The coronavirus outbreak has impacted the economy and many small businesses are struggling to manage through these difficult times.
The following three strategies are helping many businesses weather the storm. They are simple, free, and you can start using them today.
Make the Most of Current Customers
In times of crisis it’s important to cement your relationship with the customers you already have. Communicate with them and make sure they are satisfied with your service in order to keep their business. The Internet offers three simple, affordable options to help small businesses stay connected with their clients.
- Your website: Use it for formal communications or announcements.
- Emails: Use them only for pertinent messages to avoid overloading your customers.
- Social media: Use it for more regular updates and to monitor comments about your service.
To keep your small business in motion, make changes and adapt to the current circumstances. You can do this in three ways:
- Consider new ways to deliver your service: Social distancing means that person-to-person interaction must be reduced to a minimum. Examples of good responses to this new reality are restaurants offering curbside pickup and bookstores selling books online and by mail.
- Expand your market: Think of services or products you can offer using the equipment and systems you already have. For example, some distilleries are producing hand sanitizer.
- Consider partnerships: Identify businesses that offer services that complement yours and make partnerships with them. Florists and decorators are good examples of businesses that can work together to offer more value to their clients.
Protect Cash Flow
Cash flow, the movement of money in and out of your small business, is crucial during difficult times. Obviously, you always want to bring more income than you spend on expenses.
A great way to improve your cash flow is factoring your receivables. When you factor your outstanding invoices, a factoring company provides you with a sum upfront. This way you get the money right away while the factoring company becomes the new owner of the invoices and gets paid from your customers, usually within 30 to 60 days.
At ACS Factors your total satisfaction is our top priority. We are located in Upland, California, and have many clients in the distribution and logistics corridor which includes Ontario, Riverside, Fontana, Jurupa Valley and Moreno Valley.
Reach out today by email (firstname.lastname@example.org), telephone (909-949-5599) or through our social media accounts on Facebook, Twitter and YouTube to learn more about the benefits of factoring your invoices to get cash today!