing to dip into your own finances.
Don't be afraid of youth
Many new SMEs are coming through the ranks earlier and earlier, and bringing younger faces with them. There's a lot to be learnt from these people, even though it doesn't look as though they have enough experience under their belts.
The youngest business leaders in Australia can bring a lot of wisdom."It's important to shake up ideas with fresh insight; it can be a real eye-opener," said 25-year-old Director of In a Designer Home Jamee Huntington.
"Don't forget to take time for yourself, concentrate on your health both physically and mentally and spend time with those around you."
It might not be something you're familiar with, but learning from the generations that are just emerging onto the business scene will put you in a great place with your SME.
Contact Earlypay to discuss how to get your business ahead 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].