How to Better Manage Your Cash Flow Highs and Lows
By Caterina Rando, MA, MCC
Is there a period of a few weeks and months when you feel that you are a leader in your field, your business is booming, the phone is ringing, the checks are coming in, your clients are happy and all seems right with the world? Then at other times there are weeks when you think no one ever heard of your firm and your great reputation, your competition seems to be getting all the goodies and you wonder if you went under tomorrow world anyone notice?
Well, those days are over. Follow these strategies to ensure that your business stays on an even keel, with steadily increasing revenue.
Multiple Sources of Revenue
In every industry there are times of the year that are less busy and some that are more busy. The more ways you have of generating revenue the less you will have cash flow highs and lows, because when it is a slower time for one source it can be a busy time for another source.
Can you deliver what you have in a different way? If you are a professional organizer, add training on how to stay organized. If you are a customer service trainer, add writing custom company training programs to your repertoire. If you are a busy fundraiser, consult with others to fill their practices.
Better Than Billable Hours
Even if you earn an enormous amount for an hour of your time, you still have to show up in person or over the phone to earn that fee. Think of other ways to provide your clients value that, after an initial period, will not involve your time. You could train others to do what you do and keep a piece of the action. You could create a software or online program that provides a client solution. You could license your idea to another organization or you could create a product that your clients would buy in large amounts. What we are looking for is consistent passive income. What comes to mind for you?
There are many people who are seeking the exact same clients as you who provide a totally different product or service. Do some formal lead exchanging; strongly recommend each other to each others' clients and keep on the look out for how to help each other. The florist, the photographer, the caterer and the invitation printer can easily keep everyone's business cranking year round. Who do you want to partner with for the same results?
Big Thinking and Planning Time
Yes, you know that it serves you to plan at the end of each day for the next day and identify what it is you want to accomplish. In addition to planning your to-dos begin to think bigger to ponder new possibilities. Ask yourself powerful questions like how can I make more money in less time; how can I accelerate the delivery of my goods? What other product or service are my clients looking for that I can easily provide?
Be Consistent in Your Marketing
In the hustle and bustle of meeting our client obligations it is not uncommon during the peak season for marketing activities to get delayed, off track or totally dropped off. Recognize that you want to market as much when your coffers are full as when they are empty. That is how you avoid the cash flow lulls. Put structures in place to make marketing efforts automatic so they just happen even when you are so busy you cannot even think about marketing.
Vigorously Pursue Fresh Ideas
Successful people are always in the pursuit of more success. Read industry publications, go to seminars, talk to colleagues, and get a mentor or coach. Pursue opportunities that will improve the personal side of your life. Having more balance in your life will result in new innovative schemes coming to you, sometimes with ease, just because you have gotten a fresh perspective.
You know the old adage - if you keep on doing what you have been doing you will keep on getting the same result. It is time to think and act differently so that you have a lot more highs and a lot less lows, so your business doesn't appear "bipolar" and you always feel and look fabulous.
Caterina Rando, MA, MCC, coaches entrepreneurs to attract clients with ease by establishing themselves as experts in their fields. Caterina is the creator of the Business Breakthrough Coaching Program. Visit her website at www.attractclientswithease.com to listen to business building teleclasses and find other resources. She can be reached at 415 668-4535 or via email at firstname.lastname@example.org.