cash-flowI recently talked about three things you could do right now to help your cash flow. I hope your were able to implement those three things in your business. And with that in mind, here are three more. These are a bit more long term, but will help your cash flow if you can implement them in your business.
- Package your products or services to deliver on a regular basis and take advantage of recurring billing. You could set up a product or service of the month club or an exclusive membership that your customers can subscribe to and pay you every single month.
- Partner up with a complementary business and have them sell your products or services as a value-added benefit. The two of you can brainstorm to find where you can get the most bang for your buck and then split the proceeds.
- Stay on top of outstanding invoices. Everyone wants to save money. Offer a small discount - two to five percent - to your customers for paying within fifteen days rather than waiting the usual thirty. Monitor and act quickly on any invoices that cross the thirty day threshold with no payment.
Small Business Expert Denise O'Berry is the author of "Small Business Cash Flow: Strategies for Making Your Business a Financial Success" a book about how to get, manage and keep your cash flow on an even keel and where it belongs - in your business. She provides small business tools, tips and advice to small business owners around the world on her blog at http://www.deniseoberry.com. Find Denise on twitter at @deniseoberry.