Cash Flow Strategies

Cash flow is the lifeblood of your business. And it’s probably the main reason why you have chosen to run your own business – being in control of your own income. The obvious goal is to have more coming in than is going out. Where it becomes tricky is making sure enough money comes in before having to meet the obligations of the money going out.

Increase Sales

How to increase sales often mystifies many business owners. But it’s important to know there are only three core methods in adding revenue:

Get new customers
Sell more to each customer
Raise prices

Each method requires a carefully planned strategy, because each impacts the image your customers have of your company. You must understand your customers, their needs and the problems you solve for them, their buying habits, how much they are willing to spend, and when they are ready to buy. The objective is to attract and retain the customers that best fit your business, refer you to others, and leave 5-star reviews.

Decrease Expenses

The other side of cash flow management is controlling expenses. There are many ways to cut costs. Whereby the methods to increase sales apply to most companies, cost reduction strategies vary from company to company.

There are some general guidelines to follow:

Maximize Gross Margin

Focus on direct expenses by reducing waste, increasing productivity, managing material costs, managing inventory, and using efficient equipment. Simply put, make sure each investment you have in selling your product produces excellent results.

Reduce Overhead Costs

Periodically review your fixed and variable expenses, such as marketing, rent, utilities, subscriptions, insurance, office expenses, and staffing. There are two questions to ask, “Is this expense necessary to the business”? And, “How can we reduce the cost”?

Reduce Taxes

Seek out accounting and tax advice for ways to reduce your tax burden. There are favorable provisions in the tax code for businesses. Find out which ones apply to you and develop a strategy to implement them.

Accurate Bookkeeping

Coupled with tax reduction strategies is accurate and timely financial statements. Without a qualified bookkeeper properly categorizing your expenses, identifying which expenses need attention is a burdensome task.

The key to business growth and profitability is proper cash flow management. The challenge is knowing where to start. Our job is to show you which changes will have the most impact on profit, ensure adequate amounts to pay the bills, and to ease operations. Reach out to schedule an assessment of your business, and which cash flow improvements could have the most impact on your company.

Testimonials

I’ve been working with Don for over a year, and the changes have been amazing. I didn’t know how to grow, and what to focus on in order to build my business. Don has a great process of determining who you want as a client, and how to focus on delivering the best product for them. From building better SOPs, client interactions, and forming awareness of all the parts of my business, Don has helped me grow, and dominate my goals every month.

Stephanie Smith

When I came to Don, I was ready to give up. It really felt hopeless. But from day one, what he said made sense. Quite frankly, I didn’t have much faith we could turn things around. It has since been an awesome experience working with him! He has helped us through some difficult times in this last year and we now feel we have things under control. With Don’s coaching it has been a huge benefit not only form a business standpoint but through our talks he has been a great support, mentally, emotionally, and spiritually to help me achieve my goals.

Steve Jorgensen

Don is a great coach and business mentor. In less than an hour, and less than 10 questions later, he provided me with a focused and comprehensive review of my business. He listened and shared great insights about what I’m doing well/right as well as identifying existing gaps in my business processes and opportunities for improvement. I felt relieved and inspired to move to action to prepare myself better for the year. If you’re a business owner looking for strategic insights and recommendations to help you move the needle forward in your business, be sure to book a session with Don. You won’t be disappointed.

Amy K.

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