Cash flow is king in the world of the small business and unless you are particularly keen on using expensive forms of credit it is probably a good idea to adopt good working practices right from the start to keep cash flowing.

Be aware and forewarned. Only by keeping completely on top of your available cash situation will you be able to deal with any potential problems before they get out of hand. You will probably have included a cash flow forecast in your original business plan, don’t waste this, update it weekly and don’t ignore systems that can make this process easier; look at accounting software that incorporates a reporting tool as this will allow you to access the relevant figures at the touch of a button. It is however pointless having instant access to great information if you fail to respond to what it tells you. Look for looming cash flow issues and address them early. Market Effectively. One potential reason for poor cash flow could be stagnating sales. Go back to your original marketing plan and revise your strategy. If you don’t reach your customers, existing and new, things are likely to grind to a halt. Easy Payment. Once you have reached the customers and convinced them to order, make it as easy as possible for them to part with their cash. User-friendly systems like telephone and internet ordering are a must and if there is a way to pay accept it; card payments, direct debit, standing order. Make things as easy as possible for people to give your business what it is owed. Credit Control. When customers don’t pay you will need an efficient strategy in place to recover debts as quickly as possible if you don’t want to end-up in a cash flow crisis, but one of the best ways to avoid the situation of bad debtors is to run credit checks before extending credit to anyone. Supplier Management. Use suppliers with whom you’ve negotiated advantageous payment terms where possible and ensure prompt delivery, if every link in the cash flow chain is not working smoothly problems can and will arise. Production Efficiency. Even if your customers all pay on time and your supplier is happy to wait for payment for months, cash flow issues will surface if you don’t get paid at all because you haven’t delivered. Assess the quality of your product regularly and maintain stock quantities sufficiently.

So, king or not, cash flow is something that can easily be managed and certainly doesn’t have to be a worry. If you take care to put the right measures in place early there is no reason at all that your small business can’t have great cash flow.

By: Leo Thomas

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The time is now for small businesses to take control of their marketing. Consumers are gravitating towards the internet every day looking for solutions to their problems. We’ve listed a few tips for small businesses that will effectively generate interest and traffic.

Utilize Your Customers

The most overlooked aspect of growing your business could be staring right at you every day. Your current customers already know you and trust, or at least they should know and trust you. Take advantage of your customer base by offering incentives or special deals for referrals. People who experience a good product or service enjoy sharing it with their friends. Use your customers as publicity agents to spread the word of your business to their friends and family. Often business owners don’t like to push their customers for referrals but you would be surprised how many people would do just that when they had a good experience with your business.

Don’t Feel the Need to Advertise Like a Big Business

Big businesses have the marketing budget to spend on commercial slots or print ads. Small businesses typically do not which means you should not treat your marketing plan as if you need to advertise like the big businesses. Small businesses should look to inbound marketing and internet marketing to gain ground on the leaders of your industry. Provide opportunities for people to respond to your marketing efforts with special offers to new members or customers.

Join Forces with Other Small Businesses

Small business owners often know other small business owners. There is a connection between small business owners and the dedication and hard work it takes to run a business. Contact your friends at other businesses and offer a joint promotion. Exchange links or banners to be placed on each others websites. Refer your customers to their business and ask them to do the same. This is a free and easy way to gain new business.

YouTube

The next time you do a job or service have a camera set up and record and narrate the process of your service. After you have recorded go to YouTube and upload the content. You could also upload it to your website as an instructional video. YouTube is a great avenue for exposure and prospects can actually see your results and you or your business in action. You can conduct interviews with industry leaders or have customers comment on your work for others to hear. Introduce your staff or your office/warehouse, taking visitors on a tour is second best to being there in person.

There are many ideas for small business marketing tips and we have outlined just a few. The fact is there are many ways to market your business or brand with a limited budget and there are many internet marketers eager to help your small business compete with the corporations.

By: Brett M Howard

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