How Savvy Small Business Owners Help Stabilize Their Businesses!
Are you a profit seeking small business owner, service provider, and or aspiring startup entrepreneur?
If so, have you experienced any type of semi major cash flow crisis yet?
If not, hang on, because you most definitely will. 😀
And of course, there could be and probably are, several reasons for this.
One of which, for whatever reasons, your cash flow, occasionally dips and blips, and as direct result, you’re not able to readily maintain, any type of reliable balance.
Obviously, exposure to one -hopefully- informative blog post, will not change such a predicament over night, correct? 😀 But without a doubt, you can become more aware of certain things and or potential scenarios, you definitely need to either minimize and or avoid altogether.
Who Else Wants To Know How Some Extremely Savvy And Semi Resourced Challenged Small Business Owners Still Manage To Stabilize Their Business And Or Service!
Businesses and or services, especially services, which are highly affected by seasonal influences,definitely need to try and develop, some sort cash flow balance, so their businesses, aren’t constantly teetering and or the verge of insolvency.
Now obviously, certain fixed business cost, can’t be totally eliminated And sadly, sometimes, these variable costs, inadvertently rise, without notice. For ex; if you happen to live where it’s brutally hot in the summer or bitter cold, during the winter months.
Your normal monthly electricity costs, to heat your plant, warehouse and or showroom, will be more expensive than usual, correct?
When You’re Attempting To Run A Successful Business You Have To Fully Develop All Of Your Readily Available Entrepreneurial Skills!
One proven cash flow enhancement strategy, which has been effective, especially in the service industry, over and over again.
When and wherever possible, run your customers, total lifetime customer value metrics, and contrast against, if it makes economic sense, especially long term, to extend some of your contracts.
If you can slightly lower your monthly or quarterly costs, (premiums), but extent your month to month contracts, to either, every six months and or annual contracts.
This often has the long term affects, of stabilizing your cash flow, at least in the short term anyway. Secondly, anytime you can offer some type of “lock in” pricing strategies, to your most loyal customers, for them, either joining your opt in email/mobile marketing list, or pre paying X amount of dollars upfront etc.
Your uncertain cash flow issues, can at least be semi addressed and or better managed.
Your Small Business Can Improve Cash Flow reliance By Becoming Creative With The Seasonal Aspect Of Your Business And Or Service.
You can and definitely should, cross promote each others slow moving and or temporarily out of season, inventory and or services. Case in point, when a major telemarketing center, has phone line operators, who are actively primarily during the summer, but not so much during the winter or vice versa.
And their office space and phone lines are virtually being unused. This is the time to combine resources, for the mutual benefit of everyone.
Especially, if the selling of your products or services, have the potential, for additional back end income generating opportunities.
You Can Also Use Your State Of Th Art Lead Generation Strategies To Help Stabilize Your Cash Flow Issues!
You can also temporarily outsource your in house experts, to other non directly competing businesses and or their customers. You see the big time accountant and or CPA firms utilize this proven strategy all the time.
(This includes your in house SEO, social media and or WordPress website/blog building experts as well.)
Who knows, some and or different parts of these various, cash flow enhancement strategies, will probably work for you too.
In any event, are you starting to better appreciate, how some extremely savvy small business owners and or service providers, even though they’re resourced challenged, still manage to stabilize their roller coaster like cash flow?
And more importantly, how you can too! Great.P.S.Now as is customary during this part of our show.
Please share your extremely valuable comments (in the comments section below)which you can apply to your business,product or service in the next 30 days or less!
As always,if you got any value out of this post, please Google Plus or tweet this.Thanks!And be sure you grab your explosive free 22 step small business marketing idea kit series,because it will help you increase your gross profits by as much as 25% in the next 90 days or less.
And help you master your effective communication in marketing skills.(No matter what your particular niche market is.) It’s a $97 dollar value and it’s free!
Great topic Mark. One thing that never seems to change is the tendency for business to cut back on promotion and slash prices during slow or off-peak periods. Of course, coming on the heels of Black Friday and Digital Monday that may sound ridiculous but personally, I think getting creative and cross-promoting makes much more sense because you’re not training people to hold off buying until you lower the prices. Thanks for the inspiration!
Marquita Herald recently posted…Reflections on Creating New Beginnings
Exactly M!
And we both know only too well,
consumers don’t need any further incentives, to
wait for prices to drop!LOL!
Some of them live for and by dramatic, seasonal price
discounts! Thanks for stopping by and sharing your
insights!
Mark Newsome recently posted…How To Inexpensively Spread The Word About Your Bakery Business!