It’s a funny old world at the moment, ain’t that the truth! Seems like one minute I’m debating which of my #40before40 list to tick off the next minute I’m not even sure if the children will go back to school this scholastic year. It’s stressful for everyone and I’m no expert BUT there are definitely a few things you can do to keep cash flowing in uncertain times.
Firstly, keep promoting your small business. Keep creating content, making products, doing what you do. I posted on Facebook earlier in the week about using online resources to enable you to still provide your services to others. Use scheduling facilities to enable you to take time out around the children.
How to keep cash flowing in uncertain times :
- HMRC Guidelines : Things are changing rapidly at the moment, keep up to date on current legislation and guidelines direct from HMRC for self-employed, small business owners.
- Business Loans : You could consider getting a business loan, Nucleus Commercial Finance provides secured business loan that uses a residential property, commercial property, or property portfolio as collateral, allowing your business to borrow what it needs when it needs it.
- Make Your Invoices Easy to Pay : With anything the easier it is to complete a task the quicker it will get done. Don’t over complicate invoice and if possible use electronic ones with a pay now button.
- Always Chase Late Payments : Being on top of your invoices and cash flow is the best way to stop uncertainty. You are a business remember as much as it may feel uncomfortable right now chasing invoices, we all need to be paid.
- Don’t Pay Early : By paying for bills on the due date gives you a bit of working cash in between especially if you are waiting for customers/clients to pay their invoices.
- Reduce Your Outgoings : Look through your current outgoings, can you change energy suppliers? This is always a quick and easy way to save money in your business (and home. Use cashback apps for rewards too)
- Sell Obsolete Equipment : Do you have equipment or office furniture or even excess old stock that you no longer need, want or sell anymore that is cluttering up space? Selling all these items could be the cash infusion your small business needs.
- Utilise Subscription Offers : If you have regular customers, purchasing the same products/services on a regular basis. Set up a subscription package whereby a customer pays a recurring price at regular intervals for access to a product.
Hope these suggestions help keep cash flowing in these uncertain times. If you have any more ideas or suggestions let me know.
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