Increasing Cash Flow
Is your small business having problems with its finances – specifically with cash flow? Finding the answers to this common problem can be tough. Thankfully. there are some things that business leaders and owners can do to solve this issue and prevent it from recurring in the future. No matter your budget, there are always ways to increase your sales and grow your business. Here are a few ideas to get you started to increasing your cash flow:
- Current Clients – Talk to your current clients who already know your business and have had positive experiences with you and your company. It’s much easier to upsell a client who already is familiar with your work, the quality of your product and services, and has already incorporated aspects of your services into their business.
- Ask for Referrals – In addition to adding services or products for your current clients, ask them to provide you with client referrals. If you know that a client is satisfied and happy with your products, ask him or her for the names and contact information of other small business owners who might also benefit from working with you.
- Re-evaluate your Pricing – When was the last time you looked at the pricing of your products or services? If your pricing is too affordable, you won’t be taken seriously. But if your pricing is too expensive, you will lose some business to competitors. Complete some careful research about the prices of your products as compared to competitors and how a price change may impact your business.
- Create Incentives for Ontime Payments and penalties for late payments. Part of the problem with cash flow is the issue of clients paying late or missing payments. Create an incentive program for those who pay on-time or even early.
- Re-evaluate your Assets. Is it time to look at underperforming services or products and pull them from your business? Consider what brings in the cash and what does not.