Your working capital plays a very important role as it makes daily business operations possible. This is especially important if you’ve just decided to buy a franchise. Working capital includes but is not limited to staff wages, transport costs, stock purchases as well as any other current assets. A good digital marketing strategy is crucial for any business.
Here are 5 ways in which your digital marketing franchise can improve working capital:
#1 Make Sure You Pay Your Creditors on Time
Delaying bills and creditor payments will add interest, which at the end of the day requires you to hand out more money. Paying on time will eliminate this problem and help to keep your financial reputation intact.
#2 Monitor Your Accounts (Money Going out and Coming in) to Your Business
It’s unfortunate that no matter what business you run, you’ll always experience bad payers. Make sure that you have a strong debt collectors team in place to get those payments coming in. The more your debtors pay, the better it is for your cash flow and working capital.
#3 Use Social Media Marketing to Advertise
You don’t have to stick to traditional methods of advertising because the cost for TV commercials, banners and billboards are simply very high. Instead, why not use social media networks and proper SEO practice so more people will be able to find your services online.
#4 Negotiate the Best Price with Suppliers
Since you’re a regular customer or client to your supplier, why not negotiate the best price to suit your budget. A franchise opportunity exposes you to a world of networking possibilities and connections, so make a good deal and negotiate the best price. If you are working with a white-collar digital marketing company, you can save even more money on SEO, content marketing, web design and more.
#5 Don’t “Stock Up” On Stock
Sure you need stock, but buying too much in advance may leave you with losses if it spoils. Take regular stock of what you have on hand and order accordingly.
Whether you’re a pro in content marketing or single-handedly run all digital marketing operations, the important thing to remember is that you need to use your capital efficiently. Contact Unibit Solutions for digital marketing services today.