Quick cash flow solutions just might turn into attractive pre-sales for the coming year.
Like most businesses – small and large – you’re experiencing cash flow highs and lows during the holidays. Here are 10 ways to help manage the slumps:
- Stay Motivated
- Defer Founders’ Compensation temporarily
- Offer Annual Discounts to customers who pay for a year’s service in advance
- Get a line of credit that you can use “same as cash”
- Eliminate unnecessary expenses, though this is better done before you’re cash-strapped
- Re-engage customers, especially those you might have lost simply because you didn’t communicate with them often enough
- Consolidate vendors where possible – bundling!
- Restructure salaries to reduce bases or pay-out commissions after revenue received
- Include side projects, or temporary service contracts to get through the hard times
- Ask for up front payments or switch to autobilling by credit card rather than having techs pick up a check or cash payment after services are complete.
Read the full article at SmallBizTrends.com.
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