“So these should be your Goals as a Small Business Owner: 1) To make more $$$ by increasing net profit while 2) increasing Return on Investment [ROI], and 3) simultaneously increasing Cash Flow.” Peter/CXO Wiz4.biz
Cash Flow Topics: Margins, Cross & Up-sell, Sales Quotas, Referrals, Directories, Targeted Ads, Cut Expenses, Stop wasting time.
Want to make more $$$ in your small business? Who doesn’t? But usually, when entrepreneurs think of boosting their bottom line, they consider things that are pretty tough: 1) developing new products or services, 2) opening new locations or 3) adding an eighth day of the week so they can work 24/8 instead of just 24/7. LoL Relax! There are better ways to go about it that won’t take too much time (to increase Cash Flow) and most of them won’t cost you much. Some are absurdly easy, even.
- Are you’re Margins enough? Maybe you’re charging too little?Take a look at what your competitors charge. Has it been a long time since you raised your prices? Could you raise your price by 5% or 10%? It’s likely most people won’t notice.
- Cross-sell. Offer associated products or services. Remember that spa? They also offer body lotions, scrubs and candles for sale, too.
- Up-Sell. Do you only have a single-priced product or service? Consider adding more functional, pricier versions. Example: a Spa offers only one hour massages. They’ll make more money when they also offer 90-minute massages, hot-stone massages, aroma-therapy massages. What’s the equivalent of more functional products or expanded service in your business?
- Give yourself a Sales Quota. Need more customers and already have leads? Make a few more calls every day. These calls add up. Over a month, you’ll have made 20 to >100 new sales calls. Contact all possible prospects – current customers & referrals first.
- Get Referrals from existing Customers. Ask your best customers to tell their associates, friends & family about you —then reward them when they do, with discounts on products or services.
- Take your top Customers to Lunch – at least once a year. People do business with people they like. Don’t make your Business Lunch like a Sales Call. Instead, ask for an informal get-together. The Holidays are a perfect reason for an invitation. Once you’ve taken the time to get to know these customers better (and they get the impression you are a warm, caring person), setting up a Sales Call in the future will be easier.
- Get found “free” thru Directories. The easiest, cheapest advertising is to make sure you’re listed on Search engines, with details about your offerings with pictures and/or video – to get the most attention. “Claim” your business on Google My Business, Bing Places, Manta, Bizfeed and Yelp. It’s free and helps you get found when someone in your area looks for a business such as yours.
- Buy ads on Google Adwords. Maintaining Social Media campaigns — writing posts, taking or finding accompanying pixs, responding to comments — takes time. You might be better off buying ads from Google Adwords, which makes your business more visible when people search and just put your ads on “auto-pilot”.
- Pay for Targeted Ads on Facebook. These are incredibly easy to set up, and you can target your market very narrowly. For example, a Seafood restaurant can target people who like oysters & dining out + live within one or two Zip codes of the restaurant. Where else can you advertise like that?
- Rent out Un-used Space. Have extra space that usually sits idle? Rent it out on a site such as LiquidSpace or PivotDesk. If you own a Retail shop, consider renting extra space to a “complementary business. For example, (the original) Popcorn + Food & Movies, Bookshops & Coffee Shops, HW & SW, Players & Media, Bed & Breakfast, Products with Service Contracts. Brainstorm with your Team to come up with ideas.
- Cut Expenses. Are you paying for services & subscriptions you no longer use? When’s the last time you re-negotiated your Internet service? Your Insurance? Lease? Service providers slowly raise prices, especially on long-term customers. With the FCC about to end Net neutrality, expect your small business Internet prices to rise, so renegotiate rates now.
- Stop wasting Time. 1) Send invoices with a few clicks using QuickBooksOnline, Xero or FreshBooks; 2) Collaborate on documents with Google Docs or Dropbox rather than sending a lots of Emails back & forth (or have a face-to-face); schedule your Social Media posts with Hootsuite or Buffer. 3) Also definitely check out the new Microsoft 365 Business, which offers a full range of small business Apps in one online package, including Invoicing, Document sharing, Email Marketing and more. Keep up with the latest Tools that will help your manage your time better and more effectively.
Author Rhonda Abrams has written 19 books including Entrepreneurship: A Real-World Approach, just released in its second edition. Register for Rhonda’s free business tips newsletter at www.PlanningShop.com.
Comments: Do you know of any other way to make more $$$ easily?
from USA TODAY 29 Nov 17 enhanced by Peter/CXO Wiz4biz
For more Info, click on Cash Flow.
Cash Flow Quotes
“Never take your eyes off the Cash Flow because it’s the life blood of your business” – Richard Branson
“In a truly great company, Profits & Cash Flow become like blood & water to a healthy body: They are absolutely essential to survive”. – Jim Collins, Author “Good to Great”