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TO EASE A CASH FLOW CHALLENGE
Win a State or Federal Contract? You may or may not have time to make structural changes to your business to adequately support the contract.
Here are seven cash flow options to bring in quick money and give you some room to breathe. However these options have consequences and could drastically impact your business and ability to manage the contract…
Go to the bank—Consider approaching your bankers for a temporary relief from your principal payments. The last thing your bankers want is for you to go under and not be able to pay back the loan at all. You may be surprised at their flexibility, especially if you present a solid plan for moving forward that includes financial projections. (Loan Options)
Sell off inventory and assets—Many businesses have inventory that’s just taking up space. Walk through your office or warehouse to see what’s collecting dust and dump it for a one-time cash infusion, even at a loss. A sunk cost is a sunk cost. Hanging on to it compounds the error. WACommerce has an easy to manage Reverse Auction feature which can assist your business in relief of inventory.
Generate more immediate cash by selling off unused equipment and machinery. Use Internet selling sites or an equipment auctioneer. This may also create surplus floor space you can rent out.
Work with your suppliers—Be upfront about your situation. Can you get extra time to pay your bills? Could you offer partial “good faith” payments? Most suppliers would rather get paid down the line than not at all if your business fails.
Reduce employee hours—You can temporarily cut employee hours if business slows. It increases your odds of keeping everyone on staff instead of losing valuable personnel.
Renegotiate your lease—Ask your landlord to reduce your rent temporarily and let you make up the difference later on. Here again, many landlords would prefer to keep you as a tenant rather than run the risk of having an empty space.
Offer special sales terms for immediate cash—Generate fast cash by offering specials. Think of creative terms to get customers’ attention. For example, offer a generous discount on purchases and, in exchange, ask for part of the bill to be paid right away. You can initially test your offer with select, high-quality customers.
Factoring—Consider selling your accounts receivable to a factoring firm. Such a firm takes your accounts receivable in exchange for immediate cash. Fees can be high—18 to 22% annualized—so this shouldn’t be a long-term solution. But the cash might be available right away to cover a shortfall.
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