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Improve Your Company’s Cash Flow With These Three Tips

Improve Your Company’s Cash Flow With These Three Tips

For your small business to get ahead, it needs available capital. Steady cash flow can help you cover the expenses of running your company while also allowing you extra funds to take advantage of opportunities for expansion. Unfortunately, most small businesses don’t have the capital they would like until a few years in. To improve your cash flow and save a little money along the way, consider these suggestions.

Refocus Your Marketing

One of the easiest ways to improve your company’s cash flow is by refocusing your marketing efforts. Often, businesses spend large amounts of money in attempts to land new customers. While this might seem important, it can also cause you to waste funds. Cut back on how much you spend on these campaigns and instead focus on existing customers. Improving the experiences of your current customer base can create lasting relationships with consumers that yield bigger results in the future. 

Maintain Your Equipment

Plenty of companies lose money due to simple mistakes. If your business relies on specific equipment to stay operational, then you absolutely need to maintain this machinery. A failure to provide basic maintenance might make a tiny issue into a catastrophe. For example, an air compressor requires filters to prevent the unit from getting clogged. If too much dirt gets stuck in the airways, it adds extra stress to the compressor and can lead to other parts becoming damaged. By replacing your Donaldson compressed air filters regularly, you’re reducing the odds of spending a fortune on replacing your equipment.

Go Paperless

Small savings can add up. Going paperless with both ingoing and outgoing bills can help you cut back on extraneous expenses. In the digital age, consumers are more than happy to have important documents emails to them. Switch to an eco-friendly format and see how these small savings turn into significant savings.

Improving your cash flow takes time, but there are ways to speed the process along. Learn the best ways to help your company find capital and improve your odds of success.…

Three Easy Ways Your Small Business Can Save Money

Three Easy Ways Your Small Business Can Save Money

If your small business has grown rapidly in a short amount of time, your needs are different than they used to be. Suddenly you need more employees, a larger workspace and more supplies to fit these new employees. Sure, you’re making money, but all this can get expensive in a hurry. How can you save money as your business grows?

1. Buy Secondhand

Office furniture doesn’t have to be brand-spankin’ new to serve its purpose. You can always upgrade in the future, but for now, why not look for pre owned office chairs and desks for your employees?

  • The Salvation Army and Habitat for Humanity are great places to look for secondhand furniture. They are often gently used and in overall good condition.

2. Bulk Orders

Wholesale clubs like Costco and Sam’s Club are an added expense initially, but they pay for themselves after only a few uses. Instead of ordering things like paper and toner from an office supply company, try a wholesale club.

  • business membership at Costco is only $60, and one of these cards allows you to purchase items for work and home, as well as resale items.

3. No Paper Trail

Paystubs, company memos and instruction manuals all have something in common: They use too much paper! Save money and be kind to Mother Earth by taking paperless options. These can be as simple as emailing the meeting agenda instead of printing it, or opting for direct deposit instead of handwritten paychecks.

  • Don’t forget about documents, spreadsheets and other things that can stay on your computer. Upload your documents to the cloud and organize and purge as you need to.

Rapid growth in a short time is a good problem to have! If your small business has gotten a lot bigger recently, money-saving options can help you stay afloat. You can have a successful operation without breaking the bank.