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Add You - 9 Ways to Increase Cashflow for Small Business Growth
You've certainly heard the adage that you don't get a second chance to make a good first impression. What if there was a way to create the environment for a makeover of that original first impression? About every six months a marketing research firm contacts me. I started going to their location a few years ago for studies on topics like teashops, men's television viewing habits and underarm deodorant. I have since been promoted to the in-home camera interview. Six months ago
Cashflow Idea No. 6. Pay out slowly.
The other part of having good cashflow is paying out your suppliers ‘slowly’. Do it
Marketing is a multi-faceted process that can take you from where you are now to where you want to go. Let’s take a good look at what should be included in your “marketing plan,” but not necessarily in the order shown.Design a dynamite brochure that stresses the benefits to your customers and potential customers of your service and products. Very few people – except maybe your competitors – are interested in what you market as much as they are in how what you market
For sales people, get them to ask every single customer to make another ‘add-on’ purchase with the one they’ve already made. A great way to do this is to have a shopping ‘checklist’ of what the customer could buy.
Cashflow Idea No. 2. Use ‘cashflow’ payment checklists.
For your administration team. Have a checklist of your customers and when their payments are due. Set up reminder e-mails/sms’s/and faxes for each customer to ensure their payment is received on time.
Cashflow Idea No. 3. Increase your prices.
Most business people are so scared of increasing their prices. Yet when you do you’ll notice a couple of things happen. Firstly, ‘nothing’ may happen! That’s the ideal. Secondly you may lose a couple of customers, but they’ll typically be the ‘hard’ ones to deal with. If you increase your prices by 5 or even 10% across the board you’ve got heaps more profitability, and more room to move in giving great service.
Cashflow Idea No. 4. Invite your past Customers to buy from you again.
Collect your customers details and invite them to come back to your business. Make them an offer, have a VIP sale night, give them a gift cheque to pay for the first part of their purchase, send them a monthly newsletter, telemarket them or let them know you’ve got a gift waiting for them when they call back.
Cashflow Idea No. 5. Change your trading terms.
Good cashflow is all about getting your money in as quick as you can, and paying it out as slow as you can. So change your trading terms to get your sales income in as quick as possible. If you’re at 30 days, change it to 14, 7 or even COD. The quicker your terms, the better your cashflow.
Cashflow Idea No. 6. Pay out slowly.
The other part of having good cashflow is paying out your suppliers ‘slowly’. Do it s
Just imagine…you provide services to a few good clients in a particular neighborhood. And you wouldn’t mind having a few more clients like those, especially in that particular area.So, you create a marketing campaign that identifies prospects in that neighborhood who might need your services. You send a letter, the neighbors start calling, and soon, you’ve got all the business you could want in that one neighborhood. The benefits keep adding up - not only do you inc
Cashflow Idea No. 3. Increase your prices.
Most business people are so scared of increasing their prices. Yet when you do you’ll notice a couple of things happen. Firstly, ‘nothing’ may happen! That’s the ideal. Secondly you may lose a couple of customers, but they’ll typically be the ‘hard’ ones to deal with. If you increase your prices by 5 or even 10% across the board you’ve got heaps more profitability, and more room to move in giving great service.
Cashflow Idea No. 4. Invite your past Customers to buy from you again.
Collect your customers details and invite them to come back to your business. Make them an offer, have a VIP sale night, give them a gift cheque to pay for the first part of their purchase, send them a monthly newsletter, telemarket them or let them know you’ve got a gift waiting for them when they call back.
Cashflow Idea No. 5. Change your trading terms.
Good cashflow is all about getting your money in as quick as you can, and paying it out as slow as you can. So change your trading terms to get your sales income in as quick as possible. If you’re at 30 days, change it to 14, 7 or even COD. The quicker your terms, the better your cashflow.
Cashflow Idea No. 6. Pay out slowly.
The other part of having good cashflow is paying out your suppliers ‘slowly’. Do it
I received a powerful testimonial from a client. I often receive nice letters after my presentations, but this note stood out as exceptionally genuine, specific and sincere. I read it twice, and that got me thinking.I write ‘Thank you’ notes every week to colleagues, suppliers and friends. Perhaps you do, too. But how many of my notes – or yours – pack such a positive punch?I thought, ‘If I am going to take the time to send a note, why not write one that really
Cashflow Idea No. 4. Invite your past Customers to buy from you again.
Collect your customers details and invite them to come back to your business. Make them an offer, have a VIP sale night, give them a gift cheque to pay for the first part of their purchase, send them a monthly newsletter, telemarket them or let them know you’ve got a gift waiting for them when they call back.
Cashflow Idea No. 5. Change your trading terms.
Good cashflow is all about getting your money in as quick as you can, and paying it out as slow as you can. So change your trading terms to get your sales income in as quick as possible. If you’re at 30 days, change it to 14, 7 or even COD. The quicker your terms, the better your cashflow.
Cashflow Idea No. 6. Pay out slowly.
The other part of having good cashflow is paying out your suppliers ‘slowly’. Do it
Do you own a business? Are you responsible for the hiring of firing of employees? Do you also have the responsibility of job assignment and duties and are you the one who is held ultimately responsible for the actions of those working under you? If the buck stops with you, you may want to start doing background checks on your current employee’s as well as future candidates.The technology is available for us today to find out all kinds of relevant information about the
Cashflow Idea No. 5. Change your trading terms.
Good cashflow is all about getting your money in as quick as you can, and paying it out as slow as you can. So change your trading terms to get your sales income in as quick as possible. If you’re at 30 days, change it to 14, 7 or even COD. The quicker your terms, the better your cashflow.
Cashflow Idea No. 6. Pay out slowly.
The other part of having good cashflow is paying out your suppliers ‘slowly’. Do it
How Much Is Your Popcorn Worth?: Powerful Lessons In Marketing & The Psychology Of Selling – The Final PartAdditional Lessons from Popcorn MarketingI'm assuming that the movie theatres have tested their price point and figured out what the highest price is that they can charge and get away with - the highest price the market will be willing to pay.And, that's what they charge for their popcorn.I believe that's a mistake. Here's a bett
Cashflow Idea No. 6. Pay out slowly.
The other part of having good cashflow is paying out your suppliers ‘slowly’. Do it slowly, but keep a good relationship with your suppliers. So find out when is ‘acceptable’ for them. Currently, you may be paying on 30 days. Yet they may accept 45 or 60. If that’s the case you’ll have another 15 to 30 days to use the money.
Also consider paying on your credit cards. That way you’ll get an extra 30 to 55 days interest free.
Ideally try and follow the 7/60 rule. Have your money come in within 7 days, and pay your bills around 60 days.
Cashflow Idea No. 7. Accept only ‘good’ customers.
In light of the previous two points, only deal with customers that will gladly follow your trading terms. You may not like turning your back on some ‘slow’ customers, but it’s worth it when you get all ‘fast’ paying customers.
Cashflow Idea No. 8. Use only profitable marketing.
Try, test and measure all of your marketing. Financially analyse each marketing campaign so that you know it’s making a profit or a loss. Then use only the profitable ones. You’ll probably find that you’re wasting money on some marketing that isn’t bringing you in any money.
If you’re not marketing, start testing some small ads/flyers/e-mails and keep going until you find something that works, with an offer that works in an ad that works. If you’re already advertising, test your headline, test other offers, test other mediums.
Cashflow Idea No. 9. Get someone else to endorse you
Find someone with a database that’s full of people who suit your target market, work out a
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