Many businesses went under in 2020 and 2021 due to government shutdowns of sectors of the economy in response to the COVID-19 pandemic. While some businesses survived because they were considered essential, others were left to die because they were nonessential. If you’re barely surviving, then it might be worth taking some steps to extend your cash flow as long as possible. Try this great advice.
Learn How to Promote Your Business Online
You might be spending a great deal of money on print advertising, cable advertising, flyers, brochures, and other marketing tactics and collateral. However, there are lots of ways to promote your business online that don’t cost a whole lot of money. First, set up profiles on all of the major social media platforms. Then, make sure you’re posting regularly to the ones that matter most to your customers.
Cut Unnecessary Expenses
If you are able to drive some business through social media and other online channels, then you can cut expenses through other channels. Cut back on those newspaper ads, coupon books, and other traditional marketing channels. Then, take an inventory on all of your subscriptions. You may find that you’re spending hundreds of dollars or more per month on services that you barely use, let alone need. At a time when every penny counts, you need to audit your expenses in this way to extend your cash flow as long as possible.
Keep Good Records of Your Finances
If you’re like most small business owners, then you probably don’t keep very good records of your finances. It’s time to change that habit! If you’re not already using a platform like Quickbooks, then it might also be time to sign up for a subscription.
Follow These Small Business Finance Tips
These tips don’t sound like much, but they’re a great first step towards freeing up your cash flow and kicking your company into survival mode. If you do these things, you could make your money go further, and last a few more months. That can make the difference in a locked down environment.