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Having got off to a good start, a business typically aims to grow and explore new opportunities. To make this happen, businesses need to move in the right direction. This is especially true for a business in its early days when managing operations efficiently is a challenge, thereby taking precedence over matters of strategic importance such as goal-setting and business development. One way by which you can change gears from the routine rigmarole is making a #BizResolution. These are exactly like making New Year Resolutions, except that these will help you boost business growth in your enterprise.
A business resolution is like a promise or commitment you make to achieve specific objectives in the coming year. Since it involves your enterprise, the level of commitment to making it happen is high.
Here are 5 ways business resolutions can help drive growth in your business. Business resolutions can help:
Set realistic goals: While your company is being steered by a sound business plan, it is critical to break down broad business objectives into achievable goals. So, while your plan projects a specified growth rate, you need to identify smaller goals that will lead to this result. For instance, your #BizResolution could be to “improve relationship with suppliers,” which will have a positive effect on inventory, product availability, and therefore customer satisfaction and higher sales.
Drive business strategy: It is common for new entrepreneurs to get lost in the operational hassles and simply not have the bandwidth to focus on more value adding tasks such as digital marketing or human resources. The urgent matters take precedence over what’s important, and the business slows down for want of strategic inputs. In this case, a #BizResolution can pinpoint to strategic focus areas, thereby helping realign the business priorities for growth.
Upgrade skills: Running a successful business is a constant learning process, which involves learning from competition, adopting best practices, upgrading skills and so on. This is a must in today’s rapidly changing environment, which demands that companies constantly innovate. Yet, somewhere in this quest for efficiency, the learning element takes a backseat. Having a skillset-oriented business resolution can help foster a culture of continuous learning and skill upgradation.
Focus on expansion: A high-growth focus is what most investors look for before investing in a new business. To expand, you need capital for which enterprises usually need investors or lenders. Hence, you must assess the potential for new markets, new partnerships, complimentary product categories (upselling and cross-selling), new channels (online), and new customer segments. Making such growth-centric business resolutions will keep you firmly on the road to expansion and success.
Develop a niche product: A niche product builds on the premise that certain small market segments are typically underserved. Find your blue ocean strategy and explore a better chance to grow. Make a #BizResolution to invest time and effort into a promising, niche product, which allows you to differentiate your offerings and create an uncontested market space.
Business resolutions need not be yearlong commitments. Periodically assess your product or solution with respect to the industry environment and change tack—set new objectives or redraft your existing ones. The idea is to stay in tune with emerging opportunities and align your company with market needs to make the most of growth prospects.
Create your #BizResolution today and share it with us to stand a chance to win exclusive prizes such as: Exclusive tickets to a T20 cricket match in your city Amazon vouchers Click here to get started.
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Oct 24, 2018
SMEs are sometimes cash-crunched to provide credit to their customers. These customers often ask for 30-60-90 day credit after raising an invoice. Due to the absence of negotiating power, SMEs are often arm-twisted into accepting delays in payment. The gap in cash flows resulting from delayed receipts affects the performance of a company and its ability to run smoothly.
Such situations can now be easily avoided by using Supply Chain Finance, which allows a business to raise the necessary funds by using its receivables. Read on to know more about how supply chain financing can be a powerful tool for boosting the cash flows of your business.
When is Supply Chain Invoicing Needed?
Businesses offer a credit period to customers after executing an order and raising an invoice, since this helps them establish a stronger relationship with customers, build customer loyalty and receive recurring orders. While on one hand, SMEs need to deal with delayed payments from clients, they do not have the negotiating power to delay payments to their suppliers. Moreover, they need funds to make overhead payments and provide salaries to their employees. Even the most profitable SMEs may face cash crunches due to the time lag between having to incur expenses and actually receiving payments from clients.
If not fulfilled in time, this shortage of funds can weaken the smooth functioning of the business. This is where supply chain invoicing for small businesses comes to the rescue. The invoices are like an asset for a business, and can be used to overcome cash flow issues. Supply chain invoicing uses the accounts receivables of a business as a means to increase liquidity.
Invoice Factoring Versus Supply Chain Invoicing
There are two ways in which a business can use its invoices to infuse cash into its operations: invoice factoring and supply chain invoicing. With invoice factoring, a business sells its outstanding invoices, often at a significant discount, to a third party. Supply chain invoicing allows a business to use its outstanding invoices as collateral to secure a loan. Often businesses do not prefer invoice factoring since they do not like the idea of a third party contacting their clients to recover an invoice. This can have a bad impact on the relationship between an SME and its customers.
Supply Chain Invoicing for Small Business
If a small business has outstanding invoices, it can use these to inject cash into its operations. Capital Float’s Supply Chain Finance product does exactly that. The best news is that the benefits do not end there.
Fast Loans: For any business, especially an SME, timing of receiving funds is critical. Using cutting-edge technology, FinTech companies like Capital Float are able to meet the most urgent working capital needs of small businesses. In fact, the Supply Chain Finance product uses data-driven criteria to approve a loan within hours and disburse the sanctioned funds within just three days.
Convenient Application: One does not need to visit a financial institution and stand in any queues to apply for supply chain invoicing from a FinTech lender. One can apply online, at any time and from anywhere. With such options available, an SME can say goodbye to the hassles of obtaining a loan from a traditional bank. The application process for Supply Chain Finance is so smooth and easy that one can complete the application form even while traveling from home to the workplace. What’s more, Capital Float has a mobile app that makes the application process even easier. The complete process involves filling up a form and uploading the required documents, which takes less than ten minutes.
High Loan Amounts: An SME can receive as much as ₹1 crore to inject into its business. From as low as ₹1 lakh to as high as ₹1 crore can be secured to be used as working capital or to fund the growth of a business. An SME can borrow as much as 90% of the value of the outstanding invoices. One can use the supply chain finance calculator to get an idea of the amount the business can borrow.
Flexible Loan Tenure: With Supply Chain Finance, one can have a repayment plan between 30 – 180 days. The greatest feature is the one time bullet repayment option, which allows a business to repay the loan in one go, thus reducing the interest burden. Else, the business can repay the loan in easy monthly instalments.
Minimum Documentation: In order to Apply for Supply Chain Finance, a business would need digital copies of only a few documents. These include audited financials for the past couple of years, VAT returns and bank documents for the past six months, KYC documents of the business owner and the SME, invoices for the last three months and sales ledger for the last six months.
Do you raise invoices and then need to wait weeks or months for clients to pay? Did you know your cash requirements could be met with supply chain financing?
Now a business can secure the required financing without pledging any assets. The invoices are all that a business needs to infuse cash immediately into its operations. Revolutionary products like Capital Float’s Supply Chain Finance have helped solve the cash flow problems of many businesses. Moreover, being technology driven, there is complete transparency in the fees for this service. There are no hidden costs in acquiring this loan product.
Oct 24, 2018