Last week I shared some tips to help you ensure that your business has enough coming in. Here are some more.
- Check your bank charges, and shop around for a better deal. You could save every month if you switch, or you may find your existing bank improves their offer when you explain to them you want to move to cut costs.
- Change the way you bill clients. If you have regular clients who want the same sort of work every month, set up subscription programmes. If clients to pay by direct debit your business then has a reliable income that you don’t have to chase each month. Incentivise clients by offering a small discount or bonus service. You’ll save time on invoicing too.
- Look for additional income sources. If you always recommend a particular product or programme to your clients, see if there is an affiliate scheme. If you review business books on your blog, embed an Amazon affiliate link within the title or image. If you have a popular website, allow a few relevant adverts. All these income streams can add up and improve your cash flow.
- At times you may need to invest to grow your business. If you are expanding you may need an overdraft to allow you to pay bills. It can be hard to get credit if your business is in difficulties, so ask your bank manager about credit terms well before you need it. Check around for competitive rates.
- Chase debts firmly. Ensure that one person is responsible for this, and that they allocate time every week. Have a clear set of actions to follow from a first reminder to sending in debt collectors if necessary. By setting up the steps in advance it is easier to put them in to practice when you need.
Follow these steps, and keep track of the money coming in and out of your business. You will soon find that you are on the way to having a healthy amount in your business bank account.
Antonia Chitty helps business owners succeed. She provides practical training and helpful tips at www.antoniachitty.co.uk and www.familyfriendlyworking.co.uk. Her latest books include Blogging: The Essential Guide (Need2Know) and Making Money Online (Hale Books).