Ways,Kick,Start,Your,Cash,Flow business, insurance 10 Ways to Kick Start Your Cash Flow
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Is your cash flowing out faster than it's flowing in?This can happen for a number of reasons and can be asign that your business is growing at a faster speedthan you are ready to handle. Perhaps your bestcustomer has given you a $100,000 order -- but youneed cash right now to buy the supplies needed toproduce the product. Challenges like this one arecommonplace occurrences with businesses of all sizes.Without adequate operating capital, your ability togrow your business is limited. When this happens,you need a strategy that will either infuse yourbusiness with some quick cash or reduce youroperating expenses.Try one of these:1. Hold a Sale.You reduce inventory while brining in some quick cash.Offer a discount or other incentive to customers whopay now.2. Ask for Payment in Advance for Recurring Services.If you are offering web-hosting services, for example,offer one month free to customers who pay up front for12 months hosting.3. Lease Your Equipment.Purchasing equipment ties up large sums of money. Byleasing, your money is freed up to be used for otherpurposes. Often it is possible to lease a variety ofequipment -- including office equipment, computers,software, telecommunications equipment, vehicles andmore.4. Joint Venture with Another Business.Find a business offering services or products that arecompatible with your own and offer to promote eachother's business. For example, if you are selling healthfood products, offer to cross-promote with a businessselling fitness products. You'll both enjoy increasedsales.5. Obtain a Line of Credit.Bank credit is usually subject to standard ratios ofdebt to equity, working capital and profitability.6. Factor Your Accounts Receivable.Sometimes known as "invoice discounting," factoring isthe selling of your invoices (accounts receivable) forcash, instead of waiting 30-60 days to be paid by yourcustomers. Businesses of all sizes use this tool --which is available through various specialized financialinstitutions. The funder buys your receivables at adiscount -- leaving you with enhanced cash flow. Notall invoices will be appropriate for factoring. Thecustomer must be a low credit risk, there must beevidence of the transactions (such as a signed deliverywaybill) and the customer must verify that the debt isowed.7. Equipment Sale Leasebacks.You can use equipment that you already own to securefinancing. By transferring equipment assets onto anequipment lease, you can recover up to 100% of theequipment's value. The equipment remains in your ownpremises and you can continue to use it. You must ownthe equipment free and clear to go this route.8. Ask Suppliers for Credit.Or, ask them to extend your credit. Another possibilityis to discuss loan or consignment shipments from yoursuppliers.9. Stop Producing Dated and Low Profit Items.Stick with your core product until sales improve.10. Cut Back on Stock or Inventory.Ask suppliers to buy back stock at cost. You will haveto allow them an administrative fee. Order supplies orinventory on an "as needed" basis. Alternatively, youcould contact other small businesses that stock thesame inventory as you do and discuss the possibilityof bulk purchasing. Article Tags: Cash Flow
Ways,Kick,Start,Your,Cash,Flow