Times are tight in the world economy, and no one is more aware of this fact than small business owners. But don’t despair! Here are 9 ways to keep the cash flowing even in an economic downturn. Because there is never a perfect time or a perfect economy.
1. Ask for more! Higher Prices. If you need more money then just charge more for your product or service. The ideal result of an increase in prices is that nothing happens. Your customers keep purchasing what you have to offer and you don’t hear anything about it. The less ideal scenario is that some customers may go elsewhere, but don’t let that stop you. Increasing your prices by 5% or 10% provides more profit and an increase in cash flow.
Like Grant Cardone says. Never lower the prices. Just increase the price and then add more value to it.
2. Re-Targeting, Re-Selling(EMAIL MARKETING). Once you’ve gotten contact information on your customers, contact them regularly. Invite them to do business with you again, and give them incentives for doing so. Make an offer they can’t refuse, request their presence at a private sale, send a newsletter, or call them and let them know that they’ll receive a free gift simply for returning the call.
3. Multiple products. If you have salespeople working for you, instruct them to ask every customer to add on to their purchase. To make it easier, give every salesperson a checklist of things to offer customers.
4. Selling is the heart of the business. Analyze each one of your marketing campaigns to determine whether or not it is ultimately profitable. Eliminate any campaign that results in a loss and use only those that are profitable. If you don’t currently have a marketing campaign, pick a tactic or two and see how they work out for you. You might start with flyers and emails. Your ultimate goal is a profitable offer within a profitable advertisement. Test everything, no matter how time-consuming it is. You’ll see a huge difference when you eliminate things that aren’t working and put more time and effort into the things that are.
An increase in cash flow means an increase in the growth of your business. Start off with one or two ideas and see how they work for you before moving on to others. You’ll find that you get results within minimal tweaking of your business strategy, and you’ll love the results!
Use that cashflow to scale up your business.