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Congratulations! Your business is proving to be a roaring success. You have orders flying in and you'd like to take the next step to develop what is sure to be a successful enterprise.
However, you may find that difficult. While it sounds pessimistic, not all growth is inherently good, especially if the risks aren't managed in the right way.
If your company is planning for a period of growth, or if you'd like to be prepared so you know what to do when this time does come around, you may want to read on.
Chances of success
According to a poll by Dun & Bradstreet (D&B), 65 per cent of businesses are now more optimistic about company growth than they were in the past year.
Everything from employment expectations to sales, profits, capital investments and selling prices are on the up in the March quarter, giving many a reason to plan ahead.
However, the most common issue identified by the same business owners was cash flow. In fact, more than a quarter (26 per cent) said this is likely to restrict their level of growth for Q1 2015.
Planning for the immediate future
One common peril of quick development is the strain that sales can put on stock levels. If you are selling more than you're able to afford to bring in because your invoices are yet to be paid and reinvested, you may have to turn away significant orders.
Invoice finance is designed to reduce the time it takes to receive payment for your invoices from one to three months down to a maximum of just five days.
Similarly, many booming businesses will choose to take on more staff. According to D&B, hiring intentions are at 16.1 points, up 8.8 points from the same quarter in 2014.
That doesn't mean they necessarily 'will' take on new employees, however, because it can be difficult to afford them right away. Payroll finance gives you the money to directly boost your headcount, so you never have to turn customers away again from a lack of human resources.
Learn more about payroll and invoice factoring by using our finance calculator above.