‘Tis the season… for stress! As a small business owner, you’re probably all too familiar with the added pressure that comes along with the holiday season. But did you know that you might be leaving substantial sums of money on the table during this time? Luckily, we’ve got some tips to help you get your cash flow back on track post-Christmas. Keep reading to find out more!’.
Christmas is over and now it’s time to get back to business! For many small and medium-sized business owners, this means re-igniting their cash flow. Cash flow is always a big contributor to business stress but did you know you might be leaving substantial sums on the table during this time of year? At EzyGrowth we have some simple tips and tricks to help get your cash flow back on track and prepared for a successful 2023!
1) Review Your Accounts Receivable
2) Extend Payment Terms to Suppliers
3) Make Use of Technology
4) Manage Your Inventory
5) Get Creative With Funding
By following these steps, you can ensure that your business will be in good shape and ready to tackle anything this year. So what are you waiting for? Let’s get started!’
Get organized – create a budget and track your expenses so you know where your money is going
It may seem like an obvious first step on the path to improving business cash flow, but getting organized is one of the most impactful moves you can make. Creating a budget and tracking your expenses does more than just give you an overview of where your money is going. Having experienced bookkeepers and accountants walk you through the process can help you identify all the sources of expenditure, both expected and unexpected ones, that are draining your money. Once that’s out of the way, you’ll be in complete control again and well-positioned to reignite your business cash flow.
Review your pricing – are you charging enough for your products or services?
After the holiday season has come and gone, reinvigorating business cash flow can be at the top of your list. One key factor to consider is if you’re charging enough for your products or services. You may want to review your pricing and analyze adjusting it according to CPI (Consumer Price Index), market changes or other factors. Doing so can ensure that you don’t miss out on potential profits due to outdated pricing – a wise move for any savvy business owner!
Increase your sales – offer discounts or promotions to encourage customers to buy from you
After the holiday season, it’s time to get your business cash flow up and running. Offering discounts or promotions can be a great way to boost your sales and give customers a reason to shop with you. From giving previous customers an exclusive offer to introducing promotions to new shoppers, discounts are an excellent way to keep the cash flowing in. Even small adjustments like free gift wrapping or free delivery can make all the difference if marketed in the right way – so don’t let that extra bit of holiday cash getaway!
Improve your collections process – send invoices promptly and follow up on late payments
The holidays may have distracted you from your collections process, so don’t get caught out with piles of unpaid invoices post-Christmas. Avoid losing precious funds by ensuring invoices are sent promptly and follow up on late payments – staying on top of them will help lubricate the cogs of your business cash flow. Don’t forget how important it is to cultivate good relationships with customers even during tricky conversations around late payments – that way you can work together to create a win-win situation for all!
Reduce your expenses – cut back on unnecessary costs like office snacks or expensive coffee drinks
Kicking off the new year can be a challenge, especially when it comes to finding creative ways to improve your business cash flow. After Christmas, it can be easy for expenses to spiral out of control and before you know it things are looking a little gloomy in the books department. One simple way to revitalise your post-Christmas accounts is by cutting back on unnecessary office costs such as lavish snacks, overpriced coffee drinks and pricey stationery items. To take advantage of the hidden savings in your business expenses, book an appointment with an EzyGrowth team member- who will report back all the ways you could benefit from reducing costs and keeping more of that hard-earned money in your pocket.
If you’re feeling the sting of post-Christmas cashflow blues, don’t worry – you’re not alone. But there are some steps you can take to get your business back on track. First, get organized and create a budget so you know where your money is going. Next, review your pricing to make sure you’re charging enough for your products or services. Then, increase your sales by offering discounts or promotions. Finally, improve your collections process by sending invoices promptly and following up on late payments. By taking these simple steps, you’ll be well on your way to improving your business cash flow in no time. Contact us today for a free consultation and let’s get started!