Cash flow is a major issue for small-to-medium enterprises (SMEs) across Australia with unpaid customer bills costing SMEs $38,000 on average. Thus, being able to procure funds is an important part to keeping your business going. Here are a few quick ways to accomplish it.
 

Create strategic partners with the same target audience

Managing your cash flow calls for getting creative by having a partnership that is strategically put together with other like-minded companies with the same target audience. You can create a cooperative and pool together funds to leverage discounts from suppliers who typically provide them to larger enterprises that buy products or services in bulk. Also, a strategic alliance can provide revenue-growing opportunities when you share clients that may qualify for one another’s products or services. You can also develop strategic partnerships with service providers that can help you manage or automate your cash flow with recurring payments, such as IntegraPay. By automating payments, you can improve cash flow and reduce the need to chase customers for payments.
 

Develop affiliations with large client databases

If your business is still building its customer base, relying on a small number of existing customers can make it hard to manage your cash flow. Instead, reach out to affiliations that have a large database of clients, so you can have an opportunity to reach new audiences that can help generate cash flow.
 

Network with local organisations and community groups

However, local organisations and community groups can often be a useful resource for generating quick streams of cash flow. Attend a community group’s event or a conference help by local organisations, such as a city chamber of commerce or charity group. These give you ample opportunities to network so you can find more opportunities to find cash flow.
 

Leverage PR and media releases for promotional opportunities

No one will know about your business or its offerings unless you get the word out, and public relations is a way to get it done. Use press or media releases to promote opportunities, including competitions. Use these forms of media to announce what you have going on, and make sure your target audience knows who to contact.
 

Final Thoughts

By leveraging PR, strategic alliances and affiliations, and networking with local charities and organisations, you can create a plan that helps you to generate revenue which will lead you down the road of enhanced cash flow quickly.