After the last two weeks of discussions with clients, other experts and reviewing hundreds of posts and email blasts about the economy, tapping into some quick cash flow ideas may likely benefit everyone I know. From client contracts getting cancelled to the banks pulling credit lines, very few business owners seem to be immune during this time.
True the economy is uncertain and most people are evaluating their buying opportunities even closer. But after attending the last Glazer-Kennedy Info Summit and watching 900+ attendees drop hundreds of thousands of dollars, I know that something is working for some business owners.
So if you are experiencing a cash flow crunch, what can you learn from the affluent bunch? We could go right to the mindset and say that they have wealth consciousness. But that's just one part of it. The bigger part of it is the actions they take. It's the choices they make. It's the strategy of wealth building that they use. You can't have the proper actions without the right mindset. So it's like having two halves to make the whole picture.
I'm going to share with you three real quick fixes and three more lasting remedies that will keep you above the problem forever.
Let's start with quick fixes.
1. Look for the low-hanging fruit.
Low-hanging fruit are products, seminars, teleclasses, services that you can quickly and easily get in front of your target audience. Now this works best if you already have a list or have the ability to tap into someone else's list or community quickly. The idea is to leverage your time, money and energy best by focusing on what's already done or could be done quickly. For instance, if you have a consulting package, assessment or private coaching package, you could promote a few openings to your list and attract clients that are not only willing to pay you what you're worth but who are the perfect fit for you and your business and who will receive tremendous value from the service and expertise you provide.
2. Up your promotions of current offerings.
One of the biggest problems people face is not marketing to their community enough. I know you think you are offending or barraging people but the truth is...reminding people what you offer and how they can purchase it is how you make money. I used to get really worried about over-promoting to my list and would only send ONE EMAIL A MONTH! Can you believe that? When I began to communicate and invite people to take action more regularly my income went up about 7 times. And by the way, if your readers are complaining then they probably aren't your target audience anyway.
3. Pick up the phone.
This is something that doesn't occur to most of us. My friend Martin Howey makes between $20k and $80k by picking up the phone and conversing live with his prospects. Sometimes what the prospect needs is the ability to feel connected to you, create rapport and trust, and have a conversation that allows them to overcome their obstacles. It's a win-win-win. They need you, you need the cash, everyone wins.
So now that we have some quick fixes let's look at a few more foundational tips to help make this problem go away - you know - so you don't have to do the quick fixes.
4. Reposition current offerings to different niches.
If your client base is significantly affected by the economy or you are susceptible to the ebbs and flows of your current target industry then you may want to reconsider your niche. Perhaps you are focusing in on a niche that is too volatile or too financially challenged. Maybe you need to take your current programs and position them to other niches so you are diversified. For instance, if you have a program that you currently offer to mortgage lenders or real estate agents you may consider repositioning your expertise to focus on the foreclosure industry.
5. Think long term vs. short term
Often we make decisions today for cash that are not in alignment with our long term desired outcomes. And even worse, you probably don't even have a long-term strategic marketing plan so every few weeks you think to yourself, "what could I do to make some money now?" Part of why some people are unaffected by the market is because they have a bigger plan. They plan long term and course-correct in the day-to day decisions.
6. Strengthen your marketing systems
Another tip to help you keep consistent cash flow is to continually feed your marketing system. When I worked for Motorola, we always knew how many clients we had at each level of the decision "pipeline." We continually fed the pipeline with our most reliable marketing strategies so new prospects were always entering in. If you don't have consistent marketing activities that take place without you having to lift a finger, then this is a major part of your current cash flow problem.
I'd highly recommend you start with the quick fixes just to get yourself back up and running. Then within the next 30 days, start implementing the lasting cash flow fixes. Put a time in your calendar now - and don't give me any of that crap about not having time. If you don't fix this cash flow problem in a more lasting way you'll never have time - you'll be back in a job again!
About the Author:
Melanie Benson Strick, Million Dollar Lifestyle Business Coach, teaches entrepreneurs how to stop feeling overwhelmed so they can create more money, freedom and prestige. Revolutionize your results with a free chapter from, The Power of The Virtual Team, at
http://www.thepowerofthevirtualteam.com
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357
Date Published :
Feb 4 2009