EP 52 - 7 Ways to Maximize Your Business Cash During COVID-19
07/30/20 • 11 min
As a business owner and finance leader, what are you doing to make sure your company survives the impact of COVID19?
Cash flow has never been more important to your business than now –
This is a message we are constantly sharing with our clients and I put together a short video with 7 Cash Plays you can implement in your business or even suggest to your employer/leadership team and solidify your position on the team.
1. Take a draw on your Line of Credit
2. Negotiate Rent terms if you're renting a space from your landlord - try offering to extend your lease further if they defer payments
3. If your business can handle it - offer Early payment discounts to incentivize early payment from your customers on money owed.
4. Request extension on outstanding payables to your suppliers - your suppliers may be in a better cash position than you are so it doesn't hurt to ask for extended terms. If you have a great relationship with them and have been a good payer - there's a good chance you they'll consider it.
5. Explore drop shipping directly to the customer to save you inventory and storage cost
6. Explore the option of a Low Cost Business Loan - Now is not the time to put charges on your credit cards - the interest rates are astronomical - if you're hurting for cash, we recommend pursuing a lower interest loan you can pay back overtime
7. Consider doing a pre-order service - If you sell products this means make to order. If you're a restaurant this may mean making orders on demand vs. bulk prep.
If you’re not already thinking about these things my advice is to consider and implement them ASAP.
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Whether you are considering starting a business, run a business, or work in a business, this is a great resource for you. Follow the hashtag #businesstalklibrary on LinkedIn highlights of tips, discussions and interviews with various business owners, and visit our YouTube page for the full-length videos.
---------------------------------------------------------
Enjoy our content and want to see more?
Subscribe & Follow the Podcast – @businesstalklibrary
Subscribe & Follow us on YouTube @businesstalklibrary
Join us on TikTok, IG and Facebook! @businesstalklibrary
As a business owner and finance leader, what are you doing to make sure your company survives the impact of COVID19?
Cash flow has never been more important to your business than now –
This is a message we are constantly sharing with our clients and I put together a short video with 7 Cash Plays you can implement in your business or even suggest to your employer/leadership team and solidify your position on the team.
1. Take a draw on your Line of Credit
2. Negotiate Rent terms if you're renting a space from your landlord - try offering to extend your lease further if they defer payments
3. If your business can handle it - offer Early payment discounts to incentivize early payment from your customers on money owed.
4. Request extension on outstanding payables to your suppliers - your suppliers may be in a better cash position than you are so it doesn't hurt to ask for extended terms. If you have a great relationship with them and have been a good payer - there's a good chance you they'll consider it.
5. Explore drop shipping directly to the customer to save you inventory and storage cost
6. Explore the option of a Low Cost Business Loan - Now is not the time to put charges on your credit cards - the interest rates are astronomical - if you're hurting for cash, we recommend pursuing a lower interest loan you can pay back overtime
7. Consider doing a pre-order service - If you sell products this means make to order. If you're a restaurant this may mean making orders on demand vs. bulk prep.
If you’re not already thinking about these things my advice is to consider and implement them ASAP.
---------------------------------------------------------
Whether you are considering starting a business, run a business, or work in a business, this is a great resource for you. Follow the hashtag #businesstalklibrary on LinkedIn highlights of tips, discussions and interviews with various business owners, and visit our YouTube page for the full-length videos.
---------------------------------------------------------
Enjoy our content and want to see more?
Subscribe & Follow the Podcast – @businesstalklibrary
Subscribe & Follow us on YouTube @businesstalklibrary
Join us on TikTok, IG and Facebook! @businesstalklibrary
Previous Episode
EP 51 - A Better Way to Approach Franchising Opportunities with Greg Macchia President of Franchising First
On this episode of the show we sit down with Greg Macchia owner of Franchising First (also Notre Dame Alum) an organization of experts who specialize in consulting to find the right fit for future franchise owners. If you've always been curious about franchising or are considering buying into a franchise - give this episode a listen.
---------------------------------------------------------
Whether you are considering starting a business, run a business, or work in a business, this is a great resource for you. Follow the hashtag #businesstalklibrary on LinkedIn highlights of tips, discussions and interviews with various business owners, and visit our YouTube page for the full-length videos.
---------------------------------------------------------
Enjoy our content and want to see more?
Subscribe & Follow the Podcast - @businesstalklibrary
Subscribe & Follow us on YouTube @businesstalklibrary
Join us on TikTok, IG and Facebook! @businesstalklibrary
Next Episode
EP 53 - Finding a Niche in the $3 Billion Dollar Wedding Industry with Brooke Johansen Co-Owner of Park & Fifth
Business Talk Library sits down with Co-Owner of Park & Fifth Brooke Johansen to talk about her story to founding Park & Fifth and the lessons she has learned along the way. On this candid interview you'll learn:
1) The importance that culture plays on developing a successful company
2) Building before you launch - leveraging and maximizing your career experience to prepare you to launch your business
3) The importance of developing a strong team
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The Business Talk Library is a social media show and platform that shares honest and authentic conversations on the journey of entrepreneurship. We feature conversations with entrepreneurs across all industries with a wide array of experience that we believe will be valuable to you as a business owner.
---------------------------------------------------------
Enjoy our content and want to see more?
Subscribe & Follow the Podcast – @businesstalklibrary
Subscribe & Follow us on YouTube @businesstalklibrary
Join us on TikTok, IG and Facebook! @businesstalklibrary
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