Now is a perfect time to evaluate your business finances and think about ways you can generate more cash flow.
Here are five ways you can bring in more cash to your business:
1. Evaluate your current company assets
Take a look at all your assets. Think about what you currently have and how you can use the assets you already own to your advantage – that advantage being to increase revenue in your business.
Could you make slight pivots to create a new form of income?
For instance, if you run a coffee shop or restaurant, could you start a delivery service or offer a drive-thru pickup? Should you charge for delivery?
2. Use the power of technology
There are countless apps and technologies that you can use to serve your customers better.
If you don’t have a website, you should really consider getting one built if you want to establish your presence online. Once you’ve got a website, you can add online ordering options or online appointment booking for consultations to reach more customers and make their experience with you easier.
If you’re a professional services provider, consultations can be conducted through online platforms such as Zoom or Microsoft Teams.
3. Sell merchandise
To increase cash in your business, you could start selling merchandise that is relevant to your business.
You can ask your customers to buy a hat, a shirt, or other products. For example, if you own a coffee business, you can make personalised brand coffee cups and mugs.
You can also get your customers input into the merchandise you will sell – that way, they’ll be more inclined to buy your product.
4. Send invoices digitally and offer mobile/online payment options
With ongoing restrictions and uncertainty around COVID-19, it is important to give your customers a way to pay you or buy your products/services without having to visit your office or store.
You can find a lot of reasonably-priced invoicing systems which allow you to send digital invoices and get paid online.
5. Offer discounts and promotions
Most businesses have been having a hard time over the last two years, but if you can afford to, you might want to consider offering discounts or special promotions to your customers. This will attract more customers to buy your products/services, and therefore increase cash flowing into your business.
This is just general advice to bring more cash into your business. If you would like more tailored advice from an accountant or financial advisor, contact us today!