“Cash is King” is the famous saying. I never really understood the true meaning until I was in business. As an employee, you are fed cash each week, fortnight or month and you learn to manage that.
But as a small business we understand that cash flow is important.
During economic slowdowns, it is hard, if not impossible, for the small business owner to acquire the needed capital or credit in order to stay afloat. Those small businesses that survive understand the importance of cash flow.
Here are some easy ways to help preserve cash flow in your business:
Do not extend credit unnecessarily. You are not a bank, and you’re not getting paid any interest for allowing your clients more time to pay. Get your receivables under control.
Make use of technology and move to the cloud. The average small business should need to invest their cash in IT equipment that never gets used to its fullest capacity. At Rock Paper Digital, we utilise all kinds of cloud services from email services (Gmail), telephone systems (Skype), file sharing (Dropbox), office and file storage (Google Docs). Most of this is free or a low monthly cost. Let Google upgrade it’s systems, and provide a service to you.
Keep an eye on the tools you use and review annually the costs of those. We just switched from Mailchimp to Mailerlite due to significant cost savings. If you’re not using the functionality you’re paying for, there will always be a cheaper alternative.
Lease those items that depreciate in value, and invest in assets that appreciate. There’s no point in spending $20k of hard earned cash on office furniture that will will be worth close to zero in a few years. Leasing the items on a monthly payment rather than upfront eases your cash flow.
At Rock Paper Digital, we fully understand the importance of cash flow which is why we’ve now packaged our websites and maintenance services together in one monthly fee.
We can provide the following,
- Conversion optimised design
- Search Engine Friendly Website
- Responsive Design – so it works on all devices
- Maintenance Services to keep your site performing in top condition
- Help and Support
- Simple Monthly Payment
- No Minimum Contract Period
As your business changes and grows, your website is likely to need refreshing after a period of time. If you’re subscribed to our monthly package we’ll refresh your site every 2 years, free of charge! Again, there’s no sudden impact to your cashflow.
Check out our affordable range of website solutions to get you online effortlessly.
If you don’t know how to manage your cash flow you don’t have a business.
Download our free guide to learn how to generate new enquiries whilst you sleep using a lead generation system to automatically nurture and educate your prospects.
Does your business generate enough new enquiries?