Mastering Small Business Cash Flow: 8 Proven Strategies for Success with Nuvei and Liberis

Mastering Small Business Cash Flow: 8 Proven Strategies for Success with Nuvei and Liberis In the fast-paced business world, access to capital can make all the difference between seizing opportunities for growth and missing out. Balancing day-to-day operations with growth-driving initiatives takes time, determination, and energy. At the heart of it all lies cash flow.

Ensuring cash flow stays positive is key to the success of your business. Our expert partner, liberis, recommends that you have enough funds to cover up to six months’ worth of your average cash outflows.

Easier said than done, right? Here are some best practice tips that will help you create steady cash flow to keep your business moving and growing: 1. Send invoices promptly Don’t wait to send invoices. Send an invoice with an automated system, such as freshbooks, every time you complete work or sell a product.

2. Manage inventory efficiently Adjust your inventory as needed. Implement just-in-time inventory practices to minimize carrying costs while ensuring you have what you need when you need it. Wondering which products are going to become your best seller? Explore what you can learn from your consumers - create a ‘coming soon’ product post on your business’s social media accounts and see which one drives the most engagement.

3. Lease equipment Lease your equipment instead of buying it. You won’t have to upgrade or try to sell outdated equipment. Some equipment leases qualify for tax credits, which can reduce your tax burden. www.nuvei.com

4. Plan ahead for funding Get funding before you need it. The best time to solve a cash flow problem is before it happens. If your business is running smoothly or is in the beginning stages of production, now is the time to boost your cash reserves.

5. Enhance operational efficiency Re-evaluate your business operations to improve efficiency. Monitor, evaluate, and improve aspects such as shipping costs, wholesalers, extra employees, allotted overtime, marketing returns, overdue invoices, and rented equipment payments.

6. Optimize payment schedules Restructure your payments and collections. If all your bills are due in the same week, look to change the due dates so you stagger when you pay your bills.

7. Monitor expenses Keep a close eye on where your money is going. Identify trends and potential issues early.

Taking on debt isn’t always a bad thing. Calculate how much debt you can manage, and if needed, borrow money strategically with a repayment plan in place.

8. Embrace technology Take advantage of technology. Use apps and software to streamline your business processes and increase efficiency. While technology can assist in any sector of your business, at the very least, use it to create budgets and project cash flow.

Need some extra funds to help balance out your cash flow? Whether you need to pay bills, make payroll, or purchase new equipment, nuvei, in partnership with funding experts at liberis, offers fast and flexible funding solutions for small business owners.

Learn more about this financing opportunity and find out if it’s the right option for you.

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