“Hylobiz Business Hero's” Episode #1: Invoice Automation Story
“Survival of the fittest” — a principle by Charles Darwin states that survival is not about being the fittest or largest or strongest. The business that survives is those that can adapt to the changes.
In our hero story blog, we will discuss the story of a businessman Shyam (original name not disclosed) who bounced back on track despite several challenges and failures in his business.
Hero’s Business-Disruption Phase
Shyam was a bright student and enthusiastic about the organization from his early career. He always had the desire to do something big. Right after passing college, he started a food and snack cafe outside his college with the help of a loan from the bank.
During the early phase, he took time to understand the market and launched products according to the affordability and choice of the students.
His company was performing well because of his ability to provide quality food at reasonable prices. Shyam’s organization was running on the track, and after a few months, COVID happened.
Due to COVID, the college gets shut down for two years, which led to the shutdown of his company. He suffered losses and had liabilities to repay, and that too, without any income.
Hero’s Transformation Phase
After the shop closed, Shyam got a job and paid off all his debts. Once his situation normalized, he again started thinking about starting something new of his own.
Due to the harmful effects of plastic bags on the environment and living beings, every economy was putting stress on paper and cloth bags, and there was a huge supply gap. Shyam picked up this gap and thought of starting a unit to manufacture paper and cloth bags to support the environment with climate change.
Shyam started his bag company again with resilience and positivity. He invested all his money in buying machines and was left with less working capital.
Soon, he started selling bags to the retail shops on credit to gain market share, and being a small business owner, he was not maintaining proper books and was raising invoices on pen and paper. The invoice collection turnaround time was so high as invoices used to take longer to reach the buyer. And also, after the credit period ends, he has to follow up on invoices, which kills his efficiency and time. The manual invoicing was impacting his business in many ways.
Later, he procured inventory on credit to meet the increased demand but faced problems in paying back suppliers as his invoice collections were not on time. Due to poor cash flows, business health deteriorated and ROI went down.
Hero’s Bounced Back with Greater Results
When Shyam discussed these problems with his friend, he introduced him to a fintech app called Hylobiz, which he has been using for the past few years and has experienced effective changes in his business.
Hylobiz is a B2B fintech application offering technology-backed automation solutions to businesses to streamline their business processes.
By opting for Hylobiz, Shyam started raising invoices digitally and was able to share invoices with buyers instantly. Also, buyers can pay him using different online methods, which helped him improve his collection efficiency.
He got real-time tracking of invoices, receivables, and payables from his phone. He was also able to customize his payment follow-ups with customers, which saved him time and improved the operational efficiency of his organization.
Hylobiz helped him transform his business with its automated solutions. It helped in saving both cost and time. The business ROI improved, and cash flows turned positive.
With positive cash flows, he got raw materials at huge discounts by buying in bulk, which improved his company’s margin. Shyam started reinvesting his profits in the business and bagged huge orders from many areas.
With his retained earnings, he expanded his business with a new branch in another city, which resulted in improved ROI and business turnover.
Hylobiz’s automated solutions help SMEs and MSMEs to improve its efficiency with improved invoice collections. It also promotes better decision-making with real-time cash flow controls.
Automate your invoicing journey with Hylobiz: https://hylo.biz/book-demo/
Read our full blog here: https://hylo.biz/business-heros-invoice-automation-story/
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