With over 43 years in the financial industry, Paul and Esther Carag have seen the ups and downs of the markets, including the major downturns in 2000 and 2008. Here are our tips for maximizing your cash flow in year 2022.
Get a handle on your cash flow. Cash flow is the lifeblood of your business. Without it, you'll have trouble paying bills, making payroll, and meeting other obligations. If you're not tracking your cash flow now, start doing so immediately.
Don't ignore debt payments and interest charges. If you owe money to a bank or other lender, don't wait until the last minute to make payments or pay down your debt — not only can this damage your credit score and reputation with lenders but also cause late fees and penalties that will eat away at your profit margins even further. Instead, set up automatic payments for all of your bills so you don't spend valuable time worrying about when each payment is due and how much it will be.
Look at all of your expenses carefully — especially those you can control directly, such as rent or office supplies — and look for areas where you can cut back without hurting operations too much (for example, buying smaller offices might save money). You may also consider outsourcing some tasks that aren't central to your core business if you don't have the resources necessary to do them in-house right now.
Increase sales - This is the most common way companies generate more revenue. The goal is to get more customers who purchase products or services from your business each day or month. If you're having trouble increasing sales, consider changing prices or offering discounts, which can also attract new customers as well as retain current ones by making them feel like they're getting a good deal on their purchase. You can also consider giving away free samples or samples with purchases so that people become familiar with your products before they decide whether or not they want to buy them.
If you still have questions regarding cash flow maximization, our team here at Aquila Legacy Group in Renton are glad to assist you. Simply schedule your 15 minute complimentary consultation on our website, our advisors Paul and Esther will be with you at your convenience.