- Invest some time in a detailed and well researched cash-flow forecast. And once it’s written, go back and update each month with the actual figures so that you can see where you were right, where you were wrong – and where you can improve the financial health of your business. Of course, this then gives you a great basis on which to calculate next year’s forecasts.
- Look at tightening up on your payment terms. If you’re offering 30 days, look at cutting back to 21 or 14 (don’t forget to update any contracts and to give clients plenty of notice). Perhaps offer a discount or a little extra that costs next to nothing, in return for prompt payment? Everyone likes something for nothing.
- Re-evaluate where your money is going and whether you can release it or save it. Do you have cash tied up in stock that isn’t selling quickly enough? Are you paying over the odds for services? Can you save or even stop spending money in particular areas? Give your finances an overhaul and you’ll be surprised where you can make savings.
- Once you’ve made some savings, and identified where your money is going, get on top of your sales pipeline. Make regular new customer calls, think of innovative ways of keeping in the forefront of current customers minds and continually look for new ways of making new contacts. More customers and more sales add up to the perfect way of making more money!
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