How to keep cash flowing during turbulent times

Published: 22/10/2020

Who would have thought this time last year that a pandemic would close down the world’s economy? Yet, despite the best laid plans, COVID-19 had other ideas.

However, with a little ingenuity and some strategic thinking, it possible to put your best foot forward to sidestep the worst of the the impact.

With supply chains, sales and margins under immense pressure, it’s vital to ascertain what is and what isn’t within your control, and to identify opportunities to find a way forward.

Calm, clear thinking will help you make sensible decisions about how to cut the fat from your running costs.

Digital do-over

Is there a work around that will allow you move to a COVID-safe digital mode of operation? Setting up e-commerce on your website to facilitate online ordering is an ideal way to reliably predict demand and to create the right amount of product, with less wastage. In short, obliterate and automate wherever possible.

It’s time to get social

Did you know that 85% of Australians aged 13 and over have active social media accounts? That’s a whopping 21,675,000 people glued to their phones and computers.

It’s also good news for businesses wanting their share of attention from a potentially huge audience. Platforms such as LinkedIn, Instagram, Facebook and Twitter can help foster relationships with existing and potential customers.

But don’t forget to keep the conversation flowing by monitoring and responding to comments, questions and feedback. Good social media manners develop trust and brand equity, which in time, can lead to sales.

Have you thought about invoice funding?

Your business may be in better shape than you realise when you take into account the funds in your unpaid invoices. Grapple offers an innovative online invoice financing solution to close cashflow gaps to help fund your business growth.

A shortage of working capital is typically caused by the payment terms of outstanding invoices. However, your expenses, like suppliers, staff and overheads still have to be paid while you are waiting up to 90 days to be paid by your debtors.

Enter Grapple. The funds in your unpaid invoices act as security for a loan, rather than the need for a fixed asset security (such as your home). Within a few clicks, you can create a line of credit to give you access to working capital when you need it. All within a bank free zone. Winning!