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Contributed to EO by Chris Ronzio, a recent guest on the EO 360° podcast, where Chris and EO 360° podcast host Dave Will discuss $33 Million in Funding.
“Cash is king.” You’ve probably heard this phrase hundreds of times in the business world.
It’s always been true, but cash flow is especially important to think about now as we’re (potentially) heading into a recession. A cash crunch can quite literally be a matter of life or death for your business.
You might think simple stuff like raising prices and pushing sales will boost your cash flow. But revenue doesn’t always mean an increase in cash. So, to help you brainstorm, I thought I’d share some things I’ve done over my years in business to help increase how much cash my businesses have on hand.
Buy in bulk, even if you can’t buy it all now
My first business was a video production and distribution company that I ran out of my dorm room in college. We’d ship literally thousands of DVDs every month. And every month, I’d go to a warehouse to buy DVDs, DVD cases, ink cartridges for the DVD labels, and all kinds of other supplies.
One month I went into the warehouse and the guy who ran it, Wayne — I’ll never forget his name — says, “Hey Chris, you’ve been coming in here month after month. Why don’t you make a bulk order?”
“Well,” I told him, “I don’t have extra cash to buy that much right now. I can’t just buy 10,000 DVDs.”
“Well, how many do you think you’ll buy in the next year?” he asked. “Thirty thousand? If you can commit to 25,000, I’ll give you the bulk price, and you can pay as you go.”
This immediately gave me huge purchasing power, and I ended up saving 30% on my cost of goods sold. So, even if you don’t have cash for a big bulk order, try committing to buying a large amount from a vendor and see if they’ll give you the bulk price. It’s a cash win for them… Read More
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