Are you in a cash crunch? Well driving spikes in cash flow in your business is akin to an enema. You might feel good after the occasional one but if you binge on them, you’ll wreck your system. So go ahead and implement one of these solutions below from time to time but beware of being the enema of your industry.
Sell a New Product or Program to Existing Clients
Last year, to create instant cash I launched a Sales Bootcamp and Practicum for my clients. I knew they all needed the practice and I knew that they would benefit from being in the same room with each other. Subsequent to that I created a Presentation Skills Bootcamp, an Executive Roundtable Bootcamp and am now planning a Prospecting Workshop. They’ve all generated instant cash for me. So think about what you can sell to your existing clients that solves a problem that you currently don’t. In my case, providing group interaction was something I couldn’t give on a one to one coaching relationship. What is it in your business?
Create a Limited Time Offer
Have a ‘Black Friday’ day in the middle of the year. Offer an outrageous discount or bonus on a regular program or product at a great hot price. Limit the quantity or time of offer. These are all tried and true methods. The catch? You need to have a steady stream of purchasers who are already buying to take advantage of this trick. If you can’t sell the product on its own, no limited time offer or bonus is going to help you. The danger in this one is that you’re degrading your brand by devaluing it and you need to give a credible reason about why you’re doing this in the first place…an anniversary, a holiday, a celebration? etc.
If what you already sell is selling but you need cash flow to speed up, why not bundle what you’re selling with a complimentary product or service (yours or someone else’s) in exchange for up front cash? This is very similar to the next idea.
Offer an Incentive for Cash Purchases
My programs all have cash back incentives built into them and I rarely have cash-flow issues. So have a bonus or a heavy discount for people who are willing to pay you upfront and in advance. This even works with corporations with small budgets who can see that they will fit more people or service into the same budget!
So while heavy application of the above ideas (except for the last one which I’ve actually built into my business structure) can cause long term pain for your bottom line and brand equity, they are great ways to generate extra cashflow in a jiffy!
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