The impact of the current economic climate stretches much further than access to funding, business finance and general business performance. There are many other impacts, such as declining business confidence and, for many small businesses, the re-evaluation of brand values. The ongoing doom and gloom emanating from the business sector has translated into many SMEs reordering their priorities when it comes to running their business.
Research conducted by Creativepool has shown that many businesses are prioritising value for money over all other brand values. When submitting proposals to clients, this is ranked as the main concern, as a good value proposal will always draw in more customers. Of the 1,000 creative professionals interviewed, value for money came out on top of the priority list, followed by reliability and trust – this shows that giving customers a good deal is key to making sure that businesses are flourishing
Many more interesting facts and figures came out of this study. 71.3% of those interviewed believed that start-up businesses weren’t considering expansion into foreign markets, something that has been hailed by experts and the government alike as a way for businesses to boost their revenue in harsh times. Only 50% of interviewees believed that new businesses invested sufficiently in branding. Both of these points can be linked to lack of available cash flow – after all, if you’re going to invest in your business, you need the cash to invest in the first place.
If your business is putting value for money above all else, then you’ll want a way to improve cash flow that offers you a similarly good deal. For businesses looking to export markets or wanting to invest in their brand image, invoice finance can free up the capital needed to let you make these investments. If your company issues invoices on a basis of 30, 60 or 90 days, then you can unlock up to 90% of the cash tied up in an unpaid bill within 24 hours – if you need to improve cash flow, then invoice finance can help.