Small businesses are a key part of the UK economy and help the whole country to prosper. If you are building up your own small business, you will know that there is lots to do and it is not always easy. A great way to help your company grow is finding out what factors are key in driving future success. To help out, we have rounded up some important tips below.
Don't let unpaid invoices sink you
If you talk to most small business owners, they will tell you how important it is to get your unpaid invoices in check. You simply cannot afford to let them spiral out of control and have a negative impact on your cashflow. Even if you do chase unpaid bills up and get them paid, the resources it costs to do so are harsh. This could be in terms of having to hire credit control staff to do it for you or lose valuable working time chasing them personally. It is therefore key to get your invoices paid on-time.
Don't run before you can walk
Money really is key to building a vibrant small business - you just cannot carry on trading without it! While much focus is naturally placed on making money, you should also pay attention to how you spend it. One great tip here is to not spend lots of cash initially on things that you do not really need. This type of overspending can leave you without the necessary funds in your business account for emergencies or slow periods.
Get your marketing right
All small business owners know that you need to get your marketing right to succeed. After all, if no-one knows who you are, where you are or what you do, how can they spend money with you? It is therefore key to make a proper marketing plan when you start building your small business. This should set out your marketing budget, who your target audience is and how you will reach them. It is key to review this plan periodically to see where it can be improved or tweaked.
Let Penny help with getting invoices paid
As mentioned above, unpaid invoices can be the bane of a business owners life. They can certainly stand in the way of becoming a success! Here at Penny, our handy online app makes unpaid invoices a thing of the past.
Create and raise an invoice in just a few taps, Penny then gives you the option to get paid instantly and tells you upfront how it will cost.
Funds are in your account just as soon as we confirm the invoice - often in as little as 30 minutes!