Expanding your business with limited cash flow is always going to be a difficult prospect. Lack of available funds is common amongst SMEs, not only due to late payment but also due to lack of finance available from the banks. If you’re looking into ways to boost your cash flow, such as with invoice finance, you can still make inroads into expansion on a limited budget.
Getting on the internet is one of the best ways to expand. While this could, by now, be common sense, it’s still important to have an up to date, well designed website. If you want a full online shopping site then it can be a big investment, but if you just want a simple website to market your services you’ll find it much more affordable.
Networking is a great way to build connections and relationships with contacts. There are many networks for entrepreneurs and creatives, so it’s worth taking advantage of these to discover new opportunities as well as keeping up to date with all the industry news. Building these relationships could also help to open new doors for your business.
However, if your business is struggling with limited cash flow, the best option is always to address the problem itself. Invoice finance can help a range of businesses with their cash flow – indeed, any business which issues invoices to customers can use factoring or invoice discounting to unlock the cash tied up in unpaid customer bills. Leaving these debts unpaid for sometimes months on end can stretch a business to breaking point, making day to day expenses out of the question as well as making expansion a hard task.
With the ongoing economic doom and gloom in the UK, it’s definitely worth sorting out your cash flow problems. While expanding with limited cash is possible, addressing your cash flow problems is often the best first step.