Cash flow is one of the holy grails of business, whether you’re running a large operation or a smaller one. It’s nearly impossible to keep the supply of funds going out perfectly in sync with the amount coming in. We like to see it as a game. Of course, we can get pretty worked up playing Monopoly.
When it comes to juggling business finances, there is a lot more risk involved than mortgaging a make believe piece of real estate on a board game. Deciding what areas of business growth need to be invested in first and which ones can wait isn’t easy. People are often eager to start with options that will offer the quickest results and forgo the choices that involve long-term growth.
How do you decide between results now versus results later?
That’s a tough decision and it depends on what your goals are and how quickly you require an influx in cash. The best choice would be to work out a strategy that involved both. Long-term growth strategies generally compound into much bigger and sustainable paydays, while short-term strategies help get a bit of money in your bank account faster. Let’s list a few examples of each.
- Quick ad campaign
- Contests with promotional offerings
- Coupons or occasional sales
- Brand building with new vision
- Logo evolution to reflect a new direction
- Team training for better alignment
- Social media management for growth
The strategy you choose will depend on your brand values and on what you’re looking to achieve. If you don’t think about the future now, then what you think of as a temporary problem could become a permanent issue. Being strategically patient while putting in the work today can pay off in surprising ways. Don’t get sucked into instant gratification too often. Think farther down the road.