- Re-evaluate your prices.
Could you be selling your product or service for more? If your prices are too affordable, you may not be taken seriously. But if your prices are too expensive, you could lose business. Find that happy median, a price point that will help boost your cash flow without losing sales.
- Replace old equipment and inventory.
Whether you’re dealing with equipment or inventory, if either one is obsolete, not working or not being used, it should be replaced or eliminated completely. Selling your old equipment or having a blowout sale on products that don’t sell as well is another easy way to boost your cash flow.
- Re-negotiate long-term contracts.
Many suppliers and service providers are willing to work with you if you have been a loyal customer. Even if they aren’t willing to make changes to your account, you may discover add-ons and extras that you no longer need, improving your cash flow by cancelling those services.
- Incentives for early payment / penalties for late payments.
For many businesses, invoicing can be a painful process. If you find it hard to keep your clients accountable and loathe having to follow up when they’re late with payments, consider implementing an incentive and penalty program. You’ll save yourself time and resource costs.
- Improve your marketing.
Any improvements you make to your business will ultimately lead to better cash flow. Improving your marketing will reduce your cost-per-lead, boosting the value of your customers and opening up markets for your product or service.