Keeping Cash Flowing in a Down Economy

Keeping the Cash Flowing in a Down Economy

1. Get your mind focused on what you can control, and the opportunities that exist. Look for positive influences and people who take this climate as a welcome challenge.

2. Trim the fat. It’s easy for expenses to creep in over time; now is the time to examine each one. Re-negotiate payment terms if possible. Each employee must make a tangible contribution to profit, with numbers you can measure.

3. Stay liquid. If you know your business will cyclically have a negative cash flow, line up financing now - before you need it.

4. Your current clients are worth pure gold. Go the extra mile to retain them.

5. Go where the recession is not. Many industries do just fine in a recession, and the folks who are employed there make good target clients

21 Ways to Increase your Cash Flow

Cash flow is essential during a downturn. Here are 21 ways to make sure you are maximizing your cash flow opportunities.....

1. Test & Measuring System - for everything
2. Improve Conversion, Use Phone Scripts – Incoming and Sales
3. Put Prices Up
4. Add on Sale – Cross sell & Up sell
5. Public Relations Article
6. Direct Mail to existing Clients with telemarketing backup
7. Cold Phone Call – Use script
8. Extend Supplier Credit – or any other creditors
9. Pre paid sales
10. Use Debt Collection Agency
11. Closed Door Sales – bring a friend
12. Packaged offer – Quick moving line with slow moving line
13. Product Range add on sale – limited campaign (this week only)
14. Reverse Host Beneficiary (sell other peoples product for % )
15. Increase stock turns – stock rationalisation (slow stock out )
16. Events – novelty events to generate publicity
17. Sell excess assets
18. Small ads – classified – spot ads - for lead generation
19. Sales Team Incentives
20. Split level Pricing
21. Referrals – Have a referral or non referral price & ask for a referral after sale

Keeping the Cash Flowing in a Down Economy

Keeping the Cash Flowing in a Down Economy

1. Get your mind focused on what you can control, and the opportunities that exist. Look for positive influences and people who take this climate as a welcome challenge.

2. Trim the fat. It’s easy for expenses to creep in over time; now is the time to examine each one. Re-negotiate payment terms if possible. Each employee must make a tangible contribution to profit, with numbers you can measure.

3. Stay liquid. If you know your business will cyclically have a negative cash flow, line up financing now - before you need it.

4. Your current clients are worth pure gold. Go the extra mile to retain them.

5. Go where the recession is not. Many industries do just fine in a recession, and the folks who are employed there make good target clients

And you thought it was Price!

And you thought it was Price!

Most of your customers will have more than one vendor selling them the same product. Some have several. So you may have a customer, but not all their business.
Voting decisions are based on either history or trust or both. Don't get caught in the discount spiral during difficult times. Simply add more value and improve your levels of service.

1. • Ease of doing business
   
2. • Belief in product
   
3. • Perceived value of product
   
4. • Reliability of product
   
5. • Durability of product
   
6. • Reputation of product
   
7. • On-time delivery
   
8. • Correctness of order
   
9. • Correctness of billing
   
10. • Ease of return
    
11. • Ease of order add on
    
12. • Friendliness of people
    
13. • Performance comparison of product
    
14. • Customer’s belief in company
    
15. • Customer’s belief in salesperson
    
16. • Response to service needs
    
17. • Response of salesperson

And you thought it was price. Nope, price is only the issue in the absence of value.