Cash flow is the life line of any business, what are you doing to increase yours in 2019?
With the New Year well and truly upon us, this is the time for business owners to take a stronghold of their cash flow. It is so easy for SME’s to continue running their business and not take the time to stop and review how their business is actually performing. Whilst some business are performing well, there are others that are struggling with their cash flow.
As advisors we love engaging with our clients in these types of conversations. We yearn to learn how they are progressing and often find it is simply that business owners are just too busy working in their business and are time poor to oversee it. Many are just not making the best use of their time or simply need help and don’t know where to start to seek this help.
So, are you one of those business owners? Are you wondering how you can I improve the health of my business whilst stimulating my cashflow?
Here are some tips I know will get you on the way, to not only building a better business, but also stimulating your cashflow in the process:
Take time out of your business to work on it and breathe
Without you, can your business continue? It is so important that you are in the best of health both physically and mentally, as this will give the energy and continued passion you need to continue your business journey. When you are in top form so is your decision making and business ideas. You are clearer as to what your business needs and mostly it is innovation. By taking time out of your business to work on it, as opposed to in it, enables you to review what’s working and what’s not working and to apply changes. You may refine ways or even find new ways to increase or bring new revenue streams to your business. It’s an opportunity to see what your competitors are doing and why other like business are succeeding. Then apply these new ideas that will help your business to gain a more competitive edge as well as positive growth.
Innovation is key to success
With the digital age aggressively upon us, success is driven by technology which has the ability to reduce and or resolve pain points. By using various types of technology you will create many more efficiencies in your business, which in turn reduce costs, increase profits and cash flow, whilst also free some of your time to seek further revenue options that keep stimulating business growth.
Take the time to assess which technology stack is best suited to your business. Technologies such as paperless office, e-invoicing, online payments, workforce management tools, can certainly drive efficiencies and reduce manual laborious data entry plus other tasks. Productivity in a business will be enhanced and you will get back some of your valuable time to invest in things you enjoy more like driving your business success!
Engage a business an advisor or mentor
The right advisor or mentor can help put your business back on the right path to success. They start with building a level of trust with their client whilst learning all about their business journey. They listen to pain points, evaluate current processes with a great level of empathy and care whilst guiding you through your business growth path. They come with a wealth of business knowledge, experience and wisdom. This process will impact your business success significantly.
It’s not too late, start these measures at first opportunity. Don’t waste time just make a start. If you are not sure how just start by calling us for a free 30 minute telephone consultation telling us what is keeping you up at night with your business. From there we can help kick start your business success.
DISCLAIMER: This information is of a general nature and should not be relied upon for personal or business financial use.