10 tips to ensure a smooth end of year
The holidays are here. That can mean unexpected business expenses, slowed customer payments, seasonal fluctuations, and overspending. While those factors can lead to a cashflow crunch, we have 10 things you can do to offset the holidays and better manage your business’s cash flow.
Central Willamette business tip: Chat with the Central Willamette CU business services team about business loans and lines of credit to help alleviate cashflow issues.
- Offer early-bird discounts. Cash flow can affect all kinds of businesses this time of year. If your customers are or could face cash issues, offer early-bird discounts with full payments. Additionally, offer payment plans to those who need them.
- Monitor cashflow daily. This means checking on the cash coming in and out every single day. If you need to make adjustments, do so.
- Talk to suppliers. If necessary, re-negotiate payment terms or ask for discounts. This can help you avoid a cashflow crunch while also ensuring the supplier gets the influx they need.
- Plan early. If you don’t already have a detailed budget and plan for the holiday season, make one. Be sure to include all expenses and revenue.
- Get more tech. A new point-of-sale system or inventory management program can help speed transactions and improve income.
- Control overhead. That includes unnecessary travel, a reduction in hours, renegotiations with insurance providers, and more. Consolidating business loans into more affordable payments can also help.
- Hire seasonal part-time workers. Well-paid part-time employees can help boost productivity and bring in added revenue, all without the added cost of employee benefits.
- Analyze marketing campaigns. Go after a new target market with a sales activation strategy. The Boost in attention could translate into additional sales.
- Watch inventory closely. Do not oversupply for the holidays unless you’re certain you can move the product or supply the service. Instead, run as lean as possible until the start of the new year.
- Open a business line of credit. This can give you the credit your business needs to weather unexpected storms.
Cash-in During the Holidays
The Central Willamette Credit Union business services team puts your business first. That includes merchant services, business banking options, business loans, as well as advice on how to keep your business afloat when times are tough. Connect with our team today, and we’ll do what we can to help your business succeed during the holiday season and beyond.