3 Immediate Cashflow Boosting Tips for Any Business!

3 Immediate Cashflow Boosting Tips for Any Business!

Do you find yourself, like most business owners…so tied up in getting the job done that you hardly have time to breathe let alone think!

Are you busy doing, doing, doing to the point where you’re exhausted and dragging yourself through each day!

Do you feel like you’re on the treadmill yet not really getting ahead and wish you knew exactly what to do to make it easier to achieve what you want in your business?

Well, firstly you’re not alone…

Get Clarity and Certainty On Your Best Next Step

And second today I want to share a story about a client we worked with last week, that after just a couple of hours was excited they finally had the clarity and certainty on how they could change things.

They were obviously confident on what their next steps needed to be…and had in their kit bag a clear three step priority on what would give them an immediate injection of cash into their business! And set themselves up for future improvement and growth too…

Have a read, as these might also give you some clarity on what you can do too…enjoy!

Priority 1: Increase Your Prices

price rise

The quickest easiest way to get more revenue and more profit is raise your prices. Did you know if you put your prices up just 10% you could afford to lose up to 30% of your clients with absolutely NO impact on your revenue – actually, you may even end up in a better profit position from not having to deal with so many clients!

In every instance where we’ve worked with a client who has raised their prices, they have never lost more than a handful of clients and have always ended up in a significantly better cashflow position in a very short period.

Don’t get me wrong, you probably will find you’ll annoy some people!

I ask you this… of the people that complain, ‘Are they your best most profitable clients? Or are they the clients that seem to always be taking up your time and eating into your profit margins because of it?” Usually you’ll find the people that complain are your more difficult clients or your ‘C’ clients that you are happy to lose to your competitors!

Focus on keeping your best clients happier. Try it!

Priority 2:  Collect Details from Everyone that contacts you!

mailbox making money

If you’ve been around us for any length of time, you would’ve heard us say a hundred times… “The MONEY is in your LIST!”

So, if you’re not capturing as many details about someone that is contacting you – whether by phone, email or face to face – you are sabotaging future sales and leaving significant dollars on the table.

It’s the number one thing ALL successful small business owners do. They collect information then build a relationship with the people that have shown interest in what you’re selling. So that, when they are ready to make a purchase – they think of you.

For best results, you may need to incentivise and appeal to people’s emotions, to get them to freely give you information. And not everyone is going to give you their information, even with an incentive, yet most will. You could run a monthly competition… you’d simply say something like… “Before you go, could I register you for our prize draw – you can win an iPad mini?” If they say yes… simply explain what you need from them. “It’ll take just a second, all I need is your name, mobile and email…”

Quick Tip: You can use your own services as a prize, yet it’s not usually what we recommend – it’s kind of like shameless self promotion or even like “prostituting yourself”! You know…people are cautious these days…they’re savvy, they’re less trusting…they could be thinking… “Yeah! I get what you’re trying to do…suck me in!”

So we recommend, choose something of high perceived value that isn’t what you sell, yet what your market would be very interested in receiving.

It could be…a voucher for dinner, an iPad, a trip, a weekend away, a hamper… get creative? Choose something that won’t break your bank – has high perceived value and low cost to you – you can even do a JV with someone to get a great value prize.

So that’s just part A…and the first thing any business owners should have in place, if they’re not already doing it – the more information you collect the better. And if you give good reason as to why you need it most people won’t hesitate to provide it. Next you need to keep in touch with them… constantly nurture and build the relationship, even if they didn’t buy this time.

And – don’t sweat it, if someone doesn’t want to give details, write them off and move onto the next person!

Priority 3: Reactivation

come back soon

Look at your client base – when was the last time they bought. If you haven’t been in touch, or kept in contact with them in some way, then they may have forgotten about you.

It’s time to reactivate them!

Which means, get in touch with them again – do it via phone, direct mail or email…just reconnect.

Whatever you do, don’t just do it once…

In marketing and business 1 is an evil number! 1 client, 1 contact, 1 product…avoid it.

So, whenever you decide to communicate or run a campaign or promotion – get in front of them more than once! You really want to touch the person a minimum of 3 times…so you might send them a letter…make it lumpy mail (we’ll talk more about that later this week. I’ll do a specific blog post on lumpy mail for you). Offer them something special to take action and reconnect. Put a timeframe on it and create some urgency.

Then you might follow up with a phone call and finally a SMS just reminding them time is running out.

Whatever you do, make it at least 3 things you do to make contact. And if you do more, that’s good too. After any promotion, I’d then make sure they’re on your regular newsletter list (we’ll cover newsletters another time. You do need to factor this into your marketing plan – this is your relationship builder, nurture process that is crucial!).

So that’s it!

Three things you can do right away to create an immediate cash flow boost in your business! Good luck and we would love to hear how you go implementing these and the results you get.

Smiles,

Yvette small signature

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