Struggling Entrepreneur? How to Fix Cash Flow Problems Quickly

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October 20, 2016
Struggling Entrepreneur? How to Fix Cash Flow Problems Quickly

There are ups and downs when you’re self-employed. Ideally you should be focused on keeping a full pipeline of clients and looking at your overall profitability. But as you and I know, there are times where things aren’t ideal and the reality is you need to infuse your business with cash – quick!

Perhaps it’s a seasonal issue. Some of my clients find their business slows down during the summer months and after the holiday season. Sometimes this happens when you have too many eggs in one basket and you lose your biggest client and there goes 75% of your income! Or maybe the issue is you’re just getting started as a business owner. You need cash so you can open your doors as a business owner and keep them open.

Regardless of the reason, most business owners will at some point experience the need to generate income as quickly as possible. The key is to look for the path of least resistance. You don’t want something that requires a lot of time and money spent on marketing.

What you’re looking for are opportunities right in front of you that have yet to be tapped. I like to use the metaphor of “Low Hanging Fruit”. These opportunities are not difficult and out of reach. They are simple, available to you right now, require little effort, and are easy to execute.

Here are some other opportunities you can take advantage of to generate money quickly utilizing relationships that you already have:

  • Follow-up on your leads. Do you know people who have expressed interest in your services who have not yet become paying clients? Reach out to them in person to see if they’re ready to get started.
  • Check in with your Centers of Influence. These are key relationships with people who know someone who could utilize your services or products. Keep in touch with them, and let them know what you are currently doing with your business. Referrals are a great way to quickly land new clients.
  • Contact past clients and offer them a new service. Be sure to come from a place of service. Take some time to find out what has been going on in their life, and let them know that you have a special offer just for them. You have relationships with clients. They know and trust you, so this is an easy way to bring more revenue in for your business.
  • Offer current clients a package deal. The reality is that long-term progress is not made in one session, just like one workout with a trainer will not get you all the results you want. Your clients will benefit from multiple sessions, so why not market a package to them? Give them a better deal if they pay up front – they’ll get more value and you’ll get a quick injection of cash.
  • Collaborate with a colleague to create a product or service you could both offer. Can you look at working together on a tele-seminar or a boot camp? Perhaps you can market together, splitting the work, expenses, and profits.
  • Offer your services as a joint venture with someone who doesn’t offer the same thing, but has the same target audience. Partnering with another person helps your visibility, thus helping you sell services. For example, an image consultant might partner with a closet organizer. When a client requests a new closet system, the image consultant can be added on to help the client figure out the right wardrobe to go in their new closet.

As you can see, there are opportunities everywhere. Take advantage of them! Not every single one of these ideas may be for you. Find what works for you, what you are passionate about and love to do, and the money will flow to you. That being said, money doesn’t come from love and a great product alone. You have to be willing to step outside your comfort zone and market yourself and your business.

I remember helping one of my clients bridge the tenuous gap from training to her first paying client. Here’s what she said about stretching outside her comfort zone, “A major goal for me was participating in a Night of Beauty for a local women’s group. With Sarah’s help I went to the event feeling completely prepared and confident. As a result I made great contacts and got my name out in the community in a very positive way.” If you would like to learn more about how to leverage your present client base and gain more referrals, call 1-800-267-3245 to request a free 30-minute consultation.

Predictable Results™ Assignment

Brainstorm ways you can generate money. List all opportunities you have yet to take advantage of yet. The more items on your list the better. Get creative. Note specific people who you know could benefit from your product or service. Take action on at least one item on your list.

As a pioneering and visionary innovator, Sarah is a certified professional image consultant and brand strategist, speaker, trainer and author. Her company, Illustra Business Coaching, provides leading-edge business building strategies for small business owners & entrepreneurs who wish to take their company to the next level.

Illustra Business Coaching
Copyright © 2016, Sarah Hathorn, AICI CIM, CPBS
This article may be reproduced only in it’s entirety, including the above bio.

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