Lack of cash can be stressful and cause you to pay your expenses, such as payroll and vendor invoices, late. Consider these tips for maintaining positive cash flow even if you’ve just launched your business:
- Accept credit cards. Swiping credit cards puts cash on your balance sheet immediately.
- Send e-mail invoices using your cloud accounting software. E-mail invoices arrive in recipients’ email boxes immediately. Consider offering a small discount on the total bill to customers who pay early.
- Offer loyalty programs. Earning perks and points can encourage customers to give you repeat business.
- Sell add-on products such as service warranties. Customers are more likely to pay for add-on products and services that offer peace of mind.