If you’re in or close to a financial crisis in your business, you obviously need money to keep operating. So what products or equipment can you sell quickly at fire-sale prices? You must have a tight inventory and get rid of any obsolete or soon-to-be obsolete items in a short time. Keep inventory at a bare minimum and use just-in-time ordering. Schedule your product delivery so it arrives when you are just about to be sold out. That way, you won’t have an open invoice to pay for products you don’t need right now. If a customer gives you a big order, see whether it can be shipped directly to him from your supplier so you don’t have to handle it at all—just bill it and collect the money.
If you’re going to be doing any new outsourcing, will there be any equipment or even office furniture that you won’t be using anymore? Why not turn it into cash to help your current situation? List unneeded items at a fair price on eBay or Craigslist and move them out quickly. Many businesses will buy used furniture and equipment if it’s in reasonable shape and the price is right. Don’t keep looking at things in your business that you won’t use again— turn them into much-needed cash. Vanity about an office full of furniture is not a concern right now. Make a list of all items of
value in your business and then decide what you can do without. Artwork and collectables should be at the top of the sell list.
If you have delivery trucks or vehicles, decide whether it’s less expensive to outsource that service. If you can find a company to deliver your products and treat your customers like you and your staff do, you can sell your delivery vehicles. If you do this, for the first few weeks after the outsourcing, call many of your customers and ask about timely deliveries and how efficiently they were handled. If there are more than a couple of complaints, change companies immediately. If you have to sign a contract to get a low delivery rate, make sure there’s a clause in it that says the contract can be voided because of customer complaints—and then don’t hesitate to do it. They are supposed to be servicing your customers, and they must do it according to the requirements that you set up. Don’t accept any exceptions or excuses; find another service quickly.