Increase the money in your business

There are three ways you can increase cash in your business TODAY:

1. SPEND LESS

   When you want to spend less you can

   • review expenses so you know where every penny is going

   • cancel memberships and software subscriptions you’re not using

   • reduce travel (if feasible)

   • negotiate with vendors, add vendors, and/or switch vendors

   • reformulate products and services to eliminate expensive or hard to acquire raw materials

   • discontinue under-performing products and services

   • reduce rework and waste

   • avoid over working work contracts

   • track your time - make sure your team is focused on the most high value activities that generate revenue and maximize profit

   • standardize processes to increase efficiency and productivity

   • replace equipment, hardware and software that’s outdated and costing you more to repair and maintain then it will to invest in new

   • avoid DIY

2. INCREASE REVENUE

   When you want to increase revenue you can

   • raise prices

   • increase the number of sales

   • increase the frequency of sales

   • increase the size of sales per buyer

   • make it easier for customers to buy (more payment methods, more locations, etc.)

   • discount underperforming inventory to turn it into cash

   • evaluate your pricing, adjust accordingly

   • evaluate the profitability of specific products and services - focus on selling the highest margin items

   • build a loyalty program to get customers coming back regularly

   • have and work your marketing and sales plan - always be selling

3. MANAGE CASH FLOW

When you want to manage cash flow you can

• negotiate payment terms

• invoice regularly 

• time when you pay expenses

• access credit and capital

• cut expenses

• increase efficiency - think automation and standardization

• manage inventory

• increase payment options

• set-up automatic payments from clients (ACH/bank transfer)

• put money in a savings account - make your money work for you

DON’T

• Panic - you won’t think clearly and you’ll make decisions you regret

• Get stuck - no decisions can be as bad as hasty decisions

• Offer discounts without analysis and a plan

• Cut marketing and sales budgets without analysis and a plan

• Randomly cut staff

• Cut staff training and development

Need help implementing these strategies? Let’s talk.