Financial Tips for a Short-Term Cashflow Crunch

Sometimes business doesn’t go so well, and you find yourself in a short-term financial bind. If so, there are a few things you can do to free up money quickly to pay your expenses. If you need working capital for your business soon, CAN Capital offers up to $150,000 in as little as 48 hours, much less time than traditional bank loans.

get-rid-of-short-term-debtGive up a few small luxuries in favor of smaller ones. If you’re someone who has to have a $5 gourmet coffee every morning on the way the work, that habit might have to go if you need to pay bills. Instead, check to see if the brand is sold in the grocery store and make it yourself. You may have to wake up a few minutes earlier, but that will save you over $1200 a year.

Call the companies you owe and check to see if you can get a payment arrangement. If you’re only suffering short-term difficulty, most companies are willing to work with you by changing the due date.

Use a credit card. This might not be the best decision, but if you know you’ll be able to recover quickly, use the cards with a plan to pay them down the next month. That way you won’t incur interest.

Get a short-term loan. There are a variety of loan companies designed to help people who need to borrow money for a few weeks or a few months. Some use your current credit to set the terms of the loan, while others ask for no credit check at all. For example, you could get an auto title loan from RALoan that offers interest rates as low as 1.50% a month. With any company you choose, make sure to check out all terms and conditions before signing a contract and accepting the money.

In the meantime, work to increase cash flow. Are there clients you haven’t heard from in awhile that might need your services? Call them up. Are there outstanding invoices that customers haven’t paid? Consider enlisting the help of a collection agency to recover your money. Using these short-term cash solutions and increasing revenue will help ensure you don’t get into a jam again.

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About Dequiana Jackson

Dequiana Jackson, Founder of Inspired Marketing, Inc., helps overachieving women entrepreneurs conquer limiting beliefs and create marketing plans that grow their businesses. This includes one-on-one marketing plan development, digital product creation, web design and content marketing. Dequiana is the author of Know Your Business: How to Attract Ideal Clients & Sell More and runs the award-winning blog, Entrepreneur-Resources.net.

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2 comments

  1. Great article. There are lots of ways to raise money for businesses in a cash crunch, the title loan angle is one I hadn’t considered.

  2. Well written Informative article. Some great tips for small business owners who find the ways to get fund for their start-up business.

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