There will never come a time when you don’t need money in order to run your business. Talk about stating the obvious, right? From your phone bills to your employees’ pay cheques to the restocking of your products on the shelves – there will always be necessities that will require you to maintain a good cash flow. It takes money to make money, of course!
Do you have the cash necessary to generate more revenue?
As long as you’re able to work with some kind of cash flow, you’ll be able to invest in a variety of methods of growing your business. Advertising is just one of those methods. Whether you decide to go as expensive as shooting a television commercial or as budget-friendly as handing out flyers, you’ll certainly need some type of available budget in order to afford it.
Renovations represent another popular way to invest in your business. In fact, many of Synergy Merchants’ clients have used their merchant cash advances for the purposes of renovating their stores. In addition to sprucing up their physical store locations, many business owners also choose to keep their company websites regularly updated. In today’s internet-obsessed world, this is actually a very important practice!
Do you have the cash necessary to pay your employees?
Let’s never forget the undeniable importance of your staff. Without them, your business couldn’t function. The last thing you’ll want to do is run into any financial trouble that may inhibit you from being able to afford your payroll. Employee morale, is should be noted, is a key ingredient to business success. When your staff members are happy, they are generally quite productive. Not to mention, happy employees are needed to generate happy customers.
What are the best ways to generate better cash flow?
Some business owners get caught up in being too nice. Being honest here, it’s wise to insist that your customers submit payments by specific dates. When you allow your clients to take their sweet time in paying you, it seriously impacts your cash flow situation. As soon as your products have been delivered, send that invoice and insist upon payment by a particular deadline. Don’t hesitate to follow up with a friendly phone call to ensure that your invoice has been received.
You may also want to offer some incentives to your customers that will encourage them to pay you promptly. Perhaps, you can make discounts available to those who make their payments early. Generally speaking, a 30-day grace period is acceptable. So, let’s suppose you have clients who pay you within a week. Offering them some “thank you” perks may go a long way in helping you to maintain your cash flow.
You may also want to consider an upfront deposit policy. That way, if you’re working on a long-term project, you will be able to receive a percentage (maybe even half) of the payment before any of your work has been done. At the end of the day, it’s all about ensuring that you’re paid for your work.
How can Synergy Merchants help you to maintain your cash flow?
Getting a merchant cash advance to improve your company’s cash flow is a lot easier than you may think. For more information on our merchant cash advance program or to speak with one of our licensed funding specialists to get a free, no obligation quote, simply call Synergy Merchants at 1-877-718-2026 or email us at firstname.lastname@example.org.