7 Solutions To Solve Your Business Cash Flow Problems
As a small business owner, cash flow problems are the last thing you want for your business. You already have little time to dedicate to all the moving parts of running your company. Adding cash flow problems on top of running your business is just a disaster waiting to happen. It’s important to pay close attention to where your cash is going before it gets to that point. Being a small company means the amount of money you are laying out elsewhere needs to be monitored carefully.
You may have already noticed that banks are tightening their purse strings, so it makes sense that savings should be in the forefront of your mind. If you are a business that is generating, you should be getting innovative with the way that you save cash. The good news is that you can cut your costs, spend less money and add to your profit without cutting staff numbers. Check out our painless money savers below and add them to your financial plan.
- Bulk Buy. Office supplies and equipment are quite large expenses, even for small companies. However, if you buy these in bulk from your vendors, you can make savings in the long run.
- Processing Fees. If you sign up with the right cash discount program, you can eliminate merchant processing fees from your company. This helps your company to avoid large fees and offers a better way to deal with transactions.
- DIY Content Marketing. It can feel really tempting to bring in freelancers to look after your content on your website and social media. However, as a small business owner, no one can give your company the personality that you can. Doing it yourself will save you the cash you’d spend on someone else giving your company a voice and allow you a little creative control.
Image Credit: Her Creative Studio
- Always Negotiate. Suppliers will give you a price when you ask them for a quote. You have to remember that your suppliers need your business to function, and you have the power to try to negotiate the rates and quotes that you are given. Obviously, it’s not always nice to try and knock the price down too much, or you could lose the supplier.
- Automate. Time is money and as we mentioned, your most precious commodity is your time. The more that you automate for your business, the more you can spend your time on things that are worth your attention.
- Go Second Hand. Photocopiers, computer equipment and printers are all necessities for a functioning office, but that doesn’t mean that you have to spend thousands to get there! Scour the internet for second hand items and you can save yourself a bundle.
- Sharing Is Caring. If you have a small staff, consider an office share! A coworking space can bridge the gap from working out of your garage to working in a full office of your own.
Saving money has to be of high importance for a small business that is low down in the industry right now. You want to be a big and important fish in your pond and the right strategies for saving cash and growing is important.
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Brand Designer + Strategist
I help creative women design poppin’ brands and websites that catch the eyes, hearts, and pocketbooks of their ideal clients. Currently, I’m what you call a side hustler working towards the day I can go full metal jacket, don’t need the man’s paycheck, ENTREPRENEUR. My current plan is to quit “The Trap” cold turkey as of January 2019. You being here right now and reading this is just helping me get one step closer to my goal. So thanks a bunch!
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