Cash flow must be carefully recorded. Errors in managing business cash flow can be fatal. Then managing and maintaining cash flow so it remains stable, healthy, and safe must be done. Additionally, if you want to hire a professional bookkeeper to manage your cash flow flawlessly, we recommend you hire the best Gold Coast Xero Bookkeeper.
These tips can be done to stabilize your company cash flow:
Knowing Production Costs and All Expenses
Giving a discount is one of the most effective ways to attract consumers to buy or use a product. However, selling products cheaper than their production costs will generate negative cash flow. So before giving discounts, know and calculate first how much the production costs of these products. After it is determined then you can calculate the size of the discount you want to give. It’s necessary for stabilizing the cash flow.
Using Bundling Strategy
Apart from giving discounts. You can implement a bundling strategy to attract consumers. You can offer a package by combining several products.
Offer at a higher price
The amount of profit to be gained depends on how high the offer submitted to the consumer. To get a transaction with a large value, it is necessary to offer a large price as well. Thus consumers will bid at prices that are not too far from the price offered. What must be considered is knowing the prevailing price standards. Do not set the price too expensive. Setting high prices for a particular product that is appropriate, sometimes makes consumers interested because they feel confident with the quality offered.
Encourage repeat purchases
If existing businesses focus on transaction volume, then encouraging repeat purchases is very important. Because sometimes you don’t get a profit on the first or second purchase. For that, you must encourage consumers to continue to make transactions by offering a variety of interesting programs.
Pending purchasing inventory
The purchase of facilities is needed to improve business competitiveness. However, if this cannot be done properly, it will affect the company cash flow. The stability and security of cash flow must be a top priority. For this reason, a little delay in procuring inventory can keep cash flow stable.