Your Business

How Waddle can help small businesses tackle big challenges

Team Waddle  •  06 April, 2022

Small business ownership comes with its fair share of peaks and troughs. Every successful small business is constantly battling challenges while trying to leverage growth opportunities where it can.

At Waddle, we want to help support your business to achieve success, too. We believe knowledge is power, and that the first step to facing challenges is to be informed. Keep reading to learn about the most current challenges in small business, so you can be one step ahead in your business plan with Waddle's help.

Current business challenges in Australia

To run your own business is one of the many Australian dreams, but things can start to feel like a nightmare when your day to day operations also come with a myriad of challenges. Most businesses will face similar issues, however, some pain points can be specific to your industry or location.

Here are some of the challenges that 2022 is dishing up for Australia's business industry:

Disruptions to supply chains

Having a book of satisfied customers is usually one of the fundamental goals for organisations of every size and scale, but this has been made difficult thanks to major disruptions to global supply chains — largely due to COVID-19.

Limited resources can seriously affect your customer satisfaction regardless of whether you're an established firm or setting out on a new business venture.

Attracting staff and retaining staff

One of the large-scale movements that the past two years saw was a significant uplift in employees resigning from their traditional roles, opting for home-based hustles throughout the pandemic, starting businesses themselves or stepping out of the workforce to raise their children.

The hiring process can be arduous, involving long hours and time away from your main activities. Attracting top talent can be made even more complicated because suitable qualifications don't necessarily translate to employees who will promote the company culture you've worked so hard to embed.

Demonstrating effective leadership means investing the time and energy into bringing on board staff who can help drive business success, uphold the company's virtues, and gel with the existing cohort of staff.

Remuneration planning

One of the common challenges closely related to retaining quality staff is remuneration planning. No matter where you are in the business lifecycle, business leaders are now faced with trying to plan for their staff remuneration, taking into account the new format of working from home, wages growth, and needing to compete with other organisations.

New businesses need to do sound research into how to effectively remunerate in today's current market, while smaller businesses are challenged by finding the financial reserves to afford to meet staff expectations of remuneration across the coming years.

Securing sufficient funding

Growing businesses often need funding to get them to where they want to go. Many entrepreneurs understand the high importance of effective project management, which includes securing adequate funding. However, recently many businesses have not had the revenue they need to secure traditional business loans, or they are feeling the pinch of the bank tightening their purse strings!

Most business owners strive to avoid missed opportunities at all costs —› but finding the funds to take advantage of opportunities when they present themselves may prove challenging in 2022.

Shifts in consumer behaviours

Whether it's a sign of the times or simply continued social distancing efforts spurring new trends in consumer behaviour, consumers are expected to rely more heavily on smartphones through 2022 and communicate more heavily through social media.

If your business model is stuck in the past decade, you may find lead generation difficult, making it increasingly difficult to attract fresh business and drive sales. New technologies such as the introduction of 5G mean that digital marketing, including email marketing and social media marketing, are becoming more and more relevant. Building brand awareness should be key when it comes to solidifying your business in a challenging market.

For those business owners who have perhaps run their business in the more 'old school' way, it may be a steep learning curve to create content that will engage both existing clients and introduce new faces to their client base.

Remote work and managing burnout

Balancing quality work outcomes and home life is forever the golden goal of workers and owners of businesses alike. Mental health has been in the spotlight recently, with an awareness of burnout and the need for leaders to support the mental health of their staff. This, coupled with the demand for 'remote work' or 'work from home arrangements', means that leaders now need to wear many hats, and navigate the ever-evolving demands and needs of their internal stakeholders.

How can Waddle help small business owners?

Your business strategy needs to be robust enough to satisfy your business development initiatives, especially in such a competitive market. Waddle's innovative finance solutions can help small businesses in more ways than meets the eye.

Improve your customer experience

As a small business owner, loyal customers are your lifeblood; keeping a loyal and consistent customer base is vital to setting a strong and consistent foundation that you can work from to battle challenges as they arise. Unlocking up to 85% of your unpaid invoices through Waddle's invoice finance means that you can continue to delight customers with the products and services they've come to love, without waiting for funding to become available.

Having more resources often equals more money for small business owners, so using invoice financing may be one of the ways your company looks to overcome supply chain issues. By accessing funds before your customers have paid their invoices, you can keep your stock and inventory buoyant to service both existing customers and satisfy new customers alike.

Onboard or Remunerate Employees effectively

As your business grows, you'll want to ensure that your remuneration policy stays competitive, or even have enough funds to onboard that star employee you've been trying to win over. By accessing funds in your unpaid invoices, you can smooth out gaps in your cash flow in order to pay wages on time, offer short-term-incentive payments or afford the often steep onboarding costs of new hires.

Having funds available at the click of a button also means that your business can weather any leave days to help support staff's mental or physical health needs; you can afford to approve their leave when it suits them, not just when you can afford it. More importantly, you can afford to close the doors, even if for just one day, to recharge your staff's batteries and foster your work culture by holding team building or reward and recognition days.

Improve cash flow to take advantage of opportunities

Of the fundamental benefits that Waddle provides to small business owners, is the ability to free up your flow of cash. Small businesses are no stranger to pain points when it comes to the flow of funds. With Waddle, you don't need to wait around for customers to pay their 30, 60 or 90-day invoices before you can take advantage of opportunities.

Initially, funds are available within 48 hours once we have all of the required information. From there, accessing the available funds from your facility is as simple as just a few clicks.

If it's a bulk stock order, hiring staff, planning for remuneration, or even upgrading some of your equipment, let Waddle put your cash trajectory on the right path.

Many business owners, including small business owners, are discovering the ease of our user-friendly platform and the many benefits of unlocking unpaid invoices. If you're a business owner who wants to use Waddle to overcome your business challenges of 2022, then reach out to us today to find out how we can help you weather this year with confidence.

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