What To Do When Your Business Is In A Financial Slump

One of the most stressful things about owning a small business is when you don’t make as much money as you expected or needed. Perhaps you are still waiting for some invoices to be paid, or you didn’t make the profits that you projected for this year. Whatever the reason, I have some tips to get you through it.
Keep Positive & Motivated
One of the most important lessons to learn from starting your own business is to keep positive. When times are tough you need to be at your best and power through them, not just give up. Giving up is the only way you will guarantee that your business fails. Instead, you need to get creative and think of a plan to pull your business through. Luckily for you, if you’re not the most creative person on the planet, I’ve got some ideas for you below.
No Unnecessary Expenses
Go through your bank statements with a fine-tooth comb and try to find any recurring, unnecessary payments. Anything that isn’t adding value to your business is a waste of money, so ensure you stop paying for it to reduce business costs.
Offer Discounts
Offering discounts for your products and services are likely to result in a surge of interest. Sure, you’re not getting the entire amount that you were hoping for, but if you see a large increase in custom, then it won’t make much difference. Better yet, try to identify times of the year when you are likely to have slower sales, such as during the summer, and prepare to have a sale every year at the same time.
Ask For Payment Up-Front
Rather than offering payment plans or allowing customers to pay you at a later date, ask for all payments up-front. This means that when you make a sale, you will have the money to show for it, and won’t have to wait for weeks or months to spend it. It also reduces the risk of customers failing to pay you at all, and having to take them to court. This may affect a small number of your customers but will mean that you will always have a steady cash flow.
Apply For Credit
If you’re going through a really slow sales period, applying for credit may be your best option. It’s always better to apply for things like business credit cards when you are currently making a steady profit, as they could take a while to arrive. This means that when you do go through a slow patch, your card will already be there for you to use.  If you haven’t thought that far ahead, and need money now, then merchant cash advance companies tend to get a loan in your bank account in as little as a couple of days.
Owning a business can be difficult, not to mention stressful, but all the hassle is definitely worth it when you can see the thing that you put so much time and hard work into grow and flourish, so don’t give up and stay positive.