Cash flow problems getting you down? Don’t let them! Whether you’re experiencing a seasonal slump or your clients are letting their invoice payments slide, it doesn’t have to means doom and gloom for your company.
Here are some very simple ways to get the cash you need fast:
1. Business Cash Advances
Business cash advances can be a lifesaver when you need to buy more stock at short notice, or you’re coming up short in the payroll department. Companies like nucleus will often allow you to borrow more than 100 percent of your monthly card volumes, and they can do so almost instantly, which means you can get the money you need when you need it.
2. Ask About Deferred Payments
If you’re in need of cash because the time has come for you to pay your business credit or charge card off and you simply cannot afford to do right now, get in touch with them. These companies are often much more understanding than you might think, and if you explain your situation, they may offer deferred payments, which will help to keep your cash flowing a little more smoothly.
3. Factor invoices
Factor invoicing companies are certainly not a solution for every business, but if you have a lot of outstanding invoices, and that’s why you need money in a hurry, then they can be very good.
Basically, a factoring company will pay the total amount of your invoices due to you minus a small fee (usually around the 10 percent mark), so you can have access to this cash now when you need it, instead of waiting for your clients to pay up.
Microloans are a kind of small loan that, because they are typically under the $50,000 mark, are much easier to access quickly than traditional, larger bank loans. Companies like Accion offer microloans for small businesses and startups who are struggling to access cash in other ways, and they are fast, effective and a very handy resource to have. Check them, and others like them, out.
5. Vendor Credit
If you can’t come up with actual physical money when you need it most, it might be the case that you can obtain credit from your vendors. If you’ve always been a good customer in the past, and they value your business, they may be willing to extend your terms of repayment, getting you out of a hole and enabling you to carry on trading as normal.
6. Sell More Stuff
Of course, you’re a business which means that you sell stuff. If you need money, it should be obvious then, that you should try to raise it by selling more. Running a flash sale, even with only a small discount can be a good way of increasing revenues in a very short space of time.
If you’re in need of money in a hurry, you should never panic, you should look at your options, including the suggestions above, to see which is most likely to be fruitful for you now, in the short-term. You need to keep on keepin’ on.