5 Ways to Increase Business Cash Flow Post COVID-19

The COVID-19 pandemic has all but decimated businesses all around us, small and large. Increasing your business’s cash flow is more important now than it ever has been before. If your business is to survive one of the most volatile periods in global economic history, you need to get your cash flow up and your overheads down. Follow these 5 ways to increase the cash flow of your business during the pandemic.

1. Provide Virtual Services

In times of disaster, like now, your business needs to be able to pivot to survive. You can do this by providing virtual services. Businesses all over are changing their outlooks as to who their target market actually is, or could be. At this stage a sale or an order is really all that matters. If you have a restaurant business, consider offering cooking courses online.

2. Manage Your Spend

Now is not the time for frivolous business purchases, like fast cars or designer office furniture. Keep a close eye on your spend analysis and get your outputs under control before you lose control completely. Think carefully about any major purchases, but also watch for the little ones too – small amounts can add up quickly if they’re not properly in check.

3. Closely Monitor Trends

This pandemic has brought on a major shift in how consumers operate. This dynamic shift in shopping is not only seasonal; it has had a far-reaching domino effect on retail and manufacturing industries around the world. You need to keep your finger on the pulse and move with your consumers – if they are shopping online, you need to be online. If they are supporting local, you need to promote local. This consumer/supplier relationship dance is simple once you know the steps.

4. Stay Digitally Relevant

The relationships you would have ordinarily built with your customers in person are still there, they are now largely just digital relationships. You need to ensure that your business stays connected to your customers in order to stay relevant in this new and ever-morphing retail/service realm. Keep in touch with your market through social media and email-marketing. Email-marketing has become a saturated space, with every one and their dog sending out emails on a daily basis to bait for sales, make sure your mailers provide valuable information with enticing subject lines to improve your open rate.

5. Change Your Invoicing

Make sure your invoices go out to your customers as soon as the work has been completed. This will give your business a steady cash flow throughout the month, instead of just once a month. These invoices should, ideally, be emailed to your customers or clients, instead of printing and posting them. This will go a long way to reducing your overheads by cutting down your paper and toner costs, not to mention the added bonus of paperless invoicing which is more environmentally friendly.

Try and remember that we are all facing similar challenges right now. Once you have found your next thriving rhythm for your business, make sure that you don’t become complacent. The ground rules in play right now can change at any moment, your job is to make sure your business changes with them.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes