Blogs
Five Ways to Bring in More Cash for Your Business - 6th January 2021
Now is the perfect time to evaluate your financial position and come up with innovative ways to add revenue streams and generate cash. Here are five ways you might consider to improve your cash inflow:
- Evaluate your current company assets.
Take a look at your assets, both
fixed and human. 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?
Think about what you currently
have and how you can do more with the assets you already have.
- Use the power of technology.
There are countless apps you can
use to serve your customers better. If you don't have a website, you should
consider getting one built if you want to establish your presence online. You
might also have online ordering options or online appointment booking for
consultations. If you're a professional services provider, consultations can be
booked with tools like Calendly
and go virtual through low-cost video conferencing options like Zoom and Go-To Meeting.
- Sell merchandise.
You might start selling
merchandise that is relevant to your business. You can ask your customers to
support you through these difficult times by buying a hat, a shirt, or other
products. This can work well if you partner with a charity or get your
customers input into the merch you will sell.
- Send invoices digitally and offer mobile/online payment options.
With social restrictions and
lockdowns, it is important to give your customers a way to pay you 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.
Drop us a message if you need help with this.
- Offer discounts and promos.
Almost everyone else is having a tough time just like you. So if you can, you
might want to consider offering discounts and special promotions to attract
customers even during the COVID-19 crisis.
These are just some of the ways you can bring in more cash
into your business. If you want to develop a focused approach and need tailored
business advice, feel free to contact us so we can discuss your specific
situation.
AV Chartered Accountants - Committed to Your Business Success
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