Wedding Professionals Blog

Cash Is King: 10 Strategies for Positive Cash Flow

Posted by Tammy Elliot

 

10 Tips for Increasing Cash Flow for Your Business: 

1. Know your business cycle.  When are your high and low demand times?  This impacts your cash flow and planning ahead will avoid cash emergencies.

2. Build a cash reserve of three to six months.  Save when business is booming.

3. Apply for credit when business is healthy.  It’s easier to secure credit terms.

4. Feed your sales funnel.  The more you put in the top of the funnel, the more that will come out the end of the funnel.  Add to your sales funnel daily.

5. Look for additional revenue streams.  Can you offer additional products or services as an upsell?

6. Inventory control.  Buy in bulk if you can save money and you know you will use the inventory.  Otherwise, think about costs vs. needs.

7. Plan big investments

8. Avoid debt as much as possible.  Ask for cash discounts if paying in full.

9. Increase your marketing activities and track your sales.

10. Review your financials monthly and make necessary adjustments.

Implement as many of these strategies as possible and you are on your way to keeping your cash flow positive!

(And be sure to download our FREE Basic Business Budgeting Tips
eBook below!) 

 

Basic-Budgeting-Tips-Small2 

 

Topics: Business Budgeting

Tammy Elliot was the President of Perfect Wedding Guide. Ms Elliot was responsible for the strategic development of existing and new products lines (print, internet, bridal shows), and the development of business and sales strategies for all company products. Ms Elliot has extensive experience in medial sales and management. Her career spans a multitude of mediums, where she has managed, owned, and/or consulted at numerous media outlets including radio, TV, cable, and print. She has guided numerous start-ups and turn around situations for organizations.
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