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How to Increase Your Cash Inflow

Cash flow is one of the most important metrics for small businesses. It measures how much money comes in from sales and goes out to pay vendors, employees, and other expenses. If your cash flow is negative, it means you’re spending more money than you have coming in, something that cannot continue for ever.

A healthy business has a positive money flow – that is, it generates excess cash from operating income that can be put back in the business or paid out as dividends to shareholders. Small businesses with limited access to financing may struggle in this area , which refers to having enough resources at any given moment to meet expenses and payroll obligations, something that plays on the mind of lots of business owners.

If your business is running low on capital or has trouble managing its finances and payments, you need to take steps quickly. Here are some tips on how you can increase your cash flow so you don’t run out of money before the end of each month.

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Collect unpaid invoices immediately

If your business sells goods or services on credit, you’ll more than likely collect most of your payments relatively quickly. However, an unpaid invoice is a signal that your customer could have their own cash flow problems, if that is it’s been more than 30 days since your customer had the bill.

When this figure reaches 60 days, you need to act fast, unless you have agreed such a long term,  to collect the monies. If you’re dealing with a large customer that’s behind on payments, you may want to hire a collections agency. If you’re dealing with one person who is behind on payments, try to get in contact with them as soon as you know about the situation.

Tell your client nicely that the payment is due immediately and that you would have to take legal action if the invoice isn’t paid in full. Be polite, but don’t give the client any false hope or false promises. Let the client know that you just need to be paid so that everyone can move on with their lives.

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Adjust your payables and receivables

At the same time that you’re collecting payments from clients who owe you money, you should also be adjusting your payables and receivables. You should explore ways to decrease the amount you’re paying to vendors and subcontractors. Negotiate prices with your suppliers and push back on any payment terms that seem unreasonable. If you’re having trouble collecting from clients, try extending your own payment terms to give yourself some breathing space.

Find the cause of your cash flow problem

First and foremost, you need to determine the cause of your cash flow problem. Is your business growing quickly and just needs a little more time to catch up? Or is your business not bringing in enough revenue to stay afloat? If your business is growing too quickly, you may have trouble keeping up with demand and collecting payment from clients. You’d be surprised at the number of businesses that simply grow too fast.

If your business isn’t growing, you need to determine the reason and take action immediately, and if your cash flow problems are due to a lack of sales, you’ll need to do some serious marketing.

On the other hand, if your cash flow problems are due to too much growth, you may need to get some help from the bank. You could lay some employees off, but that will not help you deliver your products and hiring additional staff to help manage growth will only cost you more.

Adopt the right payment strategy

You may find that you’re always trying to collect payments from clients but having trouble getting paid. You may also find that you’re constantly extending payment terms to clients who are eager to purchase from you but don’t have the means to pay for the goods or services. If you’re having a hard time collecting payment from clients, you may want to use a payment strategy that helps them and you.

Pay only for what you need

If you have a cash flow problem, there’s a good chance your credit line is maxed out. If you’re using your credit card to fund operations but can’t pay the bill, you’ll hurt your business by increasing your credit card balances. Instead of paying for goods and services that your business can’t afford, pay for only the things your business truly needs. This may include paying for goods and services with a personal credit card, a line of credit, or a small business loan.

Don’t hesitate to negotiate with vendors

If you’re having a cash flow problem, it’s likely that your suppliers have noticed. If you have a lot of outstanding invoices, they’ll be eager to collect payment. Inform them know that you would like to negotiate the terms of your contracts. Never hesitate to negotiate with vendors; they don’t want to force you into bankruptcy. Vendors may want their money, but they don’t want to put you out of business, as that way they lose a valuable client themselves, and no one wants to do that.

Consolidate client payments

If you’re having a really serious cash flow problem, you may want to commence a client payment consolidation program. This way you get all of your clients to send a single payment each month that covers all of their outstanding payments. This will help you manage your cash flow and give you a little extra time to collect from your clients. Note that this can be a very risky move, since you’ll have no guarantee that you’ll ever be paid in full. You’ll have to be very careful to get written contracts that guarantee the client will keep to the payment arrangement.

Conclusion

A healthy cash flow is crucial to the survival of any business, regardless of industry or size. Small businesses that have limited access to financing may well struggle with liquidity, which refers to having enough cash at any given moment to meet expenses and payroll obligations. However, there are steps that can be taken to improve cash flow. Bringing in new customers, managing expenses, and collecting payment on time are some of the most important ways to increase cash flow.

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The world’s leading health organizations are adamant that face masks are still very much needed in the fight against COVID.

Despite some governors in the US being tempted to relax mask rules to appease voters, and stop the exodus of businesses and workers in their states, the scientific data still shows that masks, and specifically N95 masks are the best tool for combatting the virus. 

This may be especially important for the vaccinated who may have thought they were more protected than new data reflects.

Experts Say It’s Too Early To Rollback Mask Rules

The World Health Organization’s (WHO) technical lead for COVID says, “We are recommending to continue to wear masks, particularly when you’re in close proximity with other people, but especially when you’re indoors and even if you’re vaccinated.”

This advice has also been echoed by the Centers for Disease Control director, who said,  our guidance that still also recommends that people mask in public indoor settings in areas of high or substantial transmission,” 

While the director of a children’s hospital in Philadelphia continues to urge people to wear masks. Pointing to the huge number of ongoing COVID cases and deaths.

COVID Figures Hitting New Highs

Some have tried to downplay the latest COVID variant, Omicron as being less dangerous. Those claims may no longer be supported by the data. 

The US hit new all-time highs for COVID cases in early 2022. Far dwarfing any numbers seen over the past two years. 

The end of January 2022 also saw the highest number of deaths in the US in a year, and even more than the first wave which shut down the world. 

People may be tired of COVID in the news, but thousands of people are still dying every day. These are real people. Parents, children, siblings, aunts, uncles, and more. 

The highly prevalent omicron variant of the coronavirus may be more transmissible than previous strains, though conflicting messages about masks and vaccine effectiveness may also be partially to blame for empowering this new surging health crisis.

Lockdowns Versus The Coronavirus

New data published by WebMD reveals that lockdowns in Europe and the United States only reduced COVID related deaths by 0.2%.

That 0.2% are still real humans. Though perhaps some would argue there were better ways to save their lives, without all of the other side effects and the aftermath the lockdowns have left us with.

Trillions of dollars of indebtedness to be raised through taxes, bankruptcies, homelessness, and the huge surge in crime and homicides that have come out of this may have done far more damage, and cost more lives than the lockdowns saved.

Quarantines and travel restrictions have been used to combat pandemic viruses throughout history, but none may have been as harmful as those related to COVID.

Vaccines Vs. Face Masks

We have been hammered with the message that vaccines are the solution to the virus. They have likely saved many lives, and even more infections and hospitalizations.

If it wasn’t for vaccines of various types many of the humans on the planet probably wouldn’t be here now. 

However, fresh data also highlights some of the flaws in vaccines, and how little they may prevent infection and transmission of the latest strain of COVID. 

Medrixiv.org reports that vaccine protection can drop to just 37% in just seven days. WebMD data shows that even after three doses of the vaccine, missing the six month window for a booster shot reduces vaccine effectiveness to 57%. 

How does this stack up against the protection masks offer? Could it possibly be the vaxxed that have gone unmasked who may now be most responsible for the spread of COVID? 

The CDC Reveals New Data On Masks

The latest data shows that some face masks may be far more effective than previously thought. Even more than twice as effective against COVID than vaccines.

According to new findings released by the CDC in February 2022, even basic cloth masks reduce the chances of getting COVID by 56%. Almost as effective the vaccine situation many people are in, or even better. 

Surgical masks were found to work marginally better, at 66% less chance of infection.

Best of all, N95 masks were proven to reduce infection and transmission by 83%. 

N95 Masks

Not only have N95 respirator masks proven to be highly effective, even close to the most effective vaccine scenarios, they are being required in many more situations.

It should no longer be a surprise if you are turned away for not having a N95 mask. Or if you must have one to travel, or to enter certain buildings or businesses. Or if your business is inspected to make sure all your staff have them and are in compliance. 

Even when not mandatory, it is clear that they offer the best protection from getting the virus, and passing it on to others you care about. 

With ongoing concerns about inflation and supply chain issues worsening, employers and individuals should ensure they have an adequate supply of the best N95 masks on hand already. 

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