Stabilizing Business Cash Flow Through Unstable Times
Developing a financial strategy is important so that you can survive the short-term cash crunch while not disadvantaging your long-term profitability. Think creatively by doing things like encouraging customers to purchase gift cards or future services from yours and others small businesses to keep cash flowing in your local economy. Find ways to preserve on-hand cash that will be needed for the lean months in the near future and consider suspending expansion initiatives or larger investments until markets stabilize. Evaluate your inventory to determine if there are products that can be quickly turned over. In other words, business as usual will not work. Creativity and positivity will be essential elements to keep cash flowing into your business.
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