The cornerstone of any small business is ensuring that you’ve got the cash flow to keep thinks moving. As a small business owner, it’s probably what most often keeps you up at night. Making sure that cash is coming in consistently is the most important thing small business owners have to deal with. But with limited resources, keeping the money coming in regularly is one area that many small business’ struggle with. Here are a few ideas that can help you to inject instant cash flow in order to help you keep your business above water.
Clean Up Your Database
Too many small businesses are held back because they do not take advantage of the contacts they have. Do you have contact information of your recent and most loyal customers? Are you using a CRM to track your customer data? Using a CRM can help you to manage and communicate with your customers and help you determine which leads are more likely to convert. If you don’t have a CRM, there are many to choose from and importing your current customer information is as simple as importing it from an excel spreadsheet. Just remember, the better information you have on your customers, the better results you will get.
Build Simple Marketing Campaigns
Sending out a quick email is a great way to reengage customers you have fallen out with. Make your email engaging and set up an offer to intrigue them. The downside of email marketing is that it typically takes time before a customer takes action. However, it is a great way to find out which of your customers are most engaged. Seeing which customers opened and clicked on a link in your email is a great indicator to help you determine whether a lead is warm.
Call Your Customers
Using your email marketing results as an indicator, start calling your warmest leads. A follow-up on the email you sent is a great opener. This is where having quality customer information can really set you apart, particularly if you are doing B2B marketing. Make the call cordial and ask probing questions. Getting them to talk is the key. It will allow you to learn more about the customer and they will have a much easier time connecting with your business when you are able to respond directly to their interests and concerns.
Create a compelling offer or message for your customers. Whatever medium they are connecting with your business on, a compelling offer is key to converting sales. Everything you do should lead them to that offer. Your interactions are a great time to educate your customers on your industry. This will help you to stand out in your customer’s mind as an industry leader too. Following these steps, with a little effort, you will start generating new cash flows and steadily growing your business.
Source: Stephen Willis