Bank-rolling SuccessBy joanne | 4th November | Marketing Ideas, Marketing Training
I read recently that 47% of small business owners inject personal cash into their companies and that 13% have remortgaged homes (according to a survey by ‘Make it Cheaper’). And, whilst you might argue that some circumstances may call for that during growth periods in a business, I’m concerned if people are having to put money in when the opposite is true.
If this is your situation, or you know someone in that position, please pass on some marketing tips that will help them get the cashflow moving again:
- Chase every debt. This is money in the bank; it just often isn’t in yours. People think debt recovery falls into admin rather than marketing, but this is easy income and every debt should be chased in a systematic way. Speaking to people about the money they owe is also another opportunity to find out what needs they have that you may be able to solve.
- Keep in touch with past clients. All too often, we spend time looking for new customers and forget about the people who already know, like and trust us – those who have bought before. By keeping in touch, you remind them you exist and what you can offer. (Just this week I had a client come back after 5 years, so it’s never too late.)
- Listen – ask customers, prospects and contacts what they need. What challenges do they have and how can you solve them? Listen first, ask questions and propose your solution afterwards. You’re more likely to solve their problem that way – and they’re more likely to buy.
- Stay positive. It’s increasingly difficult to ignore the news, but ignore it you must. People are spending money. The question is whether they’re spending it with you. Your mindset is a large part of whether you succeed or not, so monitor your thoughts and keep them positive. (This sounds fluffy, but you wouldn’t believe the power of it.)
- Ask for the sale. Make the calls. Get active. Take massive action if you need massive results. You are the route out of your situation, so set a target and then enjoy smashing it.
Times are changing. And they’ve been changing for millennia. It’s the only constant. As someone famously once said – you can make money, or you can make excuses, but you can’t make both.
I wish you success and I offer my assistance if you need it.