By Ali Brown
Growing a business is a labor of love. Sometimes there’s plenty of cash on hand, and other times … well, there’s just not. And often as you’re growing, there’s trial and error involved as you figure out your cash rhythms. You can’t always control your circumstances, and planning ahead to have extra cash on hand is of course your best bet.So for those of us in the “real” world of running a small business with its ups, downs, and sleepless nights, here are five ideas to help increase your small business cash flow ASAP:
1. Have a Sale or Special Promotion
While you may think of sales as something only for big-box or retail stores, consider how you can feature a special promotion for your business. Offering a discount on significant purchases, or a special bonus to incentivize clients to hire you now, can drive more sales than sitting and waiting.
Of course you don’t want to have sales every week, and you have to be careful how you position your promotion, but when done occasionally and done right, running a special offer can be just the boost you need. Email or call your clients or customers to let them know about the special promotion. And remember to add a deadline to your offer, otherwise they have no reason to take action now.
2. Raise Your Prices, but Do This First …
It’s probably time to increase your fees, if it’s not long overdue! But don’t do it quietly. Announce to your current and past clients and customers that prices are going up as of a certain date, and explain why. Then give them the chance now to renew their contracts or stock up and save, before they’ll have to pay more.
Example: A blow-dry bar I frequent here in Scottsdale recently announced their prices were going up by $5 per service. But they gave me the chance to prepay for as many future sessions as I wanted at the current price … if I did so now. While it wasn’t a huge price increase, I love their services, so I stocked up. (And I now have a year’s worth of blow-drys waiting for me!)
Read more from Entrepreneur