Financial uncertainty creates worries about the future and all the things you fear happening to you or your business. It can cause a lack of motivation and energy and put a hamper on your attempts at expanding your business operations. So what can be done to minimize the risk of hurting your cash flow sustainability and make the most out of the situation to create a lasting, fruitful business?
When sales are slow - take advantage of the extra time. We are constantly looking for that feeling of reaching that financial goal, or closing that big account, but anyone who's ever managed a business for more than one day knows that when you're first starting out, there are times when the phone doesn't stop ringing and then there are times you feel like the entire world has forgotten about your existence. But that doesn't mean you have to, too! Using that break to work on your skills, upgrade your website, get to know your employees or partners better, or even take a few days off can contribute a great deal to the long-term sustainability goal you have for your business. You will thank yourself once your operations get back to their usual pace and you realize you have much less time now to do all of those things once they do.
Maintain your focus on what matters most. When you're busy with the day-to-day tasks it's easy to forget the big picture, the 'why' behind those seemingly small tasks that just seem to build up one on top of the other. This is why scheduling some time for 'big-picture' activities can help you sustain your operations and focus on what matters. Whether you choose to meditate, work on an ongoing strategic plan, sit down with your business consultant, or do some other out-of-the-ordinary activity that doesn't directly contribute to a specific project or financial goal, you have a lot to gain in terms of cash flow sustainability and long-term operational growth.
Reconnect with old clients. This specific aspect of business management is often overlooked but if managed properly, it can be a powerful growth driver. Delivering a great service or product to a client doesn't have to end the moment you receive the final payment and provide them with what they requested. To effectively sustain your operations, you should always keep an open-minded, creative, and 'big-thinking' approach. Don't just look at what the client bought or requested from you, try to figure out what they might be looking for in the future or what they might need currently, but haven't yet realized themselves. This will help you contact them effectively after some time passed since your last interaction and naturally develop a conversation that has the potential to drive a continuing engagement.
Choose your financial structure carefully. The keyword here is 'choose'. You don't have to agree to any investment/loan opportunity that comes along just because you need the money. Real sustainability can be achieved by long-term thinking and a true understanding of the business growth drivers and risks. The financing option you choose will undoubtedly impact every other decision you will take in the process of managing your operations, so it is essential to consult with the right professional or if you choose to do it on your own, analyze multiple scenarios to help you make the right financing decisions.
Business management can sometimes feel like a big ordeal you have to face every day to get to that positive image you had in your mind when you first decided to go for it, but when you consistently spend time on actions that drive your operations in the right direction, you increase your chances of keeping your business alive and thriving in the long run.
We would be happy to accompany you in your journey towards business success and achieving your financial and business aspirations.