In today’s climate, Covid-19 has brought many challenges to businesses as they’re trying to stay afloat. Unless you offer an essential service, you probably experienced a significant blow to your business. Perhaps you’ve stabilized your company, or you might still be experiencing the worst of it. Either way, you’re probably a different person, with a different perspective on your business as a result of this pandemic.
There are some things you can do now to create more revenue in the short term and that will make your business more durable in the long term:
- Focus on your products and services where you have a point of differentiation. You’ll have more pricing authority in the short term, have better cash flow, and be more attractive to an acquirer in the long run.
- Create recurring revenue streams that generate sales while you sleep. These can be in the form of service contracts, subscriptions, or maintenance plans. Aim to get the majority of your revenue automatically.
- De-risk your business, ensuring you’re not too reliant on a single customer or supplier.
- Create an employee handbook and systematize your processes to lessen your dependence on a key employee (or you calling all of the shots).
- Clean up your bookkeeping.
Join me with Joe Matz of Eagle Business Services as we discuss ways to help you generate as much cash as possible from customers upfront to create a positive cash flow cycle.