If a business is hit with a cash flow issue, a business attorney Orange County may offer a variety of suggestions about how to improve your cash flow dilemmas. Here are a few potential suggestions.
If sales have recently declined, you may have too much inventory on hand. There are a number of ways that you may be able to achieve this goal. For example, you may try to amplify your marketing campaign to increase sells. Another option is to offer extra merchandise to resellers. You may also choose to discount your own merchandise as part of a large store sale.
Convince Customers to Pay on Time
Consider tempting your customers to pay for goods or services early to increase your cash flow. For example, give customers a coupon book for season tickets. If you have a lot of your merchandise or services that are provided as accounts receivable, you may need to coax your customers to pay on time by offering a discount for fast payment. For example, consider discounting five percent off of the next month’s bill for prompt payment.
Collect Accounts Receivable
Although you may give a break or two to your customers, you may need to start collecting on your accounts receivable if they are delinquent. A business attorney orange county may be able to assist with this process.
If you would like more information about how to help cash flow issues in your business, Orange County business consulting attorneys from Daily Aljian LLP for further help.