It’s no secret that entrepreneurship isn’t a linear journey. Not only are there ups and downs, there are loop-de-loops and sharp turns along the way, as well, especially on the financial end for most business owners. Whether due to a slow sales month or a large business expense coming in, I’ve absolutely experienced the need to bring money in quickly in my own small business.
The next time you find yourself praying to see those payment notifications come through your inbox and increase your cash flow, here are three ideas to inject cash into your business.
#1 Circle Back! Re-sell To Existing & Past Customers
It’s funny how much time and effort small business owners spend trying to gain new leads and book new clients when one of the most effective strategies to bring in sales is to revisit existing customers. The people who already know, like and trust you and your brand, make them more likely to make a purchase again. They’ve already experienced your magic!
Start by reviewing your customer database and identifying customers who haven’t worked with you in a while. Make it personal by reaching out to them in an email or on social media highlighting new products, promotions or exclusive offers you think would apply to them. This should absolutely feel genuine and specific to them, so don’t send something that feels cold and impersonal. Consider offering a “loyalty discount” or special “alumni client offer” as an incentive to purchase or book.
#2 Shift the Focus! Create A Sales Campaign
If you want to entice existing followers, email subscribers and new leads to shop or hire this month, it’s the perfect time to roll out a targeted sales campaign! A strategic and well-executed sales campaign can generate a significant amount of revenue in a short period of time – just stay focused! First, you’ll want to choose an offer to concentrate on pushing out to your audience.
Start by identifying a specific product or service that has high profit margins and broad appeal to your target audience. You can create a specific promotion around it, such as a limited-time discount, bundle deal or exclusive package. Next, plan out how you can leverage your marketing efforts and who you want to see it. The goal is to encourage potential customers to take advantage of your offer and really lean into the benefits, the urgency to buy while your promotion is going on and create high demand where you can.
#3 Team Up! Lean Into Community & Connections
No matter how much you invest in your business, the community will always have the greatest ROI (return on investment)! Take time to brainstorm some intentional relationships you already have established and consider inviting them to collaborate where it could be mutually beneficial. This could involve promoting your products or services on their social media, offering wholesale orders, designing a new one-time joint offer, becoming each other’s referrals or hosting a special event or pop-up shop to attract customers and generate interest.
Never underestimate the power of word-of-mouth marketing! Not only does teaming up help increase sales due to visibility but can also prove as a great marketing tool for creating connection and new interest that can convert into customers later on.
Hustle & Heart Challenge
This month, use what you have to your advantage to inject cash into your business! Reviewing the above tips, choose at least one that you’ll lean into and create a specific task list around so you can start working towards your goals!
