Business Finance Tips
"Save More & Earn More"
Tip No 2: Use the Internet to increase traffic. There are numerous ways to increase traffic on the internet. Facebook posts are relatively inexpensive in relationship to the amount of traffic you can generate. Also, try using paid ads on Yelp.com. Groupon is another alternative. Groupon has a back end cost and not a front end cost but it can help you increase sales. If you need a digital marketing specialistto help you get traffic there are inexpensive solutions in the market.
Tip No 3: Track your cash flow weekly. You accountant may be great but the may not be assessing your cash flow weekly. Today there automated cloud base solutions that integrate directly with your bank account and every single transaction is posted immediately. Cloud base accounting is great because you can print out reports weekly. You don’t need a lot of reports. All you need to do is track your earnings and your expenses and determine the percentage of what each expense represents. Today, you can
obtain accountingsoftware on the cloud for FREE.
Tip No 4: Negotiate with Vendors. There are two areas you want to negotiate with vendors. The first area is discounts for bulk purchases. To make bulk purchases you may need more capital. You may save anywhere from 10% to 50% on the purchase of inventory. Also, renegotiate payment terms. Ask for 30 to 90 days net if you can. Specially when its slow season you want to stretch your payments as far out as you can to buy time.
These four tips can help you manage cash flow better and improve your company’s financial health.
By: Gil Zapata
Gil Zapata is the founder of Lendinero and is passionate about helping small businesses.
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