Many entrepreneurs are only concerned with and pursuing big profits, but pay less attention to cash flow. Check out the following 8 tips to maintain cash flow to keep your business healthy.
4. Offering a Higher Price
The amount of profit earned is determined by the selling price of a product. With a high price, you will get a high profit as well.
So, if there are consumers who bid, the price will not fall far from the initial price that has been set.
But it is also necessary to check that the price you set is not far from the standard price on the market.
In addition, to attract consumers to buy your product at a higher price, you can make a difference with other products, ranging from attractive packaging, services, bonuses, and so on.
5. Encouraging Repeat Purchase
The more products sold, the more profit you will get. By encouraging repeat purchases, more products can be sold.
The easiest way to be able to bring in repeated purchases, for example, is by providing a buy 10 times bonus program 1 time in 2 months.
6. Delaying Inventory
Inventory in business is important in your business, but to increase inventory in business, you need to spend money from cash flow which is not small, so that it affects your business.
If the addition of inventory does not really affect the profit that will be obtained, then it is better for you to postpone buying it, wait until your business cash flow has a large surplus.
7. Maintain Cash Flow by Evaluating
By doing periodic evaluation of cash flow, you will be able to detect problems that occur in your business finances. Although at first glance it looks healthy, but not necessarily in it as seen.
Consistent
If the evaluation has been completed and improvements have been made, then you must always be consistent in applying periodic evaluations.
If it is not done consistently, it is feared that there will be problems with cash flow your business.
8. Use Journal to Maintain Your Business Cash Flow
Indeed, business financial management should not be done carelessly. Because the consequences will have a major impact on business progress.
To make it easier to calculate incoming and outgoing transactions on cash flows business, you need to use online accounting software like Journal.
Journal is an online accounting software that can help you with business accounting problems. In the Journal, you can also see the cash flow or cash flow of your business finances in real time, anytime and anywhere.
