Join me @ IBOtoolbox for free.
Sule Yesufu
Member Since: 7/26/2014
  
performance / stats
Country: Nigeria
Likes Received: 406
Featured Member: 0 times
Associates: 1555
Wall Posts: 767
Comments Made: 916
Press Releases: 292
Videos: 0
Phone: +234-803-708-3545
Skype:    
profile visitor stats
TODAY: 61
THIS MONTH: 686
TOTAL: 201184
are we ibo associates?
recent videos
member advertising
active associates
Miguel Rodrigues    
Last logged on: 12/12/2018


Chris Tobin    
Last logged on: 12/12/2018


Horst & Leah ScreenSA    
Last logged on: 12/12/2018


Whitney Jacqueline       
Last logged on: 12/12/2018


David Hurley    
Last logged on: 12/12/2018


Lisa Smith       
Last logged on: 12/12/2018


Richard Mathiason    
Last logged on: 12/12/2018


Janet Kortright    
Last logged on: 12/12/2018


John Gill    
Last logged on: 12/12/2018


Emmanuel Mba     
Last logged on: 12/12/2018


Wayne Barteau    
Last logged on: 12/12/2018


John Kespert    
Last logged on: 12/12/2018


David Todd     
Last logged on: 12/12/2018


Evelyn Burns    
Last logged on: 12/12/2018


Dominic Goss    
Last logged on: 12/12/2018


other ibo platforms
Sule Yesufu   My Press Releases

5 Ways to Help Your Small Business When You’re Cash-Strapped

Published on 4/26/2017
For additional information  Click Here

5 Ways to Help Your Small Business When You’re Cash-Strapped


                                       

                                               Image Credit: gstatic.com


Well, no news here! Everyone gets broke sometimes, so are businesses. What counts is being able to find a quick way out of it when it happens. Experience has shown that the times when you need money the most are usually the times when it’s hardest to get. What to do? When your business is hemorrhaging money, you are running a very big risk. Finding a quick solution is what brings out the real business person in you. When your business is cash-strapped, you can do any of or a combination of the following.

 
   

01. Take a loan. Well, all you want is cash to keep your business running. Getting cash even at a cost is same thing as getting a loan to fund your business. Even though a loan may not necessarily fix all your problems, but it sure can help you out of a short-term cash crunch. How and where you can get it is largely determined by the cost of funds from the lender.

02. Cut your expenses. A very natural thing to do when cash-strapped! This step is absolutely the most critical. You must find and block any cash leakages to stop your business from bleeding cash. Even when the bleeding is not very obvious, you can still cut back on certain expenses which will not do damage to the business. However in doing so, you must try to be creative because if you can’t manage to get your expenses under control, then you’re going to be perpetually short of money.

03. Go liquid. That is, you must find a way to generate more cash. If you can do this creatively, it is much better than taking a loan. It helps if you can create a special offering, whether it’s a discount or a new premium package and get your clients to buy in. Going hard on your debtors to get them to pay up their debts can also help to raise needed cash.

04. Dispose of some assets. Yeah, disposing idle assets is one very viable way to raise cash. Sometimes, you may have in your stores, assets you acquired in the past you have not really used or some fairly used ones you have rested. You can dispose of these assets just like as in garage sales to raise cash.

05. Run your business profitably. It is difficult to get cash-strapped if you habitually run your business profitably. A profit mindset draws out the strictest money-management practices in any business. Putting profit first and setting aside a predetermined percentage of profit from every single bit of revenue will help you trim expenses and ensure your business remains financially solvent. That is one very sound management theory and practice which your business badly needs for survival.

View More Blogs => HERE

 

Member Note: To comment on this PR, simply click reply on the owners main post below.
-  Copyright 2016 IBOsocial  -            Part of the IBOtoolbox family of sites.