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Cash - How to Raise Quickly?
Question: I need to raise some cash. I can't get a loan from the bank, and my credit cards are maxed out. The good news is that my business is making money, but not fast enough to satisfy my need for cash. How can I raise some cash quickly?
Answer: It sounds like you need to use methods to get your present customers to pay you sooner than they ordinarily would. Some techniques would be to presell by offering a discount for a payment up front (to buy a gift card, for example), upfront pricing (where a charge is made upfront that allows usage or purchases that create a greater discount with use), and offering selective discounting at times when business is at its lowest activity. One other tactic might be to ask vendors to grant more flexible terms. All of these activities require careful monitoring and management to make sure the cash flow situation will improve.