Our top 5 tips to increase your cash flow

Have you started your own business, and money is flowing out faster than you like? Or you can’t seem to get on top of your bills?

According to our research, 60% of businesses fail in the 3 years largely due to poor cash management skills or a lack of understanding of cash flow. Here are our top 5 tips to stop bleeding money and start increasing your cash flow.

1. Take a good hard look at all of your expenses.

List out all of your expenses for the week, month and year. List everything, and we mean EVERYTHING that you pay for in your business.

You will have client meals, sneaky coffees, subscriptions, programs, software, apps etc., all of these will be costing you a pretty penny, and it’s time to tighten the belt and let go of the things you don’t need. Think Marie Kondo for your business, kiss it and say goodbye.

1.1 Review your utilities.

Each company will be paying for electricity, domain names, internet, insurance, and so on. Now is the time to review your utilities, shop around for the best price, better yet, ask your current provider to give you the best price.

2. What is your ROAS?

So we’ve heard the term, “You need to spend money to make money”, right? But are you boosting posts on IG with no real plan? Or are you spending money on Google Ads and SEO, but you can’t see any benefit or return on any of your efforts? It’s time to look at what’s giving you the biggest bang for your buck. If you are getting a solid return on your ad spends, keeping pushing. If you are not, it may be time to pause your efforts until your cash flow is flowing a bit stronger.

3. Consolidate your repayments:

Are you repaying your loans, or do you have several loans from different sources? It’s always great to consolidate your loans and get one reasonable low rate so that you can save this way!

4. Lease, don’t buy

If funds are tight, you may be better of leasing committing to significant investments.

It may be best to lease your equipment, space, laptop even, instead of buying. That way, you can see in 3, 6, 12 months the state of play and whether you can or need to invest in the things you need to grow.

5. Set up correct payment strategies

Setting up a correct payment strategy with your clients is a great way to train your clients to pay a certain way and ensure your income flows nicely.

Setup the correct payment terms with your clients

Setup auto-reminders to your clients when they are behind with payments

Provide a small discount for early payments as an incentive to pay ahead of time

EXTRA TIP

Invest in a good accountant (oh hey there!). You may think this is another cost. However, if you choose the right accountant, this investment should save you extra business costs.

Contact us today to learn how to help get your cash flow back on track and save you money.

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What they say

Having been in business now for more than 25 years I can say that without a shadow of a doubt that Bloom Money has been the best team I have had the pleasure to work with. They are extremely responsive to any request from us both big and small, they are very professional and have a large depth experience and knowledge to draw upon. However for me I think the best feature of Bloom Money is the personal approach. They make you feel like you are very important to them and they make a real effort to understand your business needs which in turn leads to better financial advice and performance. I would not hesitate to highly recommend Bloom Money.

I had the pleasure of working with Bloom Money for 15 months – and thoroughly recommend their can-do attitude, timely responsiveness and excellent communication. We needed outsourced finance expertise for a rapidly expanding Brisbane based online brand; opening up sales channels in North America and Europe in very rapid succession. Lots of operational stresses, cross boarder compliance and consolidated accounting – but throughout Bloom Money maintained timely and in-depth financial reporting. Can’t recommend highly enough.

I highly recommend seeing these girls if you are uncertain with your money. They are professional, warm and welcoming! They know their stuff inside out. Thanks girls! I'll be coming back.

Today was spent with the lovely ladies at Bloom Money for their first Coffee Calculators workshop It was absolutely class & Id highly recommend them for any women in business whether you've been doing it for 2 months or 20 years!

My session with Liv and Jaimie was everything I hoped for and more, I wasn't expecting to make it through my very long list of questions I have accumulated over the last few months at Louder Now there was even time to spare to work on things I hadn't even considered. Not only do I now know exactly what I need to do to reach my financial goals, but I am also confident I can do my own tax this year! If you are a business owner who wants to know your numbers, I cannot recommend Bloom Money enough!

Are you ready to level-up your numbers game?