The global COVID-19 outbreak is rapidly changing, affecting many small and medium businesses. Most business owners go out of their way to keep their staff and customers safe while maintaining revenue. While we still don’t know the full economic impact of the coronavirus outbreak, there are steps you can take to minimize exposure to your business. Keep reading to learn how to keep your company’s cash flow as strong as possible during the coronavirus outbreak.
Make payments easy for your customers
The ideal payment methods are rooted in the preferences of your customers. By customizing your payment process and offering a variety of tools and payment options to meet customer needs, you improve your customers’ buying experience and make it easier for them to come back.
Expanding your payment options and offering contactless payment will help them and your employees feel more secure too.
Offer pick up and delivery service
If you are running a business in the restaurant industry, you must consider offering local delivery. It’s a great way to get money flowing in and it also advertises your business in a positive light. Also, it can also attract new customers who may not have known or tried to use your business in any other way.
Consider signing up with the well-known delivery services or home delivery marketplaces.
You should always strive to bill customers as soon as your work is completed or in advance if possible. If you delay billing for a few days, remember that you will also delay the time it takes to receive payment. Also, keep in mind that if there are any issues with the payment, they can often be more difficult to fix over time, which keeps the money going further up. Consider sending invoices electronically, this is the easiest and fastest way to receive your payment and keep good records.
Can you switch utility suppliers or lower the rent? Can you renegotiate or cancel subscription payments for things you don’t use regularly? Can you switch telephone companies? Take a closer look at your expenses and see if there are areas where you can reduce your operating costs.
Dealing with cash flow issues in your business during the coronavirus outbreak is challenging. Even if you can implement any of the above tips, chances are you will still find it difficult to keep your company’s cash flow healthy during this time.