9 Ways To Free Up Cash Flow ASAP

All businesses will likely experience cash flow problems at some point, but that doesn’t mean you have to put up with them indefinitely. You should always be looking at ways to free up cash flow in your business, as well as ways to create more of it. Even if you don’t have issues with cash right now, bearing some of the pointers here in mind could be a very smart move for the future.

Start using the tips outlined here now, and you should find you have more cash to play with in no time at all. Read on to learn more!

1. Give Customers An Incentive To Pay Up Quickly

Usually, if a customer has a long time to pay, they’ll take advantage of that. Don’t be surprised if they don’t pay until the very last second, or even pay late. This doesn’t mean you should send them threatening emails or anything – it simply means being smart about asking for payments. Giving incentives for them to pay up quickly, such as a small discount, is a great idea. You could also consider adding on penalties when they don’t pay on time. Bear in mind that it’s probably better to be understanding in certain situations – for example, a client may genuinely be experiencing trouble and be able to pay with a plan put in place by you.

Just remember, being firm is also important. This is your business, and you can’t afford to lose money!

2. Use A Business Credit Card

A business credit card can be a smart way to get cash fast, providing you’re not going to go into too much debt or mess up your finances because of it. Using this for large purchases can give you further protection, so in many cases, it’s a smart choice.

3. Work Closely With An Accountant

An accountant has likely been looking at money and figures a lot longer than you have, so working with one to figure out how can you free up some money is a good idea. If you have one taking care of your taxes, consider meeting with them to see what sort of advice they can give you. They may already have some ideas on where you’re overspending.  

4. Take Another Look At Your Budget

Take another look at your business budget and closely assess where you could potentially cut back. Chances are, there will be a few places on the budget you can cut back if you really look. You don’t need to buy new equipment all the time, for example. You can buy second hand, or see if you can get equipment on loan. Think outside the box and you should come up with a number of ideas that will help you to save money.

5. Explore Other Options For Loaning Cash

You don’t just have to rely on your business credit card for cash. Businesses often have a ton of other options they can use when they need money. Asset based lending services are a good way to get a large sum of money fast. If this is what you need, you can contact Equify to learn a little more about it. However, there are even more options, such as peer to peer lending. There are truly so many options, you don’t need to despair if you need to get access to cash fast!

6. Arrange New Contracts With Trusted Suppliers

If you’ve been working with the same suppliers for a while, consider speaking with them to determine if you can come up with new contracts. If they trust that you’ll be working with them for the foreseeable future, chances are, they will agree to give you some kind of discount.

7. Invest In Your Business

Investing in your business may cost you money right now, but the fact is, investing money in the right places will usually get you a great return. Perhaps you need to invest in the development of your staff, or your marketing. Whatever you invest in, make sure you track your results you know for sure whether your chosen methods have paid off. You can’t be afraid to put money back into your business. It’s the best way to make it grow!

8. Take A Look At Your Current Insurance Policies

You should take a look at your insurance policies every 6-12 months to make sure that you’re not being ripped off. Insurance changes year on year, so if you’re not taking the time to review your coverage, chances are you’re wasting money. Don’t hesitate to switch if you can get a better deal – use a comparison company to make sure you find the right deal for your situation. Your current insurance company may even be able to match a quote if you call them and tell them about it. Don’t be afraid to get them to fight for your business!

9. Perform A Common Area Maintenance Audit

Your common area maintenance fees include things like cleaning, parking lot maintenance, and more. They are determined by the property owner, and are usually charged at a cost per square foot basis. Of course you could simply trust that these fees are being calculated properly, but this could also mean that you’re losing money unnecessarily. You’ll need to make sure that your lease agreement gives you the right to do audits like this. If it does, then you should definitely consider doing them to ensure they are right. They can take a lot of time and are admittedly pretty boring to do, but they can be invaluable if you find errors and overcharges. Even if you’re being charged just $1 more per square foot, you could easily save thousands each year.

Whether you’re going through a tough time financially or not, you should continuously look for ways to free up funds in your company. These ideas are just a few ways you can start out looking for ways to improve cash flow in your business.

Have you found a few smart ways to free up cash and improve cash flow? Leave your comments below!

Finding The Best Lawyer

Choosing a lawyer is a huge decision. They will be the ones who are responsible for making sure you get the compensation you deserve for whatever the case is you have on your hands. Finding the best lawyer for you will involve a lot of research and careful consideration.

If you have ever hired a lawyer before, or you simply need some advice on what to do- you can take these five tips and use them to search for the right lawyer for you.

Interview Lawyers

One of the most effective ways to find out whether or not a lawyer is going to fit your needs and requirements is to create a shortlist after searching online and asking your family. You can then use this shortlist and arrange interviews with your potential lawyers to find out more about them and determine whether they are right for you. You don’t want to end up hiring a personal injury lawyer to help you settle a business case.

Here are some of the things you will want to ask your lawyer during the interview:

What experience do they have in your type of case?

How long have they been a lawyer?

What’s their success rate?

What are their qualifications?

How often will you be billed?

What’s the rate?

Can they provide references?

As you talk to your potential lawyers you will want to be writing down the answers to all of these questions so that when you get home and finish all interviews you can compare the answers to allow you to make a fully informed decision.

Background Check

Before you make a decision and hire a lawyer to work with you on your case, you will need to take a background check on them to make sure they are trustworthy. You can get in touch with a lawyer disciplinary agency and make sure that the lawyer you plan to hire is registered, they are reputable and they have good ratings. You can look online and it will allow you to see any references any reviews of the lawyer in question. You can also see the lawyer’s peer ratings within the industry which can give you a helpful insight into how good they are. Lawyers know lawyers, so make sure you pay attention to these and take their word for it.

Visit the Lawyer’s Law Office

You will be able to tell a lot about the type of people you are dealing with by the way they pride themselves on their workplace. You will be able to ask your lawyer for a tour of their office to see if the office is tidy and organised, you will also be able to see how friendly the staff are and whether the office is busy. If there are lots of empty desks, a mess in the office and unanswered phone calls, these should serve as red flags for you to stay away. Trust your gut instincts, you will know if it feels like a legitimate business or not.

Marketing Trends to Watch out for in 2018

With every year that comes and goes, new marketing trends emerge, which we all need to take note of. After all, the Internet moves at such a fast pace, as does the world of business. If you do not keep abreast of everything that is happening and ensure that your business is ahead of the game, you are only going to get left behind while the competition pulls away. So, let’s take a look at some of the hottest marketing trends to keep an eye out for in 2018.

  • More specialist services being used – As we move into 2018, it is likely that we are going to see businesses look for more specialist services. It is of little surprise, when you consider the plethora of marketing agencies that have opened over the past decade. Now, rather than using the services of a general firm, business owners can look for someone who is not only an expert in marketing, but also an expert in their industry. You can look for a marketing agency for IT consultants who will not only know how to make sure you are visible online, but they will know all about your field of expertise and how to appeal to your target consumer base. This is just one example; there are many more. You only need to look online and you will see marketing agencies dedicated to businesses ranging from fitness companies to hotels.
  • Consumers will expect more from brands – As brands continue to provide more, consumers are only going to expect more. Marketers are going to have to find new ways to delight customers with a service that should be almost instant. We have the likes of on-demand content, same-day delivery, and voice assistants to thank for this one. How are you going to be able to top this in 2018? Time to get your thinking cap on!
  • Ad management will change – Another trend we are likely to see with regards to marketing is the way in which we manage ads. This is thanks to the introduction of machine learning. More and more businesses will be implementing software that helps them to manage their ads effectively. Advanced machine-learning algorithms will be used to identify ideal audiences and successful creatives. This is just another way that marketing is going to get more efficient and more intelligent.
  • LinkedIn will become more widely used with B2B marketers – LinkedIn has made a number of key updates to its platform throughout the year, and we are likely to see the fruits of this labour in 2018. A new user interface was introduced in 2017, and this is just one of many improvements, including changes to their ad platform. Because of this, it’s likely that marketing professionals and business owners in general will utilise this social media platform more in 2018.
  • Live events will take off – This is the year when we are going to see live events take off. In fact, roughly two-thirds of marketers have stated that they are going to host more live events in 2018. This is going to be one of the most successful marketing channels throughout the year for big brands.
  • Privacy protection becomes a monumental selling point – It seems that a day does not go by without news of a data breach at the moment. There have been a number of high profile breaches in 2017. This includes the Equifax breach and the DNC email hack. Because of this, consumers are going to be looking for products that protect their privacy. Not only is this going to be at the forefront of consumers’ minds, but the government as well. Because of this, incorporating your stance with regards to privacy protection within your marketing campaign is of huge importance.
  • Voice optimised content will be introduced – Last but not least, voice optimised content is something you can expect to see this year. Last year, roughly one-fifth of online searches were conducted by voice search. This is expected to increase considerably over the next few years, and marketers need to optimise content for voice search as a consequence.

So there you have it: an insight into some of the main marketing trends we are likely to see dominate in 2018. It is always important to keep ahead of the latest trends and everything that is going on in the world of marketing. You should reassess and tweak your marketing plans throughout to ensure that your business adapts to any changes.