7 ways to make money in your business NOW
1. Put your prices up.
Of course that may seem obvious to you, but most people fear that if they do this, then they will lose or disenfranchise their current customer base.
This is not true.
You may have a fall out from putting up your prices but many studies reveal that only 5% of your current client base will be impacted by the initial impact of a price rise.
Try putting your prices up by 10% and see what happens.
The other interesting thing to note, is that you will also get new customers by putting up your prices, some people will not buy from you as they “perceive” that your prices are too low.
It’s an easy way to increase your business with very positive effects.
2. Enrol your team in your vision, in your reason for having and running the business and enroll them in your goals.
A team that feels included and also heard, will bat harder for you and share opportunities that they see.
The opportunities you may have missed!!!
More often than not, they are on the front line and much more in touch with the pulse of your business than you are.
3. Its a fact.
The more that you monitor something – i.e the more that you test and measure it, then the more that you will actually improve it!!!
This has more to do with psychology of the fact that you have focussed energy on something than anything else.
SO, what areas of your business do you need to improve?
If it’s cashflow, then measure it – and measure it often, like daily!!
4. Look after the current clients that you have.
It’s way more expensive to get new ones.
How else could you add value to your current client base?
It may just be by offering them a monthly newsletter with tips.
Think about it, we want your current client base to also be your fan base. The kind of clients that bring you more clients.
So, what can you offer them?
5. Change your terms of trade.
I have often worked with clients where a few simple tweaks to their terms of trade, mean, that they able to take money for their services earlier,
…rather than waiting 30/60 or 90 days to be paid.
This can have a massive difference in anyone’s business.
6. On the flip side of this very same coin, negotiate better terms of trade with your suppliers.
Try and get extended payment terms or very affordable payment terms over a 12 month period.
Food for thought, with some amazing results!!!
7. Work on improving or reducing one cost in the business every week, over time, this can save you thousands of dollars.
This is the fastest way for you to increase your cashflow.
And, it’s super easy!!! All you need to do is get 3 quotes every week on any item or product you buy for your business.
Or, even better, tell the supplier what you are willing to pay, and see if they can meet that. You just might be surprised to see what people will do to keep your business.
Anyway, these are 7 tiny weeny baby steps that you can introduce at any time, to improve your CASHFLOW AND MAKE YOU MORE MONEY!!!