Image by: 401(K) 2013
By Theresa Grant
When it comes to your business; you have to keep numerous options open about how to get your cash flow started. Once your cash flow is coming in; you then have to look at what you want to do about the future of your company.
Are you happy about where you’re at with your business? Let’s be honest ladies; if I told you a few tricks to boost your cash flow, you can’t tell me that you wouldn’t implement these tips. We are always striving to build the next big thing – so let me tell you how to boost your cash flow!
1. Accept Credit Cards [Or PayPal]
The first thing that will ruin any business in this day and age is to not be able to accept credit cards. I cannot tell you how many cafe’s I have seen that went under because they were a cash only business. A lot of businesses don’t want to pay the 2% they would have to pay to use a credit card machine.
With technology thriving; you can apply to have an Intuit card swiper for your iPhone/iPad/Android based smartphone. In just a week or so, you’ll be able to start accepting credit cards. Unfortunately, the Intuit card reader takes out 5% tax when using the card reader so you’d be better off purchasing a credit card machine.
If you’re an e-commerce site, make sure that your clients are able to pay via PayPal. PayPal has launched their Bill Me Later program where it acts as a credit card. Companies that opt into this program can also reap the benefits of selling their products.
2. Barter A Bit
When it comes to small businesses, it’s better to have a small sale than to lose a sale… no matter what the cost is. If you have to take a small $5-10 cut over a product or service, it’s smarter just to make the customer happy and take the cut.
If you do a great job [which would be required to keep your company afloat], then the customer will most likely refer your company/services to their friends. The best way to boost your cash flow is to implement discounts, allow the customers to barter (within reason), and then expand your customer base using referrals.
3. Rewards Program
I’m sure you have some cards in your pockets, ladies, that are customer reward programs from other companies. You don’t have to go print off a bunch of cards when it comes to starting up your rewards program.
You can just have clients fill out a brief form with their name, address, phone number, and email address. You can implement this by creating a spreadsheet within your company software and keep track of your customers on your rewards program if you have a small mom & pop shop.
If you own a bigger corporation, you can splurge to have a card that says this client is part of your rewards program. Make sure that it’s worth it by offering exclusive discounts, product incentives, and some kind of credit for future purchases.
No matter what you decide to do with your rewards program, make sure that it’s worth it for the clients to sign up. This will definitely boost your cash flow and even your customer base.