{"id":34379,"date":"2023-07-19T11:15:57","date_gmt":"2023-07-19T11:15:57","guid":{"rendered":"https:\/\/bostonchamber.com\/?post_type=thought-leadership&#038;p=34379"},"modified":"2023-07-19T20:48:47","modified_gmt":"2023-07-19T20:48:47","slug":"surviving-a-cash-shortage","status":"publish","type":"thought-leadership","link":"https:\/\/bostonchamber.com\/thought-leadership\/surviving-a-cash-shortage\/","title":{"rendered":"Surviving a Cash Shortage\u00a0"},"content":{"rendered":"<style> .banner:before {\r\n        background: linear-gradient(0deg,rgba(0,0,0,.5),rgba(0,0,0,.5)) !important;\r\n    }<\/style><div id=\"ra_id_1678124236\" class=\"banner  standard lazyload\" style=\"background-image:inherit\" data-bg-image=\"url(https:\/\/bostonchamber.com\/wp-content\/uploads\/2022\/08\/Event-Hero-Special-Event.png)\">\r\n        <div class=\"container  banner-container text-Center\">\r\n            <div class=\"row center-items\">\r\n                                \r\n                <div class=\"col-lg-10 \"  >\r\n                                            <!-- <p class=\"label special-label\" tabindex=\"0\"><\/p> -->\r\n                    \r\n                    <h1 class=\"underline-text white  required\" tabindex=\"0\">\r\n                        Surviving a Cash Shortage                    <\/h1>\r\n                                            <div class=\"xyz\" tabindex=\"0\"><p><\/p><\/div>\r\n                        <div class=\"banner_event\">\r\n                                                                    <span  class=\"author-text\" tabindex=\"0\">HarborOne<\/span>\r\n                                                            <\/div>\r\n                    <div class=\"banner-btn-wrapper\">\r\n                                                                                <\/div>\r\n                        <!-- <a href=\"#\">Link<\/a>\r\n                        <a class=\"arrow-link\" href=\"#\">Link<\/a>\r\n                        <a class=\"external-link\" href=\"#\">External Link<\/a>\r\n                        <a class=\"more-link\" href=\"#\">More<\/a> -->\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n        <\/div>\r\n    <\/div>\r\n<script type=\"text\/javascript\">\r\njQuery(document).ready(function($){\r\n    setTimeout(function () {\r\n        console.log('here');\r\n\t\t$('#_youtube-iframe-wrapper').show();\r\n\t}, 2000);\r\n});\r\n<\/script>\n\n<style>\r\n    .cta-btn-wrapper{margin-bottom:2rem;margin-top:-10px;}\r\n<\/style>\r\n<section class=\"wysiwyg_block\">\r\n    <div class=\"container\">\r\n        <div class=\"row\">\r\n            <div class=\"col-lg-8\">\r\n            \r\n            <p>A business can survive for a short time with low sales or profits, but not without a positive cash balance. Cash pays the bills and allows trading to continue. If you are growing and extending credit to more customers, the need for cash can be even greater. Here are three steps you can take to ensure you have the cash you need to run your business.<\/p>\n<h3><strong>I. Create a cash buffer<\/strong><\/h3>\n<p><strong>Internal savings<\/strong><\/p>\n<p>Review your budget to see where you can cut costs:<\/p>\n<ul>\n<li>Get new quotes for all supplies, services, and utilities.<\/li>\n<li>Contact existing suppliers to renegotiate lower prices and extended credit terms.<\/li>\n<li>Implement \u201cjust-in-time\u201d inventory methods to help reorder stock as you need it.<\/li>\n<li>Hold a sale to move surplus stock.<\/li>\n<li>Identify and sell underused assets\u2014is there equipment you can rent rather than own?<\/li>\n<li>Consider discounting your outstanding customer invoices or use a factoring company.<\/li>\n<li>Reduce fraud and theft.<\/li>\n<\/ul>\n<p><strong>Raise more funds<\/strong><\/p>\n<p>Consider these moves to free up funds:<\/p>\n<ul>\n<li>Develop a relationship with a decision maker at your bank and seek an appropriate line of credit financing <em>before<\/em> you need it in case a short-term liquidity issue arises.<\/li>\n<li>Invest more of your own money in the business. Can you raise more money against an asset such as a property you own? Be sure to consult with your personal financial advisor and accountant to make sure you can afford to inject your own funds into the business.<\/li>\n<li>Raise cash from relatives or friends.<\/li>\n<li>Sell part of your business to key employees. When money is tight, it can increase your working capital and increase the motivation of key employees. Their money is now on the line, too.<\/li>\n<\/ul>\n<p><strong>Seek outside investors<\/strong><\/p>\n<p>Investors will typically want an equity stake in your business before they part with any funding. They will also want to see a clear \u2018value proposition\u2019 in the form of a business plan and full supporting financial documents before they consider supporting your business with funds. A HarborOne Bank Business Team Member can help you create a lean business plan if you don\u2019t yet have one.<\/p>\n<p><strong>Apply for grants and subsidies<\/strong><\/p>\n<p>You may be eligible for government grants or subsidies. Certain industries and regions are supported by government programs. Your local <a href=\"https:\/\/www.msbdc.org\/alphabytown.html\">Massachusetts Small Business Development Center<\/a> can help you identify what you may be eligible for, and <a href=\"https:\/\/www.mass.gov\/info-details\/eohed-programs-and-grants-business-and-innovation#small-&amp;-growing-businesses-\">the Massachusetts Executive Office of Programs and Grants<\/a> is a great resource for loan, grant, venture, and other capital programs.<\/p>\n<p><strong>Cut personal expenses<\/strong><\/p>\n<p>As the owner, cut down on your expenses through the business and reduce your own salary. Look at the bare minimum you\u2019ll need for living expenses and cut your salary down to that amount. Look at what withdrawals you\u2019ve been making from the business, especially on a personal level, and ideally eliminate them.<\/p>\n<p><strong>Extract equity from property assets<\/strong><\/p>\n<p>Borrow on the equity you\u2019ve built up in property, whether it is your home, your business premises or any property you\u2019ve invested in. If you\u2019re confident that your growth plans will pan out, then you\u2019ll be able to rebuild that equity.<\/p>\n<p><strong>Borrow\/bootstrap assets<\/strong><\/p>\n<p>You don\u2019t have to purchase all the equipment you need to get your business moving. Think about what items you might be able to borrow over the short term. Draw up a list of your asset needs and make a determined effort to borrow what you can, while shopping online for secondhand items that will save your business money. Are there people you know that are already in business who could lend you equipment or machinery long term?<\/p>\n<p><strong>Work from home<\/strong><\/p>\n<p>Depending on the type of business you have, you may be able to use a workspace that costs little or even nothing. Work from home using a spare room or the garage. It might even be possible to use a caf\u00e9 or similar public place. Build up your clientele before paying expenses you don\u2019t really need straightaway. Don\u2019t forget many employees may prefer to work from home and be more efficient.<\/p>\n<p><strong>Bring cash forward<\/strong><\/p>\n<p>If you need to improve your cash flow temporarily, adjust your sales and marketing plans to suit:<\/p>\n<ul>\n<li>Offer customers incentives to purchase in advance.<\/li>\n<li>Incentivize early-payment with discounts.<\/li>\n<li>Focus marketing on short-term lead generation rather than longer term objectives like brand recognition.<\/li>\n<\/ul>\n<p>Be aware that short-term incentives should be just that: short term. Offering discounts and incentives to ease your cash flow is fine but know it erodes your profit.<\/p>\n<h3><strong>II. Collaborate and partner<\/strong><\/h3>\n<p>Teaming up with other businesses to work towards common goals is a smart way to increase capability, while sharing resources, costs, and risks. The internet has made accessing talent from around the world easier than ever.<\/p>\n<p>Collaborating can help you:<\/p>\n<ul>\n<li>Access new product\/service lines, develop new product knowledge and reduce costs.<\/li>\n<li>Fill expertise gaps in your business<\/li>\n<li>Enhance capacity to bid on larger contracts.<\/li>\n<li>Strengthen customer and supplier relationships and outsource production.<\/li>\n<li>License their intellectual property, receive volume discounts.<\/li>\n<li>Speed up new customer development and access new business models.<\/li>\n<\/ul>\n<p>Partnering with other businesses can be formal (a contractual obligation), informal (verbal agreements), significant (sharing suppliers and long-term customers), or ad hoc (coming together as and when you need). Research and evaluate all potential partners thoroughly. Seek out companies that share your business ethic and strategy, as well as common expectations of working together.<\/p>\n<p>Make sure all parties are clear about expectations \u2013 spell out roles and responsibilities like ownership, people involved, and everything in between. Working alongside another business gives you shared responsibility \u2013 as well as other colleagues to work with and rely on. Having back-up in a crisis can offer assurance to you and your customers.<\/p>\n<h3><strong>III. Collect what\u2019s owed faster<\/strong><\/h3>\n<p><strong>Invoice immediately<\/strong><\/p>\n<p>Make sure all your work is invoiced as soon as possible. With larger customers, try to get into their payment cycle or apply to be an approved supplier as soon as possible. Specify in the initial sales contract exactly what you will deliver. If you are asked to do more than the original quote, it is reasonable to negotiate additional payments If you haven\u2019t already, sign up for accounting software to make it easier to send invoice reminders.<\/p>\n<p><strong>Connect with your bank<\/strong><\/p>\n<p>Develop a relationship with your bank to make sure you are getting the proper cash management services to enhance collections, save money, and earn interest on surplus funds. Your bank doesn\u2019t have to provide you with credit to offer suggestions in these areas.<\/p>\n<p><strong>Request progress payments<\/strong><\/p>\n<p>When negotiating new contracts with customers be aware of setting payment terms that help your cash flow, such as deposits or progress payments.<\/p>\n<ul>\n<li>Negotiate stage payments for contracts that take a long time to complete.<\/li>\n<li>Include a regular timetable for the customer to pay invoices as part of any agreement.<\/li>\n<li>Agree on clear milestones for the work to be completed to minimize the chance of the customer disputing any invoices.<\/li>\n<\/ul>\n<p><strong>Credit control<\/strong><\/p>\n<p>An efficient credit control system speeds up your cash collection and reduces bad debt. Depending on the type of business you run, you may be able to reduce the number of credit accounts you offer and if possible, avoid extending credit at all. Some suggestions:<\/p>\n<ul>\n<li>Credit check all customers before you extend credit terms.<\/li>\n<li>Control how much credit you provide and to which customers. Consider using credit scoring systems and setting appropriate credit limits for all customers.<\/li>\n<li>Avoid giving any customer more credit than you could afford to lose if the sale turned into a bad debt.<\/li>\n<li>Send out invoices immediately after you have supplied the goods or service. Confirm that all the invoice details were correct and that there will be no problem paying it by the due date.<\/li>\n<li>Monitor late payments and chase them up methodically, largest debtors first.<\/li>\n<li>If you intend to charge interest on late payments this must be stated in your terms of trade.<\/li>\n<\/ul>\n<p>Using a debt collection agency or a specialist lawyer can be an effective method of dealing with non-payers. There are also software solutions that integrate with your accounting software.<\/p>\n<p><strong>The importance of multiple payment options<br \/>\n<\/strong>If you give your customers the options to pay on the spot, using the latest technology, they\u2019re probably going to use it and enjoy the convenience. It means you do not have to spend time sending invoices and waiting for payment \u2013 the money is in your account and can be reinvested in business growth.<\/p>\n<p><strong>Payment in advance<\/strong><\/p>\n<p>Some businesses, such as ones operating over eBay or other auction sites, require payment in advance to provide protection against online fraud. Customers first pay the purchase price (including shipping costs) into your bank account. You then wait for the payment to clear before sending the goods or supplying your services.<\/p>\n<p><strong>Payment by installments<\/strong><\/p>\n<p>These can be useful if you\u2019re working on a lengthy project, such as a building or a software development program. Payments made at keys stages of the project serve two important purposes:<\/p>\n<ul>\n<li>They provide a regular cash flow to pay running costs.<\/li>\n<li>They protect you against total loss if your client goes bust.<\/li>\n<\/ul>\n<p>Normal practice is to build staged payments into contracts, based on measurable milestones.<\/p>\n<p><strong>Early payment discounts<\/strong><\/p>\n<p>Early payment discounts can encourage people to pay on time. They\u2019re more useful on higher margin products or services as the discount will have less impact on your profits than thin-margin products.<\/p>\n<p><strong>Contracts and debit orders<\/strong><\/p>\n<p>Businesses that offer regular services such as a gym or an accounting firm can benefit from offering customers a set annual (or longer) contract. The attraction for the customer is a price that\u2019s typically lower than paying for each visit or service.<\/p>\n<p><strong>Accepting payments securely online<\/strong><\/p>\n<p>Accepting online payments is beneficial in several ways, both for you and your customers. Some benefits include:<\/p>\n<ul>\n<li>Less stress \u2013 it eliminates the need to worry about getting paid on time and chasing outstanding invoices. Giving customers the option to pay online means they\u2019re more likely to pay promptly.<\/li>\n<li>Greater convenience for your customers \u2013 online payment method options are beneficial to your customers, many of whom prefer to pay immediately.<\/li>\n<li>Open up new markets \u2013 the ability to accept online payments also opens a whole new market of customers. If you sell physical goods, you can sell beyond your local service area.<\/li>\n<li>Improved cash flow \u2013By offering online payments straight away, the whole payment cycle is complete.<\/li>\n<\/ul>\n<h3><strong>Final Advice<\/strong><\/h3>\n<p>A cash crisis is one of the many hurdles small business owners encounter, but you don\u2019t have to go it alone. Building strong relationships with your lawyer, accountant, banker, and colleagues will help you to build a strong business that can withstand difficult times. For more free business help and tools, visit\u00a0<a href=\"https:\/\/www.harborone.com\/small-business\/voyage\/home\"><strong>HarborOne\u2019s Small Business Hub,<\/strong><\/a>\u00a0packed with articles, videos, templates, calculators, checklists, and case studies.<\/p>\n<h3><strong>Disclaimer<\/strong><\/h3>\n<p>For informational purposes only. There is NO WARRANTY, expressed or implied, for the accuracy of this information or its applicability to your financial situation. Please consult your financial and\/or tax advisor.<\/p>\n  \r\n            <\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/section>\n\n\r\n<div class=\"people-spotlight three-up\" id=\"ra_id_1678135702\">\r\n    <div class=\"container\">\r\n        <div class=\"three-up-heading-wrap\">\r\n        <h4 tabindex=\"0\">You May Also Be Interested In       \r\n        <\/h4> \r\n                <\/div>\r\n        <div class=\"row three-up-slider\">\r\n            <div class=\"col-lg-4 item\"><div class=\"content-wrapper\"><a href=\"https:\/\/bostonchamber.com\/news-insights\/?_news_insight=thought-leadership&#038;_topic_filter=business-development\"><h5 tabindex=\"0\" class=\"cat\">Business Development<\/h5><\/a><div tabindex=\"0\" class=\"people-img avtar ratio ratio-16x9\"><img decoding=\"async\" tabindex=\"0\" class=\"avtar lazyload\" data-src=\"https:\/\/bostonchamber.com\/wp-content\/uploads\/2023\/05\/hob-logo.jpg\" alt=\"\" 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