Happy New Year!
After a good summer break, many business leaders will be returning to work refreshed and eager to get back into the swing of things. However, if 2017 wasn't the best year in terms of performance, the new year presents an opportunity to change the tide.
By setting various goals for your business in January, you can give yourself a good chance of making this year one of the most successful. Not sure where to start? Here's three ways to build your business in 2018.
1) Identify cash flow issues
For small business owners, cash flow is simple: every dollar counts. Of course, with so many administrative tasks that can affect your cash flow, it's easy to lose track of what's important, leaving your financial situation less than ideal.
Very few (8.5 per cent) Australian small businesses were confident in their cash flow.
In the SME Growth Index – March 2017 from Scottish Pacific, it revealed that very few (8.5 per cent) Australian small businesses were confident in their cash flow. In fact, close to three-quarters (72.1 per cent) noted that their revenue would have been stronger if their cash flow issues were resolved.
"Regardless of whether an SME had a growth or negative growth forecast, this clearly indicates the significant impact improved cash flow would have on revenue growth," Scottish Pacific CEO Peter Langham said.
2) Expand the team
It takes a responsible small business leader to identify when additions to their team are required. As mentioned before, administration can take a significant amount of time and this can remove you from actually running the enterprise.
If your financial situation is stable, 2018 could be the time to expand the team and tap into new skill sets. Over the course of a year, this new talent could have a major impact on moving your business in new directions and overcoming the challenges of the past.
Of course, one option could be to utilise the growing contingent/contract resources that are available in the recruitment market. This way, businesses can still expand the skills and scale within their enterprise while also balancing and managing ongoing HR investment against specific growth outcomes.
3) Work with an external provider like Oncore
For many small businesses, working with an external provider can provide the space and insight to grow. Take Oncore Services, for example. As we have worked with the recruitment industry for over 20 years, we have built solutions that take many of the administrative burdens off your team, allowing you to concentrate on what's important – business development.
Our flexible One Vendor™ model can even provide complete end-to-end solutions, including contractor setup, timesheet chasing, cash collection, payment and distributions. We also provide comprehensive cashflow management services, including a bespoke e-timesheet system, cashflow collection and management. With these important tasks covered, 2018 can be the year that your brand grows strong – not held back by unnecessary paperwork.
To learn more about how Oncore Services can help your business in 2018, get in touch with our team today!