All this talk of venture capital, Angel investors, and even an app for business funding makes finding extra cash for your business seem easier than ever. While it’s true the economy is in an upswing at the moment, the realities of being a business owner aren’t exactly glamorous. Fortunately, making an adjustment or two to your strategy can make a huge difference in your overall revenue. Consider these options if you’re crunched for cash.
Increase Profits By Increasing Productivity
Think about your business and the services that your business offers. Now, think about how much work you’re actually doing. Do you have a list of clients or prospects? If so, get on the phone or send them an email (or both). Staying in contact with clients and prospects is a great way to stay in their thoughts. Touch base and find out if there’s anything that you can help them with. On your end, consider your use of resources. Are there ways to make your work go by easier, faster, and more productively? What about your employees? Look for ways to increase productivity and achieve better results going forward.
Check Your Price Points
You must make sure that you’re charging enough for your product - really. While there is something to be said about undercutting the competition, you should only do so if you can still turn a profit and continue to support your business. Undercutting isn’t necessarily the best way to get to the top of the market. Some companies may think that since your service costs less that it’s not going to be as good as the service provided by your competitors. Call around and do some sleuthing on the prices of your competitors. At the end of the day, you’re providing a valued expert relationship in addition to your service.
Grow Your Market
One of the great things about being a service provider in the Internet age is that you are less confined to your particular region. Start looking for clientele outside of your usual area. Additionally, offer more services so that your company can be more of a one-stop shop to your clients. Even if you don’t have the ability to offer a specific service for yourself, partnering with someone that does offer it can lead to more clients for both of you.
Take Advantage of New Websites
If you want to turn a quick buck, check out websites that allow you to offer your services. Websites such as Fiverr are designed to help people offer services for a highly reduced rate. Just make sure that you only offer a small sample of what you do. If you have a podcast, offer to do interviews or sponsors for $5. You should also make sure that you are on the appropriate social media outlets to advertise your business. Obscurity is not your friend. There are a lot of places that you can advertise your business with no more of an investment than using your time. Just make sure that you understand the proper mix between “buy my stuff” and being social.
Be Mindful of Your Clients and Their Time
Shorten your process. Your presentation, your service, and your follow up should be all about your client. You want people to respect your time. You should also respect your clients and their time. Show up when you say that you will. Don’t drag things out. Don’t waste time. Take care of business and provide stellar service and customer care.
Get Help With Past Due Accounts
You know them, you hate them: past due accounts. You may be worried that you’ll never collect the full amount owed and there’s often no help available to you outside of legal avenues, but that won’t help retain that client. Thankfully, there are ways to can get help collecting on past due accounts, and it might be less expensive than you think. Reducing the stress of constant phone calls, late payment notices, and overdrawn books can be a huge asset to a struggling business owner. Take that off your mind and focus on improving your business – not on how you’re going to pay the bills.
