Tech-Know: The 3 Unsung Heroes of Technology Business Finance

There is a lot of finance information out there for technology businesses, covering topics like start-up investment, funding platforms and financial planning. However, there are other finance points that technology businesses need to assess. These include:

 

1. Ensuring a Healthy Cash flow

Technology businesses move in a fast-paced world. As such, you need to ensure that you have got a steady cash flow to fund your expenses – this is applicable whether you have low or high overhead costs.

Make sure that your invoices are properly set out to encourage prompt payment – this should include a deadline, as well as penalties for late payment. You may also want to consider invoice finance, a form of funding that advances cash from unpaid invoices for immediate use.

 

2. How to Price Products and Services

Pricing is tricky, whether you’re selling products or services. Apple customers, for example, aren’t just paying for products; they’ve also bought into the culture crafted by the company.
Rather than set prices based on costs plus a desired profit, consider pricing based on the value of your products and services. This way, you’ll be charging your customers what they’d be happy to pay.

 

3. Saving On Currency Costs

Whether you’re importing raw materials or exporting the latest technological solutions, currency costs can eat into your profits. Businesses with international payments can save money and minimise risk by securing a currency-buying strategy in advance.

Opting to set favourable currency rates in advance can help protect businesses against rate fluctuations later on, and allows them to budget in advance.

 

About Smart Currency Business

Smart Currency Business is an international money transfer specialist with dedicated technology industry expertise. We work closely with companies in tech across the UK to provide personalised currency exchange services, helping them to save money and minimise risk on their currency exchanges.

For more information and useful resources, call 0207 898 0502 or email [email protected]