How to Manage Cash Flow and Ensure the Right Small Business Insurance in Florida
Helpful Suggestions from the Knowledgeable Team at The Nowell Agency
Owning a business involves daily decision-making but it also brings many rewards. You enjoy the opportunity to use your skills to help others. You have to determine if now is the right time to hire more help. The constant ebb and flow of customers and work bring much enjoyment. When things get tough, and cash is tight, it is sometimes hard to determine the next steps.
Manage your cash flow during the leaner times to help you come out ahead on the other side. The team at The Nowell Agency knows that having too many expenses makes it harder to handle your business. We work with you to tailor a small business insurance package to meet your needs and save your budget. Let us help you keep your Florida company safeguarded now and for many more years.
6 Ways to Improve Your Small Business Cash Flow
When you are struggling with cash flow, consider utilizing these six tips:
- Utilize Technology to Oversee Finances: Depending on your industry, you probably don’t sit at a computer all day long and can quickly check your finances. You can keep up on your receivables and payables by using bookkeeping apps. Check to see if your current bookkeeping software offers an app and begin using it. It will help you stay on top of your finances even if you are out in the field.
- Rent Equipment Instead of Buying: Some lines of work require big equipment. For example, plumbing contractors or electricians may need to use a trencher to run water or electric lines. Purchasing trenching equipment may make sense at first, but it can quickly tie up cash. Instead, consider renting big gear for the duration of the job and keep more money in the bank.
- Work from Home if Possible: If you don’t need a lot of office space, working remotely can save you money on overhead and office supplies. This can work exceptionally well if you are the primary person wearing many different hats. Why pay for more than you need when finances are tight?
- Talk with Your Vendors: Maintain open communication with your vendors. Discuss the possibilities of extending repayment time with no late fees. For example, see if they would agree to let you pay in 60 days versus the standard 30 days. This can help during a cash crunch.
- Offer Customer Discounts for Early Payment: To pay your vendors and any employees, you must have money coming in regularly. You may be able to get the cash you need by offering your customers a discount for paying their invoices early. Another suggestion is to offer gift certificates at a discount. It gives you the income you need and the customer the ability to redeem later at their convenience.
- Lease Out Equipment You Don’t Use: The reverse side of renting equipment you need is to lease out the equipment you own but are not using at this time. You aid a fellow small business owner while increasing your cash flow.
Safeguard Your Hard Work with Small Business Insurance from The Nowell Agency
Weather a storm by managing cash flow and reaching out for help from The Nowell Agency. Our insurance plans will give you the peace of mind you seek while our rates will keep you from breaking the bank. We love working with small businesses, entrepreneurs, and self-employed. Give us a call and experience outstanding customer service while shopping for your insurance needs.
Call one of our offices near you to schedule a meeting with a knowledgeable and experienced broker at The Nowell Agency in Florida about small business insurance. Request a quote online.