So to reiterate, we advise clients to increase cash flow via their clients, customers or patients using one of the following simple strategies…
In my experience, I can tell you that most businesses don’t charge enough for their products or services. There’s usually so much more ‘added value’ that they have created and not capitalised upon. Therefore, price increases have little detrimental effect, but a big upside. Even a 10% price increase can create a significant amount of extra profit. Even if a few customers leave, this extra profit more than makes up for it (believe me, you will be surprised how few customers actually leave, or even notice the price increase!).
Contact your clients, customers or patients with a new offer. This could be a ‘Special Offer Of The Month’, a new product or service, a new package or bundle
Many businesses I see don’t have any continuity built into their model. This is a big mistake. Ongoing repeatable income is a must to create a healthy business and is a great way to create cash now and every month. Can you create a continuity plan, such as a monthly maintenance plan, etc., that customers would relish?
None of these 3 ways to create cash are difficult. You just need a little thinking time to get them right and then implement them.
Apply ALL 3 strategies together. Trust me, it will make a big and instant difference to your cash flow!