7 steps to protect the cash flow of your business if you sell products in physical stores or e-commerce
Do you have a physical or on-line store? you may be interested in the following tips for seeking greater liquidity in your business in the current situation. Remember, companies die for the cash box, let’s avoid winning the battle against COVID!
1. Adjust prices: It seems obvious, but it is always good to adjust prices. If your business situation is critical, you can also reduce the selling price of your product as long as it is above your purchase price.
Obviously it is not advisable, but remember that whatever you have in stock is being financed by you, since you have already paid your suppliers and have not sold it yet. And no one wants to reach a total liquidation of products due to the closing of the business.
2. Bundle products: Make offers of sets of products that make sense to sell as a whole by applying a discount that, if possible, allows you to maintain a certain margin.
3. Discount the products that sell the worst: Again, in order to reduce the stock of these products.
4. Optimize your stock: As we mentioned before, an optimized stock will improve your cash flow.
Reduce your stockage as much as possible
5. Offer volume discounts: Incentivize bulk purchases to help you move your stock and generate revenue at the same time.
6. Offer free shipping or delivery in nearby areas
7. Extend your return and cancellation policy