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Answers to your  questions
​

Q: How do I pay my first employees without having any cash flow?

A:
Before we answer that, we have to back it up a little bit and look at the reasons why you are short on cash.

If you are just starting your business and you know you will need to hire employees to run your business, make sure you have proper funding to get started AND proper funding to make payroll until the cash starts to flow, or you may want to postpone hiring (or even opening your doors) until funding has been secured.

If you have been running fine for a while, but perhaps had a few bad months that have drained your cash, then there's a few options.

1. You can use personal funding. Essentially, it all comes out of YOUR pocket.

2. Is you Accounts Receivable running high? Your customers/clients not paying on time? Can you offer them incentives to pay now instead of waiting. This can carry the risk of customers lagging on payments going forward if they believe they can get a better rate for waiting, so weigh this one carefully.

3. Get a small business loan or a line of credit.

4. Find someone willing to load you money outside of a traditional bank. Family or friends may be willing to help (again, be careful to not destroy your relationships).

5. BUT! above all, be honest with the employees as far in advance as possible. Let them know what's going on and how you intend to fix it. Take a pay cut yourself BEFORE you cut anyone else's pay.

There are more options, but these are some standards.
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Finally, look at why your cash flow was problematic and figure out how to fix it for the future. (Spending habits, improved marketing, consult with an accountant or coach, etc).

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Need services from us or our guests?

We can help
contact us
Bert Robinson (financial services)
Call/text: Email:
brobinson@vafinancialcenter.com
​(804) 454-0942
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(804) 476-2271
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"I can survive well enough on my own-if given the proper...material."
-Sarah J. Mass
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