This article reviews three simple and effective ways you can increase the cash flow for your small business. More specifically, these methods help you turn accounts receivables into cold hard cash that your small business can use today.

Some of these cash flow strategies may take a little time to set up, but you'll find that the resulting cash will be worth the effort. By implementing these strategies, you'll be joining the thousands are small business owners who are looking at resourceful ways to get paid sooner.

Make It Easy for Your Clients to Pay

It's only logical that your clients will pay you sooner if you make it easy for them. Here's how. First, when you establish a relationship with a client, state your payment terms and options up front. Let your clients know whether you accept cash, checks, credit cards, and online payments.

Second, start accepting credit cards. As your clients begin experiencing their own cash flow crunches, they will want to manage their cash flow by using credit cards to pay for services. By accepting credit cards, you will increase your chances of being paid in a timely fashion. These days, small businesses ranging from plumbers to accountants are accepting credit cards-and seeing an upsurge of cash flow as a result. Although you will have to pay 1-3% to a credit card processor, the increase in your small business cash flow make the fees worth paying. Remember that 90% of business failures are due to cash flow.

Third, consider accepting online payments through services such as PayPal, Verisign, Quickbooks 정보이용료 현금화 or Authorize.net. Your clients are every bit as busy as you, and by allowing them to pay online, you allow them to handle payment at a convenient time, which may not be during regular business hours.

Don't Be Afraid to Ask for Your Money

Studies show that friendly reminders, along the lines of, "Did you get my bill and when can I expect payment?" can significantly increase payment rates. Before you start asking for payment, be sure that you have made your payment terms clear at the outset of your relationships with your clients. Next, use software to track the age of various accounts receivables so that you can easily list late-paying clients, and start calling with friendly reminders. Finally, if necessary, consider using an outside collection agency for extremely delinquent accounts. Use this option with caution, as you may negatively impact your business relationship with your late-paying clients, or others who know those clients.

Balance Your Client Base for Steady Cash Flow

Depending on how you typically bill for products or services in your business, you can create a steadier flow of cash into your business by using different payment structures for different clients. For instance, if your business is seasonal or experiences fluctuations in cash flow, consider switching some clients over to a retainer-basis so that the monthly cash flow is steadier. With a retainer, you offer your client a certain amount of products or services for a fixed fee per month. To encourage clients to switch over to this method, consider throwing some bonus products or services into the mix or offering a slight discount. While this might cut into your profit margin a bit, you will get the benefit of more regular cash every month.

It can take some time to implement these strategies. For instance, if you decide to accept credit card payments, you will need to set your business up with a merchant services company. Similarly, if you choose to move some of your clients to a retainer basis, you'll need to spend some quality time with those clients to persuade them that a retainer is a win-win solution. However, you'll find that if you invest this time and effort up front, your bank balance will reflect a much healthier cash flow, which is crucial in today's tough economic times.