UP Economics Discussion

When I read the discussion question for this week I couldn’t help but take this question personal especially at a time as this. So many companies and families are trying to find strategic ways to retain or increase cash and financial management of it. The pandemic has certainly impacted businesses large and small and although they may feel it differently, the effects are still affluent. Companies have had to come up with ways to become more profitable and economical in their spending. Several ways is to provide more through thought out strategic plans, cut expenses, reduce prices but provide more value, and create marketing tools that could actually increase spending in other areas. Also, businesses should eliminate unnecessary spending if possible and keep your customers afloat concerning changes. They will appreciate it and some may stay loyal because of it.

Increasing the cash flow may also mean increasing prices on products and services and even streamlining the business process. Businesses may even try to negotiate with suppliers on bulk rates or products. It could also be an advantage to collect on accounts as much as a company can. Strategies we use in our home to increase cash flow and decrease spending is to purchase what we need and not so much of what we want, prepare meals at home, reduce utilities and negotiating payoffs. We also try to eliminate some products and services we deem unnecessary.

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