Understandably, cash flow is king for any business and this rings especially true for small businesses. In fact, many small businesses only cash flow out 30 days at a time. As a small business ourselves, we experience this challenge each and every day. So, we’re sharing three things we do to free up our own cash flow.
Co-working companies and spaces have turned the commercial real estate industry upside down. For small businesses that are ready for a dedicated workspace, renting office space in a co-working space, accelerator, or incubator offers an affordable and cash flow-friendly alternative to hefty deposits, lease negotiations, and even the costs of furnishing an office. Layr is headquartered in ATDC, the Advanced Technology Development Center housed at Georgia Tech, one of the nation’s oldest and most respected startup accelerators. ATDC offers flexible office space which means we can expand our office footprint as our business grows rather than shoulder the financial burden of office space we don’t need. We pay a monthly premium slightly more than what a typical three-year lease would cost. We’re able to pay for exactly what we need and what fits our budget right now, which will ultimately save us money in the long run.
Today, small business owners are able to take advantage of a growing number of powerful cloud-based tools to help run their companies. Industries like accounting, legal, and marketing have been transformed by the likes of Intuit, LegalZoom, and HubSpot. And while these modern cloud-based business service providers offer discounts to users who pay annually, nearly all of them also allow monthly payments. The ability to pay for these tools monthly eases the burden they have on cash flow by tens of thousands of dollars.
At Layr, it’s no different. Traditional methods of finding and buying business insurance are broken. We’re building #BetterBusinessInsurance. One way we make that happen is by offering companies cash flow friendly monthly payments. You can see a tailored quote, enter your credit card information, and secure coverage in about 10 minutes with our completely online application.
Sometimes companies experience an extended cash flow crunch. The result? Not enough cash to free up, no matter what kind of creative financing. Traditionally, banks have stepped up to provide loans or lines of credit to help a business get through tough times. But the traditional lending process is time-consuming, loaded with paperwork, and subject to lengthy underwriting processes. Technology powered fintech companies like Kabbage, Fundbox, and LendingClub make it possible to access cash (and quick) to float your business through a tough season. These next-generation financing institutions are able to offer flexible lines of credit with no physical paperwork and very minimal underwriting, resulting in a capital injection that can be available the same or next day.
Cash flow is one of the most critical operational challenges small business owners face. Being creative and resourceful is often the way to find the best solution to whatever challenge your company is facing. If you’re looking for ways to free up cash flow for your business, consider transferring your business insurance to Layr. You can complete the entire process in a few clicks in 30 seconds. You can also schedule time with our insurance team to review your policies and coverage limits for potential cost savings.