Uncertain times reveal the quality of your leadership. More than ever it’s important to focus on your values. It is important to understand how effectively you communicate and explore funding strategies like invoice financing to help your company weather the storm. Invoice financing can be a short-term and long-term plan for businesses to stabilise their cash flow, by accessing the money they have already earned, rather than waiting up to 90 days for their customers to pay.
COVID-19 has turned business operations upside down, hitting small and medium businesses hard. Many have been shut down for weeks, while others have drastically cut production. Deciding how to care for employees, maintain cash flow, and adjust business practices is the new full-time leadership role.
Here we will explore the 5 key areas for leaders to focus on in uncertain times:
Your employees are anxious: what will the future look like? Is their job safe? Will they be able to provide for their families? The uncertainty is overwhelming, and it’s made worse if they are not clear about what’s happening within the business they work for.
According to the Australian Institute of Business, effective communication plays a fundamental role in all facets of business. It helps to build and maintain relationships, encourages innovation and transparency, contributes to growth, and brings the team together. Now more than ever, effective communication is required from leaders to keep their employees updated and motivated. Further, you’ll want to be ready to listen to them and address any of their concerns.
Bring everyone together around what matters most to your company. Focus on your core values, remind employees and yourself why you do what you do, and think about why it’s worth fighting for in uncertain times.
Re-examining your core values is important in the best of times, but it is crucial in uncertain and difficult times. Be creative and personal with your approach to let your customers know why you exist and how you can help them.
In the face of COVID-19, BCashflow Positive‘s core goals of helping Australian businesses improve their cash flow while providing top-notch customer service and supporting them at every stage of their business haven’t changed. We have been in business for over 30 years, and our team continues to focus on these core values every day.
You have to manage the day-to-day priorities, but you will also have to think about how to emerge from this challenging time. Invoice financing should be part of both your short and long-term plans to stabilise cash flow for your business.
How does BCashflow Positive invoice financing work?
Invoice financing can solve your short-term cash flow problems by covering the gap of slow payments during COVID-19. BCashflow Positive provides flexible invoice financing solutions with the key differences below:
Invoice financing with BCashflow Positive can be a part of your long-term solution to achieving a more consistent cash flow while servicing growth. BCashflow Positive is transparent about fees, so there are no surprises. Use our calculator to work out how much funding you can get and how much it is going to cost. Invoices are funded quickly, and you can get approval within 24 to 48 hours.
Speak to a cash flow expert today to find out how BCashflow Positive invoice financing service could aid with your short- and long-term cash flow goals.
Even in a leadership role, you’re not expected to know everything. Indeed, people will trust you more when you can admit you don’t. Reach out to other experts in your field with questions and encourage your employees to share their ideas. No one has ever gone through a situation quite like this, and there’s no better time to work collectively by sharing ideas.
While your employees are working from home, make an effort to stay connected with all team members to make sure they feel like they are still part of the team.
According to Angela Lee Duckworth, an American psychologist and author of a New York Times bestseller, grit is having passion and perseverance, sticking to long-term goals, and having the emotional stamina to keep going when others have given up.
Grit is living life like a marathon, not a sprint, she says.
To practice grit in the current environment, keep a level head. Demonstrate your commitment to working through the challenges by maintaining your expectations for high-quality work, following through with what you say you’ll do, and looking on the bright side. Be ready to try new ideas, like invoice financing to stabilise cash flow and new technology to help your employees adapt to the new normal.
Despite the challenges, there’s an opportunity for your leadership to shine by communicating and connecting with your team, focusing on your core values, and showing your grit as you work towards your short-term and long-term goals.
If improving your cash flow is a part of your short-term and long-term plans, contact us by calling 1300 937 292. With more than 30 years of experience, our business is equipped to help you through this challenging time and beyond.