Use this check-list of 21 strategies to quickly help you improve cashflow in your Business.
Improve Cashflow – Why is it important?
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 Leeds – 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