HOW TO INCREASE CASH FLOW
What happened? You started to feel the need to increase cash flow and it didn’t feel good. Cash flow was stagnant! Maybe it’s a new business and you haven’t broken the code yet on how to make it happen. But what if it is a business you’ve had for a while and your cash flow is slowly dwindling with no relief in sight.
What are some of the signs you need to increase cash flow?
- Your bank account balance is starting to feel like it has less “cushion”.
- Payments for work performed are coming in more slowly.
- You notice your pipeline of new customers and clients is dwindling.
- You are limited in ways to re-engage existing customers for additional revenue.
- You are spending your time on things that aren’t producing results for your cash flow.
WHAT DOESN’T WORK TO INCREASE CASH FLOW
Our first “go to” position is usually to engage in more busy work. Doing something makes us feel better, but that something has to be the “right thing”.
It’s not the new software that promises better customer engagement.
It’s not the reinterpretation of your budgeting to makes things look better.
It’s not about immediately raising prices on your products or services.
All of these activities could be solutions, but without a focused plan, how will you know what is working?
FOCUS IS KEY TO INCREASE CASH FLOW
None of the signs above can be fixed immediately EXCEPT #5!
The one thing you can change that can start your cash flowing again is re-focusing your time and energy on the things that will make the most difference for you. It’s all about releasing the energy you are expending on the wrong activities to focus on the right ones.
I like to tell my clients to stop “boiling the ocean”! It’s about drilling down into the smaller details and creating a focused plan.
REDIRECT YOUR ENERGY TO INCREASE CASH FLOW
- Stop engaging in the “busy work”
- It makes you feel like you are doing something positive to deal with your situation, but it rarely produces the results you need. Shift to the activities that can produce the results you want.
- Feed your sales and customer pipelines
- Spend your energy on ensuring your pipeline is robust through promotions, advertising, networking, and generally putting yourself “out there”. Don’t ignore your current clients and customers. Their needs change and you may have their next solution.
- Re-engage in your follow-up
- Know that sales usually don’t happen with the first contact – be persistent and have a system for follow-up. Following a system will create a new behavior that becomes more comfortable over time.
- Schedule time to acquire new customers or clients
- Carve out time in your calendar every week for “client or customer acquisition activities”. Sounds fancy, or even intimidating – but if you make this a regular practice, it will become a habit in no time!
- Stay on your collections of overdue amounts
- Collect what you are owed for work performed. Don’t be afraid to ask for payment for the product or service the customer or client already received.
- Create a mindset of abundance
- Visualization is powerful – picture cash flowing in your business, imagine new customers and clients who can’t wait to work with you, see a growing balance in your bank account!
- Find a trusted guide to help you determine where to focus
- Sometimes you are just too close to your business to see a clear path to improving your cash flow. Find someone who is objective and can point you in the right direction.
WHAT WILL YOU DO NEXT TO INCREASE CASH FLOW?
Where you go from here has everything to do with your future success.
What will you do differently?
Who will you go to when seeking advice?
Hi! I’m Tina Meilleur, an Executive Coach, Business Advisor, author and speaker. My mission is to help women uncover and connect with what they crave in their life or career AND help surround them with support from me and my community! According to my clients, my coaching programs and CRAVE™ process provide gateways for making simple “tweaks” or a total up-level of your life or business. I am also the founder of Design Your Success, the online Academy for Business Success and the author of Your Next Chapter: Five Steps to Creating the Life of Your Dreams to help you create your own kick-ass future. I have a CPA designation in the State of Louisiana and received my MBA from Tulane University in their Executive MBA program. I’m a highly sought-after coach, facilitator of female CEO round-tables, business strategist, and speaker. You can learn more about my story here, or reach out to me at Tina@DesignYourSuccess.com.