Cash Flow Strategies - Part Two

Oct 24, 2022

In last week's free business tip, I gave you some ideas for improving your business' cash flow.

This week I'm sharing with you some more strategies to consider that can improve your cash flow and let you get off that exhausting (and frustrating) money roller coaster:

  • Eliminate payment barriers: This can be a big one. If you do service calls, insist on getting paid in full upon arrival. Not only is that good for you because you get your cash faster, but a lot of customers prefer it as well. Encourage the use of credit cards and don’t charge more. Charging more for credit card payments creates a barrier you don’t want. Let your clients know how easy credit card payments are for them. If you must invoice, give rewards for fast payment and charge fees if they’re late. And stop service to those difficult clients that never seem to want to pay.

  • Invest in inventory software: If your business has inventory, look for software that can manage it and, ideally, integrates the financials as well.

  • Write down your daily operations: this is especially critical if your business is brick and mortar. Make checklists and put in writing who does what from the beginning of the business day right up to the moment you close your doors for the day. A more efficient business decreases money leaks.

  • Study your profit margins: your business may provide several different services or products. Carefully go over the profit margins for each one, and ditch the least profitable ones. Do this exercise at least twice a year.

  • Hire a good-fit accountant/bookkeeper: not all accountants are the same. Some do bookkeeping, as well, but some don’t. Unless you’re an accountant yourself, you probably want a lot of help with your taxes. You need to figure out a system that works best for you, and then hire a person that’s a good fit both for you and your business.

Once your cash flow strategies are created and in place, you’ll be able to bring in more money (and bring it in faster, too), spot and plug money leaks, build on your higher-profit areas while letting go of the least profitable ones, and keep better track of your cash flow.

If you are like most of my clients, as your cash flow improves, your stress and overwhelm will significantly diminish.

 


To your evolving success... I'm here for you :)


Bria

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