Cash flow. As a small business owner, either you have it or you don’t. It’s not optional if your goal is to stay in business. Knowing and understanding the financial health of your business is key to building and growing a highly profitable business. You don’t have to be a CPA to master your cash flow.
It doesn’t matter what phase of business you’re in, start up, growth or leverage, there are 5 “must haves” to help increase your cash flow and profits.
- Must Have: Product That Solves A Problem That Your Ideal Client Is Facing – One of the biggest mistakes I made early on in my business was creating programs and services I thought my ideal client wanted instead of listening for what they needed. So here’s the first must have – create a product that solves a problem that your ideal client is facing. If you create a product that doesn’t solve their biggest challenge, they won’t buy. Your solution should be the medicine that will get rid of the pain your ideal client is experiencing.
- Must Have: Pricing That Attracts Paying Clients, Makes You Money and Generates Profit – I’ve had many conversations with business owners who weren’t sure what to charge, priced their services too low or they were simply not charging at all, at times. In each of these instances, these business owners were stressed, frustrated and overwhelmed because they’re bottom line was in the red, which means they were not generating enough revenue to cover their expenses. When it comes to setting your prices, you need to understand the costs involved in running your business. It’s important to know this information and charge accordingly otherwise, you won’t make enough money to generate a profit.
- Must Have: Promote Your Products/Services To Increase Your Exposure and Impact The Bottomline – You cannot expect to do something once in your business and see the results you desire. If it were that easy, 85% of small businesses would not fail within the first year. You need a clearly defined online and offline marketing strategy. The worst thing you can do to grow your business and the bottom line is to assume that people know about you. The moment you begin to assume that someone saw that post or read that blog, you’re leaving money on the table.
- Must Have: Plan That’s Clear, Focused and Action Based – One of the top 10 reasons small businesses fail is due to poor planning. This boils down to not identifying the necessary action steps to be utilized in achieving your goals. When you’re clear about the results, success and profits you desire to create, you can put a strategic plan together to make that happen.
- Must Have: Process To Ensure You Achieve Your Goals and Increase Your Income – More on this must have during the 5-day Make It Rain Challenge. Learn proven daily money-making strategies and wealth habits to make more money. Join the challenge here: MakeItRainChallenge.com.