Increase cash flowConcluding our series on the Eight Levers to Increase Cash Flow In Your Small Business, we turn to overhead.  We saved this one for last, because this is the one thing that small businesses think of when you talk about decreasing expenses and increasing cash flow.


As with all of our levers, the place to start is industry benchmarking.  Knowing what your competitors do is a great place to start when setting targets for performance.


Most of the ideas around reducing overhead, you’ve probably already considered.  Here are a couple you might have missed.

Insurance:  Most business owners don’t regularly review their insurance coverage or premiums unless there is large increase in one year.  You may be paying too much for coverage you don’t need, while neglecting coverage that you do.  Review your coverage at least annually or whenever you have a significant change in your business.  You can contact our affiliated company here for a no-obligation review.

Professional Services: Accountants and lawyers are business necessities.  But the services and costs vary widely.  Generally speaking, you’re better spending money in a proactive way.  You’ll pay a lot less over the long run.  Find service providers that provide year round pro active services to manage your financial and legal risks.

Merchant Credit Card Fees:  For some companies, merchant credit card fees can really add up.  There are virtually only 3 credit card processors, and most of them are sold through resellers that simply add fees.  If you look at your average merchant credit card fee statement, it is very difficult to understand, and add on charges really add up.  Shop around on a regular basis.

Credit Cards: When was the last time you reviewed your credit card charges?  Many of us sign up for services and software that we no longer use.  And worse, sometimes services you cancelled still show up at annual renewal.  You’ll likely catch the large amounts, but the little ones add up.

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