Find New Ideas For Profitability
This should also be done in collaboration with the staff. Now is the time to really brainstorm for viable ideas that can actually be implemented in the short-term to alleviate the crisis. Winning ideas should be well rewarded.
Rethink Your Positioning
Think about how you can uniquely present your business to the target audience.
What are some of the qualities you think that only your business can offer customers?
Re-position accordingly and let your customers and prospects know about the extra value they’ll get by doing business with you.
Make Your Turnover Rate Faster
Review your business operations to find out what practices are encouraging slow turnover.
Is it that your inventory lies idle for lengthy stretches? Find out if you can purchase less stock instead of tying down too much money at the expense of your profits.
Is it that many of your customers are simply taking too long to pay up? Perhaps offering attractive discounts for prompt payment will help.
Perhaps some of your products are taking too long to sell. Think about reducing package quantities, or end production altogether.
Negotiate Better Terms With Your Vendors
To secure better cash flow for your business engage your vendors and convince them to give you more time to settle your invoices. Use this cash to keep operations flowing.
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