Try These 6 Tips to Increase Cash Flow Quickly
Reliable cash flow is what keeps your business going from day to day. If you’ve been struggling with finances, get creative this quarter with these quick ways to boost available assets.
Talk to Vendors
If covering the cost of inventory, supplies and services is hurting your cash flow, get in touch with suppliers to see if they can adjust payment terms.
Some vendors are willing to extend the time you can take to pay, and others may be able to create a different payment structure that’s easier on your budget.
Even a short-term change in monthly obligations can have a positive effect on cash flow.
Rent Out Space
Is there an extra room at your store that isn’t being used? Consider turning it into a community room and letting people rent it to use for events or to provide services related to your business.
You can also rent manufacturing space if you have equipment that you only use once and a while. If you own a restaurant, generate extra income by offering to rent your location for private parties, business meetings and conferences.
Embrace a Frugal Mindset
It’s not always necessary to have the “latest and greatest” technology or equipment for your business. Last year’s models are often just as good and usually go on sale when the new upgrades are released.
When it comes to furnishings and decor, don’t rule out thrift stores, estate sales or even garage sales. You can find like-new items at deep discounts if you know where to look.
Take Out a Business Line of Credit
Having a line of credit at your disposal means being able to tap extra cash whenever you need it without worrying about applying for a loan or maxing out your credit cards.
Taking out a business line of credit through ARF Financial gives you access to five separate loan drafts over a four month period. No collateral is required for amounts up to $725,000 and the interest is tax deductible.
Adopting these new practices can free your business from cash flow problems and fuel growth this quarter and throughout the year.
Contact us today to speak to a loan officer in your area and get approved for your business line of credit!