One of the biggest problems businesses face in the world today is maintaining a solid cashflow. It doesn’t matter whether you are running your own independent little store, or whether you are selling products from the comfort of your bedroom. The one thing that most start-up businesses make a mistake in is the fact they put other business practices before their cash flow. Building a brand is important, and it’s going to be something that helps to sell you more to the public, but you need to ensure you have put in place a good level of cash flow. Otherwise, your company simply won’t be around long enough to worry about the brand image!
There are plenty of ways you can keep a solid cashflow moving through your business, and we’ve put together a few of these so that you can do the best for your company at keeping it afloat.
- Always know your expenses and keep track of them. Where possible, don’t discount things that you offer because selling anything that could potentially mean a loss won’t be worth anything to your company. Keeping track of expenses with good software is as important as tracking your incoming cash with Stripe bank feed in Xero. You need to make your cash flow as simple as possible and tracking that cash has to be easy!
- Add value to your products and services by bundling them together. You can minimize your costs while maximizing your effort and value of what you can offer to people. It’s a great way to bring in more customers, better your cashflow and with a low risk. What’s not to love?
- Where you can, encourage more business from existing customers. Every business with a loyal customer base should be utilizing the people who already buy from them. Learn what they like, learn what they don’t like and focus on that. This way, you can keep them coming back for more from you, you’ll have created a loyal pool of customers that you can grow from and you can rely on your cash flow.
- Add more to your products and services by expanding the back-end of them. Make your money go further by offering add-ons like a free hour of a service but the remaining hours are higher in price. Your company can go far with offers that keep people interested and if you are offering enticing services to keep people interested, your accounts will look very healthy.
- Presales should never be brushed aside! When you diversify or offer something entirely different from what you have on offer customers interests are piqued. You can get the best from people if you know how to hit your target market exactly. Don’t be afraid to offer presales on every new product for exclusive sign-ups; you have to make what you offer juicy enough for people to get stuck into!
Your company cashflow matters and making it as simple and smooth – and meaty! – as possible is important!