Through the bookkeeping services we offer, we are able to free up more time for you to run your business and make a huge success from it. In this article we have listed some of the best ways to increase the amount of cash coming in to your business.
Put The Prices Up!
While I don't always agree with this, when starting out in business it is always tempting to undersell yourself in order to win the customer, however, the longer you are in business the more experience you get and the more valuable you are. It may sound simple, but for a small business owner this can be one of the toughest and scariest things to do. Many business owners fear that if you put your prices up you may lose all your customers, it’s true, some of your customers may walk away but chances are they would have left soon anyway. You want customers that appreciate what you do for them, value to service you offer and enjoy the products you sell. Would you rather be the cheapest in the industry or the best in the industry?
Change the Payment Terms
Many new businesses do the work first and then invoice afterwards, if that’s you then you need to shake things up. If you offer a 30-day payment term you could be waiting for almost 2 months until you get paid – and that’s if the client pays on time. Shorten your payment terms, offer five to ten days instead so you don’t have to wait so long until you get paid. You may also want to consider taking half the amount of money upfront and then the rest after the work has been delivered? Remember, it’s your business and your rules – set the rules the way you want your business to work.
Grow Your Success
Have a look at the most popular products or services that your business is offering and then have a look at the target market for those items. When you have figured out what’s most popular and who’s buying it then target your marketing in that way. Lots of new businesses are constantly looking the next new product or service they can sell and that’s not always a bad thing, but you know the saying “If it ain’t broke, don’t fix it” – if you have a service or product that’s popular just sell it to more people.
There are a lot of balls to juggle and a lot of plates to spin when it comes to running your own business, if you need a helping hand with your bookkeeping give us a call – we are always happy to help!