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   • replace equipment, hardware and software that’s outdated and costing you more to repair and maintain then it will to invest in new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