“Some of my Top clients have dropped out and we have a cash flow crisis” – This comment is not uncommon. I too have been there.
Here are some practical tips that my clients have applied to generate much needed ‘Quick’ cash flow.
Here are some practical tips that my clients have applied to generate much needed ‘Quick’ cash flow.
- Go to your current “Prospect” database. These prospects have shown interest in your products or services previously. Can you put together a promotion package? Special Offer ? Compelling deal?
- Ask existing clients to buy more. Let them know of other products or services you offer: Offer them upgrades.
- Give 30 days (or what ever appropriate) FREE trial of your product or service. If your product or service delivers exceptional results, the drop out rate will be very low.
- Put together a list of new prospects (from yellow pages, directories, chamber members etc..) and send them direct mail introducing your services and follow up with a phone call. Make sure it is manageable. If you send out 100 letters a week and you can only follow up 50 a week, it will be a waste.
- Cold Call. Simply knock on doors and introduce your service. (Don’t try and sell anything ). Your purpose should be to – introduce your service – and – collect your prospects contact details for further follow up.
- Introduce a cheaper product or service to your sales funnel. This will help increase your customer base and at a later date they can be upgraded to a high value service.
- Make a “special offer” to your past clients. You will be amazed what this can do for your cash flow. We tend to get lost in the ‘chasing new business’ momentum and forget about people who bought from us before.
- This should not replace your marketing plan. One of the reason why businesses get in to cash flow difficulty is not having a tested marketing plan. (By the way, networking as a single strategy is not a marketing plan!).
Until Next Time
+ Ravi Peal-Shankar
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