Money & Success Tip #301 - 11 Ways to finding Extra money in your business - Facebook Post adapted
Now, for those of us in our own businesses, that is the miracle question we all should be on quests to find don't you think?
There are moments when all we feel we do is juggle the accounts to meet our weekly cash flow needs. If it is not a seasonal economy, it is BAS time or end of month when the bills are being paid. Sometimes, the wages are up but the cash has not come in. And then there is urgent buys when a piece of machinery breaks down, an electrician is needed or the likes.We get it. But having a few ways to find extra money is empowering us to take back our control and push for the numbers to add up each week.
Trying looking in these areas of your business to unlock more cashflow...
1. Your current database - Are you making offers to people who have already known, liked and trusted your business? Touch base at least twice a year to have your brand in their sites for when they need your type of service or products. Do you offer value added gifts? It is all about capturing their interest and finding out how our business can help provide a future need or want.
2. Your marketing nurture tactics - A simple email here and there of something that evokes pleasure - a simple gesture of thanks, make contact for a free gift to be collected.
3. Your closing sales processes and people - Having the right person with conversational skills, that can attract a crowd, can be your best asset. Even a sales script can be of you to keep the conversations on tract to lead to a sale.
4. Where you fish for leads - Be present in the areas your ideal client hangs out, if they like golf, sponsor a game day, if they coach little league football, support jerseys with your brand logo.
5. Referrals from current clients - How many of us take the time to ask if their clients mix with other interesting people we also may be able to do business with?
6. Your accounting - identify excess expenditure - Yes, eliminate the waste! An item bought here and there that sits on a shelf and was not used for what you thought it could have been is wasteful spending. Wages are our biggest expense, really map out what our team does and see if there is a better way to save on hours of duplicate wages.
7. Optimisation of processes, people and time spent - Gosh I love this one! It is about capturing the metrics along the points we engage with our customers. Then setting better KPI's with our team to achieve a 10% or more increase in all those areas. The compounding effect is where the real dollars are made.
8. Fulfillment - Is their wastage that needs elimination? Excess packaging, smaller boxes, lighter products, hours of labour, outsourcing the distribution. Sell unused equipment, identify slow moving stock and create a campaign to package it with fast moving stock as a bonus item.
9. Technology - Can you produce documents quicker and easier? Can your business processes be streamlined, remotely accessed and updated as needed, can invoices be produced on the job? Is there an easier way to communicate with your team, your clients, your suppliers.
10. Innovation - Following the trends not fighting them, manipulating products, services, campaigns to align with new upcoming ways. Stay ahead of the curve.
11. Your exit plan - Tax planning and being prepared is paramount! Knowing when is the ideal time to sell, when to close the doors, how to safe guard your asset, how to present your business for sale and much more.
There you have it, some of the best ways to find more money in your business.
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