If you have been in business for a while you may have experienced great times and slow times, when the cash just isn’t flowing in. In addition, events beyond our control may make it difficult for you to do business. For example businesses on the East Coast that experienced an unusually high amount of snow days this winter may have found it difficult to get any business done. The great thing is that you can find ways in your business to keep cash flowing, in the case of slow times or unexpected events. Here are 3 ways to keep cash flowing into your business.
- Create Ongoing Service Agreements – Whether you are a plumber or a consultant you can offer service agreements for checkups or check-ins that are billed either on a monthly, quarterly, semi-annually, or on an annual basis. This keeps the cash flowing into your business, but it also creates great value for your customers, by giving them access to you whenever an issue arises throughout the year. It also helps them when it comes to making payments and budgeting for your services by not having to worry about allocating a large amount of money when an issue arises.
- Teach What You Know – Your knowledge and expertise is not only marketable to your customers but to those who would like to learn what you know. An insurance broker can teach other insurance brokers how to build successful practices. A financial planner can create classes that teaches financial planning as a lower barrier to entry that can ultimately lead to you landing a client later on.
- Offer Products – If you don’t feel like teaching, you can offer products. Products can take many forms, for example a financial planners can package their knowledge and offer information products through their website. Plumbers can join affiliate programs and offer products on their website without having to hold inventory and get still get a commission on purchases.
If your business experience slow times that affects your cash flow. It may be time to explore other ideas for generating income such as the three ideas mentioned above if you are not already doing so.