Setting up a business can be an exciting time; you have an idea, perhaps even a physical product or invention, and you’re almost certain it’s going to make you rich.
Flash forward a few weeks or months, and you’re working 16-hour days trying to get your brand name out there, the start-up capital is all but gone, and your cash is not so much ‘flowing’ as ‘stagnating’.
If you feel like that, you’re not alone: a recent survey from First Data Merchant Solutions found that 39% of business leaders find their role more challenging than they expected.
Perhaps it is no surprise that more than 40% say running a business is time-consuming, but almost a third (32%) go so far as to call it ‘exhausting’.
A quarter of those surveyed singled out accounting and tracking finances as one of the tasks they have found more challenging than expected.
So what can you do?
Well, as we said earlier, you’re not alone. Businesses – especially new start-ups – are struggling with these same issues up and down the country, and all over the world.
Help is at hand, and you can either consult a business advisor who will help you to understand how to look after your company finances better, or you can outsource it to a third-party provider.
Each approach has its own benefits, and you might be tempted to try to keep everything in-house, in order to retain that ‘personal touch’.
But outsourced providers will often be able to run your credit control as a white-label service, complete with an inbound telephone number for customer enquiries that is unique to your company.
This gives the impression of a personal service, but with the professionalism of a dedicated outsourced credit control team.
And best of all, it frees up your time and energy to focus on the other aspects of running your business, hopefully meaning you’ll feel a little less exhausted in the months to come.