For all start-up business owners keeping the company cash flowing gets difficult especially when they start focusing on other business goals. Building your brand, trying out different sales strategies is all good but so is keeping the cash flowing. Free cash flow will help you add more products to your product line, reinvest in companies, invest in upgrading technology or even the office ambiance and most of all add more qualified personnel to your team!
Here are 5 awesome ways in which you can keep the money flowing:
Offer Mindful Discounts: Discounts are tempting for you and your customers. But don’t let them get the better of you. They might bring more customers but they also bring in an expense! How much should you ideally charge? What’s this offer going to cost you? What are the profit margins your offers are drawing? These questions are very important to know whether your offers are helping your break even or making you operate at a loss.
Add More Value To Your Products & Services: Discounts help but sometimes can backfire too. But adding value to your products & services guarantees the customer of an after -sales offering which will enable stronger customer relationship. For eg, if you’re selling a car, you sell it with some maintenance agreements which will make up for money or time lost at the dealership or even if you sell a salon service you could offer hair styling consultation. Such additions will not only build rapport but will attract new customers by not compromising on cash flow.
Create A Valuable Bait: if you know that your initial prices will not attract customers to lure them with attractive starting points; like for eg you run an online tutorial course and you know prices are steep why not create a free 3 hour course for first 15 sign ups who then won’t mind spending for the full tutorial course, if they liked the free one!
Attracting Repeat Customers: If you’re in retail repeat business is your holy grail for cash flow & profits. How do you get them to keep coming back? The simple methods of VIP membership, frequent-shopper programs, freebies etc. but be mindful; freebies are great when you’ll cover the cost with excess inventory or low cost, valuable add-ons.
Pre-sale Offers: Want to create the need to purchase in your customers quickly enough? Make a pre-sale offer they can’t refuse. For eg; you throw an exchange for old offer or even buy old goods at a predetermined price. These offers will create the need for a new product in the customer who then will come waltzing back to you!
