4 TIPS TO MANAGE YOUR CASH FLOW IN THIS ECONOMIC CRISIS OF 2020
Planning, monitoring, tracking, and managing cash flow and cash balance in the business is always the top most priority of an entrepreneur or a company owner. Due to the economic downturn we all are facing in 2020 this becomes, perhaps, the most important business management activity.
For all businesses including the startups and established businesses, cash flow management is crucial to survive this economic downfall. It can mean the difference between stabilizing your business or falling behind.
Here are 5 Cash Flow Tips you can implement now during this uncertain time:
1- Increase the Frequency of Follow-Ups:
Frequency Rate is directly proportional to the amount of Sales you get. Your Follow-up frequency with the prospect matters more than you think!
Follow-Up with your clients as rightnow you cab build strong relationship with your propects and also with your clients.
2- Use Technology to automate and systemize Recurring Task
As a general rule, tasks that are repetitive or data-heavy, are ideal tasks to systemize. These can include:
- Generating leads
- Onboarding new clients
- Managing sales funnels
- Billing customers
- Surveying customers
- Scheduling social media
- Email marketing
- Updating a website
Here are some useful tools that can help you out in systemizing your tasks
As now employees are working from home Monday connects your team members with each other and give you the feeling of meeting room from the comfort of your home and maintaining the implication of social distancing. In this way you can continue to collaborate, manage and track work in one easy-to-use platform.
Zapier is an online automation tool that connects your favorite apps, such as Gmail, Slack, Mailchimp, and more. You can connect two or more apps to automate repetitive tasks without coding or relying on developers to build the integration. It's easy enough that anyone can build their own app workflows with just a few clicks.
Regular team meetings are important for getting employees to collaborate, but teamwork needs to be continually encouraged and supported by team leaders and managers. Thatís why the next step for is for you to provide opportunities for teamwork to happen and there are many ways to do that.
Social distancing is one of the major precautions to stay healthy and prevent the effects of COVID-19 and this is where Loom comes in to help your team to stay production from the comfort of their home and carrying regular task and meetings necessary to generate more business.
Managing company information and resources is one of the basic hustle we need to address during this pandemic. Managing clients and projects from home is not an easy task for that your team needs to have easy access to the information related the assigned projects and task. This is where Google Drive plays a vital role. You can save all the documents, videos, project and many more stuff for the readily accessible for both your clients and employees.
3- Cut Down Your Personal Salary:
The first thing you can do to manage your cash flow is cutting down your personal expenditures which are not necessary. But here we are talking about your extra expenditures not your necessities. This is your business and you should be the one to thrive in order to have continuous cash flow for the business expenditures.
4- Shorten Your Sales Cycle:
If you are closing a client in 20 days try to close him in 7-8 days to have a ready cash
to invest in your business in this crisis instead of putting money from your own
pocket. This can be done by offering discounts, many businesses have reduced their
prices to attract more clients to their business.
In this way you can retain your existing clients and also onboard new clients.
You need to focus on retaining your existing clients as many businesses are losing their clients because they cannot afford to invest that much money in their business as they were ready to invest earlier.