Cardi was on to something because while you may be passionate about your business and enjoy the work you do, at the end of the day, if you ain’t getting paid…issa problem!
Here are 10 effective things you can do right now to DOUBLE your cash flow.
Increase your prices – This seems obvious, but it’s a tough one. But at the end of the day – if you are super busy and aren’t making enough money to hire more people, then you are not charging high enough prices.
Work With Vendors & Suppliers – Renegotiate rates, build relationships with vendors – people you are friendly with give you the best deals. *Wink* Always try to get a lower price, buy in bulk, do your due diligence….this is major!
Lower overhead – Paying rent in an office space that you haven’t gone to in 6 months? (guilty) Drop it girl. Any subscriptions that haven’t served you any purposes lately? Throw it in the trash. Found something you can do for free? Do it and stop paying for it.
Efficiency is key – Time is money – what is something that you are dedicating your time to that isn’t serving you anymore? Are there places you can cut time spent on creating your products or services?
Make it EASY to Pay – ACH processing, debit/credit cards, click-to-pay email invoicing, recurring payments, Zelle…there are a million ways to get paid quickly. Say no to check-in-the-mail payments and get with the e-times.
Utilize Invoicing & Accounting Software – After you get paid, make sure you keep it all organized. The accountant in me would hate to see you getting money but not keeping track of it all.
Offer discounts for early payments – Incentivize your customers to keep paying you – throw a little discount here and there toward the ones who consistently pay on time. Everyone loves a deal.
Ask for payment upfront – Have customers or clients pay immediately or have them put down a deposit as standard practice.
Sell underutilized assets – if an asset is underperforming, get rid of it. Have an extra computer monitor that isn’t as helpful as you thought? Sell it! The cash can be used somewhere else.
Tax deductions – are you claiming every tax deduction possible? Is your tax rate the lowest it could be? Can you say that you are 100% certain? If not, you need to look into it. Or, get your accountant on the job.
So there you have it. 10 different ways to speed up your cash flow. Which one piqued your interest the most? I challenge you to implement it in your business. Just start. And watch the money pile up!
To more money in our pockets,
Chika
P.S. So often, business owners are looking for a CPA to simply ask a few questions or pick their brain to make sure they are going about business the right way. Does this sound like you? I’m in the process of rolling out 1:1 Strategy Zoom sessions that you can book with me and get all your questions answered. If this is something you may be interested in, click here. I’ll make sure you are the first to know!
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