Use this check-list of 21 strategies to quickly help you improve cashflow in your Business.
Why is it important to Improve Cashflow?
Cashflow or pure cash is often referred to as the life blood of the business and I guess that’s true. Life will soon leave a body devoid of blood so a business will similarly perish without cashflow – a flow of cash flowing throughout it’s working capital cycle.
Improve cashflow in your business by using the following check-list to quickly pump up your business vital signs…
- Have a Test & Measure system for everything.
- Improve cashflow by improving Conversion Rates – Use Phone Scripts for all, Incoming and Outgoing Sales Calls.
- Put Your Prices Up – Test the Market. This is the fastest way to improve cashflow in your business.
- Increase the Average (£) Sale – Cross Sell & Up Sell; have a “Magic Question” (a really fast way to improve cashflow)
- Promote the Business – With A Public Relations article.
- Increase The Average Number of Customer Visits, Send Direct Mail “Monthly Offers” to Existing Clients, With Telephone Follow Up. (use phone script).
- Increase The Number of Leads – Targeted “New Prospects, With a Great Offer – Use Sale Scripts.
- Negotiate to Extend Creditor Credit – short term improve cashflow by paying your creditors slower.
- Encourage and Accept Pre-Payments for Special Orders.
- Implement a Debtor Collection System – Use a Debt Collection Service for over due Debtors – Usually the greatest opportunity to improve cashflow in most businesses who extend credit to their customers.
- Have Closed Door Sales – Invite Regular Customers to “Bring a Friend” (Makes them both feel important).
- Promote Packaged Offers – Bundle Quick Moving Lines With a Slow Moving Line (Reduces Stock).
- Use Product Scarcity – Add On Sale – (limited campaign this week only).
- Use Affiliates (sell other peoples product for % commission).
- Increase Stock Turns – Reduce Stock, turn it back into liquid cash (get slow moving stock out FAST).
- Events – novelty events to generate publicity and build loyalty.
- Sell Excess and Under Used Assets.
- Lots of Small Ads – (classified – spot ads – for lead generation).
- Sales Team Incentives – (Rewards based on profit margins)
- Split Level Pricing (based on volume to your best customers)
- Referrals – Have a referral or non referral price – On the Phone – ask for a referral after sale