Here are a few tips to increase your cash flow:
-Minimize Accounts Receivable by billing timely, using incentives to get customer payments faster and follow up on collections
-Keep inventory at a manageable level
-Look at your customer base and focus on your most profitable products/services
-Great Customer Service=More Sales
-Require at least 50% payment at time of order and the remaining balance due at delivery
Before you start spending marketing dollars, you should do some soul searching and researching to make your dollars count! First, you should define your product/service. Offer your product or service with specific pricing so a customer can quickly determine whether they want to investigate further. What hours is your office/store open or services available and what computer and/or equipment you need to sell efficiently such as a POS system or a credit card square. Customers are more likely to buy from a company that is quick and easy to do business with. Next, define your target audience. Specifically, who are the customers/clients you are targeting, where do they live, shop and what are their spending habits? The third step is to research your competition. What makes them successful and what do they do poorly? Determine what your company will offer that is different from the competition and the best product/service. Contact donna@rayburnbusinessstrategies.com for more information.
