Planning is key to any business throughout its existence. Every successful business regularly reviews its business plan to ensure it continues to meet its needs now, 2 years, 5 years, 10 years from now. It is a great tool to identify where you are now and in which direction you wish your business to grow. 60% of new businesses fail in the first 3 years (Durham City Incubator), overcome that 3 year milestone.
Plan and allocate resources effectively
When reviewing your business plan to cover the next stages of your business, it's important to be clear on how you will allocate resources to make your strategy work.
These resources may already be available within the business or may be required. This could mean recruiting more office staff, spending more on marketing, buying equipment or improving your cash flow and receivables management.
With adequate resources and cash in hand, SMEs can expand business operations and look to a long and funded future.
Expected planned growth is the definitive way to ensure there is a long road ahead for your business. Planned growth is certainly simpler to manage as it requires a steady cash flow. An unexpected rapid surge in business demand such as overflowing customer orders, may require deliving into cash reserves.
Invoice finance grants the capital for the planned growth and unplanned surges. By covering operating costs and freeing up time to focus on planned growth, it is a constructive and secure cash flow solution for business.
Could invoice finance be the cash flow solution for your business? Steady, secure and planning for a long future? Get in touch today.