Español

LCW CPAs
  • Home
  • Accounting
    • Cash Flow Forecasting
    • PPP Loan Forgiveness Assistance
    • Accounting Services
    • Bookkeeping
    • Payroll
    • Advisory Services
    • Consulting for QuickBooks®
    • Training for QuickBooks®
    • Cloud Accounting
  • Assurance
  • Tax
    • Tax Preparation and Planning
    • Tax Resolution
    • Help with Your IRS Audit
    • Filing Prior Years Returns
    • Owing the IRS Money
    • Behind on Payroll Taxes
    • When Your Spouse Owes the IRS
  • Software
    • SAP Consulting Services
    • QuickBooks Online
    • QuickBooks Online Advanced
    • QuickBooks Desktop
    • QuickBooks Enterprise Solutions
    • QuickBooks Point of Sale
    • QuickBooks Payments
    • Xero Cloud Accounting
  • Industries
    • Services
    • Construction
    • Medical and Health Care
    • Real Estate
    • Non Profit
    • Retail
    • Restaurant
    • Manufacturing
    • Wholesalers and Distributors
    • eCommerce
  • Resources
    • Resources
    • Organizers
    • Mobile Accounting
    • Blog
  • Testimonials
  • About
    • About Us
    • Senior Management
    • Our Team
    • How to Get Started
    • Memberships
  • Contact
    • Contact Us
    • Contact Form
  • Client Login
978.689.8822
978.682.9873
April 13, 2020

34 Ways to Get Money Fast in Your Small Business

Mark Alaimo Business Tips, Cost-Savings Tips, Expense Reduction Tips, Profitability Tips

Tweet
Share
Share
Pin

For many small businesses, it’s time to get scrappy and entrepreneurial when it comes to cash flow.  Here are dozens of ideas to make it through the next few weeks or months.

Rearrange your 2020 budget.

There are lots of things you won’t need to spend money on this year.  They can be re-appropriated to cover payroll while the revenue slows down.  Here are a few obvious ones:

  1. Apply travel expenses to payroll.
  2. Apply transportation expense to payroll.
  3. Apply conference fees to payroll.
  4. Apply your reduced office utilities to payroll if you are working from home
  5. Apply reduced office supplies like coffee that you won’t need to spend on if workers are working from home to payroll.

Trim the fat, then go a little leaner if you have to.

Some of these may not be too palatable, but they may save your business.

  1. Cut executives’ pay as much as possible during this temporary time.
  2. Freeze hiring.
  3. Offer early retirement.
  4. Ask workers if they want to voluntarily reduce their hours.
  5. Offer extra days of unpaid leave (and require a minimum if you need it to avoid layoffs)
  6. Cut training expenses.
  7. Cancel dues and subscriptions.
  8. Slash marketing costs.
  9. Cut contractors.
  10. Cut employee benefits.
  11. Put a hold on 401K matches.
  12. Cut all other unnecessary expenses.

Get the cash flowing.

Get your creative entrepreneurial juices going and find a way to boost revenue.

  1. Move your service to delivery if it works for your industry.
  2. Move your products to those that are in need. Designer masks, anyone?
  3. Move your service to a virtual version.
  4. Offer a new service.
  5. Acquire and sell an item in need.
  6. Got extra space? Find a renter.

Get a tax refund.

The new laws provide for a couple of ways you can get a tax refund.

  1. File your 2019 return ASAP if you’re due a refund and use that money in your business.
  2. If you have losses from 2018 and 2019, check with your tax professional to see if you will benefit from amending those returns.

Speed up your cash flow. 

There are literally hundreds of things you can do to permanently improve your cash flow. Here are a few:

  1. Make deals with your vendors to extend credit or slow down your payment to them.
  2. Work on collections and get your accounts receivable balance lower.
  3. Invoice faster and tighten the pay terms.

Borrow money.

There are many options right now to borrow money.  PPP might be the best game in town, but it’s not the only one.

  1. Take money out of your 401K to use in your business.
  2. Use your stimulus check in your business.
  3. Use your bank line of credit if it is still available.
  4. Take advantage of the EIDL, PPP loan, employee retention credit, or the deferred taxes option from SBA and the Treasury.
  5. Borrow money from a relative or friend.
  6. Check locally in your bank, credit union, city, county, or state for small business programs.

Every penny counts for some small businesses, so use any and all of the ideas above so you can ride this situation out.

And if we can assist you with your cash flow projections or creating or modifying your budget, just reach out.

Tweet
Share
Share
Pin
Scams, Fraud, and Hackers in the Time of Coronavirus How Business Owners Get Paid

Related Posts

Business Tips, cybersecurity

Fighting Cybersecurity Threats in Your Business

Accounting, Accounting Software, Blog, Business Tips

30 Reasons Why It’s Better to Have Professional Help with Your QuickBooks® Software

Blog, Business Growth, Business Tips, Profitability Tips

Ten Places to Look to Find More Profits

Monthly Archives

Categories

  • Accounting
  • Accounting Software
  • Blog
  • Bookkeeping
  • Bookkeeping Tips
  • Business Development
  • Business Growth
  • Business Tips
  • Cool Tech Tools
  • Cost-Saving Tips
  • Cost-Savings Tips
  • Customer Service Tips
  • cybersecurity
  • Decision-Making Tips
  • Expense Reduction Tips
  • Finance Management
  • Latest News
  • Management Tips
  • Marketing Tips
  • Money Management
  • News
  • Payroll Tips
  • Personal Development
  • Profitability Tips
  • Tax
  • Tax Resolution
  • Technology
  • Time Management Tips
  • Uncategorized

Español

  • Home
  • Accounting
  • Assurance
  • Tax
  • Software
  • Industries
  • Resources
  • Testimonials
  • About
  • Contact
  • Client Login

Contact Us

Tax Services, Accounting Services and Services for QuickBooks®

LCW Certified Public Accountants

130 Parker Street, Suite 20
Lawrence, MA 01843
United States

Phone: 978.689.8822
Fax: 978.682.9873

Client Login


Intuit, QuickBooks, and QuickBooks ProAdvisor are registered trademarks of Intuit Inc. Used with permission under the QuickBooks ProAdvisor Agreement.
Copyright LCW Certified Public Accountants 2020 | Website Disclaimer | Privacy Policy | Site Design by Accelerator Websites