Are you looking at your business bank account and starting to sweat? With a seemingly never-ending string of expenses and bills to cover, a business can’t survive without a healthy flow of cash. If you need to increase cash flow, and fast, don’t make the mistake of taking action without a plan. Wondering how to generate cash flow in a business? We have some great ways to improve your cash flow without selling your soul.
How Important is Cash Flow?
Business 101 will tell you that cash flow is the blood running through the veins of your business. But you might not realize all that it does. Here are just a few benefits of a strong and consistent cash flow.
No More Late Fees
Are you robbing Peter to pay Paul? In other words, are you stuck in a viscous circle of borrowing money? If you’re using a credit card to pay for inventory but then trying to figure out how you’re going to pay the credit card, your business cash flow problems are worse than you thought. Having a steady cash flow can ensure you’ll never see a late fee on your desk again and you’ll be able to skip the interest and pay bills and purchase inventory with cash instead of credit cards.
Less Stress
Money might not buy happiness but it can take some weight off your shoulders. When you have a consistently positive cash flow, you’ll sleep better at night knowing you won’t have to stress about how you’re going to take care of payroll or pay the rent. Positive cash flow can also improve your relationship with suppliers. You won’t have to hide from delivery personnel because you haven’t paid the most recent bill.
Expand Business
Once you have a consistent cash flow that’s improving every month, you can start thinking about expanding your business. Maybe you want to open a new location or you just want to spend money on marketing to gather more clients. You can also offer more products or services, or add to your employee roster to extend hours or provide customers with a better experience. None of this is possible with a negative cash flow.
More Perks
Once your business is moving in the right direction, thanks to an increase cash flow plan and execution, you can start living the high life. This is up to you but some business owners start booking the best hotels on business trips. Some start flying first class. For some, it just means stocking the break room with an expensive coffee. Either way, you can provide a better work environment for yourself and your employees when you increase cash flow.
Increase Cash Flow…The Smart Way with Tradepay
In its simplest terms, cash flow is the difference between what your business bank account starts out with at the beginning of the month and ends up with at the end of the month. It’s just like balancing your household’s monthly expenses. If your overall balance seems to be shrinking every month or even worse, you don’t have enough to cover your bills and expenses, it’s long past the time to start thinking of ways to increase cash flow.
One way that can have you leaving more money in the account without sacrificing inventory or services is to use Tradepay. Tradepay utilizes a unique payment system that allows you to keep more cash in your account when making purchases. If you need to buy $1,000 worth of inventory, you’ll only pay $600 on Tradepay. How is this possible? You’ll make up the difference by paying the other $400 in Trade Dollars, a virtual currency that is used with all transactions on the site.
So you’ll still get your inventory, you’ll spend less, and you’ll have extra funds left in your account. Oh, and did we mention it’s FREE to use? You can learn more by exploring the site and signing up for your free profile.
Other Cash Flow Ideas
Need a few other ways to make sure your bank account stays in the green? Check out these simple ways to increase cash flow in your business.
Focus on Your Brand
Maybe it’s not your products or services but your message that’s keeping you from bringing in more cash. Hire a specialist if you need to but spend some time zoning in on your brand and making sure potential customers know what you stand for.
Invest in Evergreen Marketing
Stop spending money on printed fliers that just end up in the trash and look into evergreen marketing products, or those which can be used over again. Blogs are great examples. They can be used to generate new visitors to your website through search engines but can also be turned into social media posts that spread awareness.
Boost Company Morale
Sometimes your employees hold the key to making more sales, converting more leads, and improving cash flow. Consider throwing an event to let your employees know what they mean to you or start a friendly competition to motivate them to go the extra mile. Be the leader they need to create a more positive work environment and improve cash flow.
Save/Invest
It should go without saying that you should save where you can. If you have poor cash flow, cut unnecessary expenses and look for more affordable alternatives to supplies and services. This is a great way to take advantage of Tradepay’s unique payment system.
You can get the exact same office supplies, break room necessities, and basic business services for nearly half the normal price. And if you suddenly find yourself with an excess of funds with no immediate plan, speak to your business accountant about your investment options. Just make sure you’ll have access to the funds within a reasonable amount of time.
If you need to increase cash flow, there are plenty of ways to go about it, including our quick cash flow business ideas. Some are quick fixes while others can put you a path to business financial freedom. You’ll love the peace of mind and amazing feeling of success that comes along with making sure your business always has the cash it needs to grow.
