With over six million SMEs currently in operation across the UK, there’s no question how important these enterprises are in helping to drive our business, employment, and innovation success forward.
The past 18 months have proved to be an extremely troublesome time for many organisations, and not a day goes by without companies watching their cash flow or making difficult decisions to survive beyond a challenging climate.
With the added pressures to continuously evolve, further streamline operations, improve efficiencies, and scale up, what solutions should business leaders invest wisely in if they want to build for the future?
4 financial hacks to get SME owners started:
- Embrace hybrid working
- Make small amends and save big
- Cut down on manually-intensive processes
- Don't forget about invoice finance
1. Embrace hybrid working
As we all strive to move beyond the pandemic, many employees are favouring a more balanced approach to their working lives to both prioritise their wellbeing and help stop the spread of coronavirus. For many colleagues, a mixture of home and office-based time has paid dividends to their productivity and morale.
And when enterprises are doing everything they can to continue to provide safer alternatives too, it’s perhaps expected that we’ll see even more SMEs downsizing their physical premises to save on rent costs and utility bills. Plus, implementing an element of flexibility into your operations can be pivotal in relation to employee engagement and talent acquisition.
2. Make small amends and save big
Are there little things that your workforce and customers wouldn’t notice if you slimmed down? For example, could you digitise areas of your operations in favour of paperless alternatives? Not only could that save you on costly outgoings, it’s also really good for the planet!
Additionally, is it time you reviewed your internet and utilities providers? There are some amazing companies who continue to challenge industry giants in terms of fees and service, so perhaps now might be the time to look into other options – as long as you don’t compromise on quality.
3. Cut down on manually-intensive processes
If you’re regularly emailing customers about your latest product or service offering, tap into the powers of a savvy marketing automation platform to handle your routine tasks. Although this will be an investment, what it’ll soon mean is you can use your time more effectively to be more communicative with customers, strengthen relationships, and help your team’s workload.
Explore digital solutions for your HR and payroll services too, and look into outsourcing specific expertise – such as PR and accounting – so you can prioritise tasks, save on expensive recruitment drives, and be more productive.
4. Don't forget about invoice finance
Invoice finance is a funding facility helping business owners like you to leverage any unpaid invoices, alongside giving you an instant cash injection to support your SME.
Novuna business cash flow can help you to release up to 90% of your organisation’s invoices straightaway too, and you’ll no longer have to wait up to 90 days for outstanding payments – providing you with true peace of mind.