How to Quickly Improve Your Company’s Cash Flow

Every company has sources of revenue that can greatly increase their bottom line. The key to increasing your sales and reaping big profits is to follow a process that:

  • Generates more leads
  • Converts those leads
  • Maximizes the value of your sales
  • Allows you to measure your results so you can fine-tune your strategy

Because you’re reading this, you suspect there are ways to get the money that’s being left on the table – if only you had the insight. So today, I’m going to quickly show you what this process looks like and how to make it work for you.

Strategies for Marketing

Focused, efficient, and measurable marketing is key to any business’s success. Your customers aren’t going to find you just because you have a website or an online listing. You need to reach customers where they are with the message they need to hear at their stage in the buyer’s journey.

One way to do this is by teamwork. By this, I mean joining forces with other businesses where you can mutually benefit from the partnership. Who do you partner with?

Seek out the local companies that don’t directly compete with you but have the same types of clientele. For example, a lot of home service industry companies share the same basic set of customers: homeowners and renters. Through networking groups like BNI, or just picking up the phone, you can find those potential partners and develop a plan to refer business to each other.

Before entering into a signed or gentleman’s agreement, here are a couple of things to consider:

  • Ensure that you can benefit each other’s business by having the same clientele and the willingness to spend a little time on cross-promotion. 
  • Share the customer-facing flyers that you use to promote your business in person as well as online. Why limit that content to a website? E-newsletters and promotional emails are valuable channels for promoting your partners and having them promote you as well.

Piggyback Invoice Mailings

Once you’ve established a working, trusting relationship with other business owners, you can ask to have your downloadable flyer or a link to your website included with their regular invoice mailings. 

As an incentive, you could offer to pay for the mailing, but remember you don’t have to if you reciprocate the favor. You could ask each partner to sign a letter recommending your services. This works well for non-competing companies with the same target market.

Create a Benefit and Testimony Sheet

In addition to the one-sheets and brochures that explain what your business does, it helps to create a sheet that lists the four most important things about your product and how it benefits the customer. Because we all have instant access to reviews, include in your one-sheet the reasons that your company is the best choice someone can make to solve their pain point. People like to see proof of performance before investing their money, so include customer testimonies to support those statements.

On-Hold Messages

When customers are on hold, that’s the time to educate and sell to them. This is your opportunity to tell them about your business and the unique benefits your products, services, and customer service will bring them.

Use Payment Plans and Financing

For large-ticket items and services, think of opportunities to offer a monthly payment plan. This can make the cost easier to handle since your customer knows they can pay over a series of months. And you’ll have a source of income sooner than waiting for customers who have the full cash on hand right now.

Reprint Press Articles

Good press is your friend because it’s free advertising that lets the world know you a valuable service or set of services. When a news outlet writes something positive about you, share it on your website, in your online newsletters, and in your print collateral. Having this kind of endorsement – and sharing it widely — builds the credibility you need to attract new customers.

Keep Up Your Store or Office Appearance

Ensure your store looks tidy and is clean and well kept. People don’t want to buy from someone who keeps a sloppy environment, because it only invites mistrust about your customer dedication.

Collect Customer Emails and Phone Numbers

Gated landing pages for special offers and Contact Us forms on your website are easy, reliable ways to get information from website visitors and turn them into customers. On those forms, including a checkbox that allows them to choose to join your mailing list. Once they’re on your list, you can market to them with special offers and newsletters that earn trust by sharing helpful tips, good word of mouth (like testimonials), and other endorsements.

You can also invite guests to a lunch-and-learn – often with related businesses that share similar customers — on what you do and its value. One way to drum up attendance: Offer a prize at the end of the event. You’ll ask attendees to place their business cards in a fish bowl. At the end of the session, draw a card or series of cards to hand out prizes.  And make sure you put the winner in your newsletter to show your customer base what it means to work with you.

Have Stock On Hand

There’s nothing more discouraging as a customer than getting excited about a product and then finding out you have to wait to get it. Having inventory may be the difference between a sale and no sale.

Need Help Developing Your Cash-Flow Strategy?

At ActionCOACH Tampa Bay, we specialize in helping businesses like yours assess their strengths and weaknesses and developing a plan of action for growth.

Want to learn more about increasing your cash flow and putting our advice into action? Book a complimentary strategy session today or call us at 727-786-2900 to discuss building a plan that leads to higher revenue.

Written by Tony Tona, Business Coach, ActionCOACH Tampa Bay

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