3 Quick Tips To Start Improving Cashflow

Here are some rapid-fire tips for you to consider if any of them benefit you, and would be good to apply to improve your cashflow.

1. Have one recurring revenue stream:

By adding a recurring revenue stream to your business, you can reduce some of the stress on your company. This can be done directly via subscriptions as is done by companies like Amazon, or you could do this indirectly by creating a recurring source of leads. This approach was especially useful for companies during recessions and covid lockdowns, but is also useful to almost all companies of all shapes and sizes.

2. Use credit control specialists: 

By outsourcing your credit control to reputable freelancers/entities, you increase your capacity to collect ageing and bad debts while reducing the time your company spends on such accounts.

3. Incentivise or facilitate the top 3 reasons customers make a repeat purchase with you: 

This one tip can help you get better at giving your customers reasons to repeat buy from you, which will 1) make it easier to boost your monthly cashflow and 2) it can help you shorten the average time for a given customer to make a repeat purchase from you. The end effect is that you will find it easier to increase your cashflow.

P.S. If your cashflow has been low or declining for a prolonged time, I would strongly suggest that you: