Boosting cash inflows involves getting paid quicker and more consistently. One strategy is to incentivise early payments by offering small discounts or perks to customers who settle their bills before the due date. This can be particularly effective for businesses that rely on invoicing, such as consultancies or suppliers.
Another way to enhance inflows is by diversifying revenue streams. An e-commerce business for example, might introduce subscription services or upsell complementary products to generate more consistent income. Using technology to automate invoicing and payment reminders can also reduce the time it takes to collect outstanding balances and improve overall cash flow.
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