After enrolling with VendorPayment, your company can expect to receive 100% of the invoice value for those invoices that qualify for the Vendor Payment Program (VPP). When you receive payments on overdue invoices through the State of Illinois Vendor Payment Program, your company may choose to use that cash to sustain or even grow your business. Here are five savvy ways to utilize those funds.
1. Shore up Infrastructure
If you’ve had to let the basics of your company fall to the wayside, consider using the new cash from paid invoices to get back on track. Get needed repairs done to your building, install better networking, purchase new equipment and/or vehicles, or invest in efficiency tools that could help your company be more productive.
2. Hire More Personnel
Many State of Illinois vendors have been forced to hold off on hiring new employees in the wake of severely overdue invoices. Consider hiring key personnel that your company needs to increase productivity and operate more efficiently.
3. Invest in Marketing
Marketing your business is the key to growth. You could invest your paid invoice funds in marketing, such as a new or updated website, online or print ads, video marketing and more. This investment could help build your business and make it stronger to withstand financial obstacles in the future.
4. Buy Needed Inventory
Have you had to forego buying inventory due to poor cash flow from unpaid invoices? Consider taking advantage of the money you receive from the Vendor Payment Program to purchase more inventory now. More inventory means the potential for more sales, which equals more profits.
5. Purchase Consulting Services
Business consulting services help businesses like yours create and reach goals, develop long-term growth strategies and create efficient approaches to product procurement, fulfillment and more. If your business has been struggling with any of these, this could be a savvy investment choice for your paid invoice funds.
There are lots of ways to use the money your company may receive after signing up with the Vendor Payment Program. These are just five ideas for you to consider. Your own choice should reflect your company’s individual needs and assessments.