We all have times when, for one reason or another, we NEED to come up with some quick cash in our business – so how DO you create money when you need it? I have some ideas for you. Some of these depend on what type of business you’ve got, not all of them will work for you, however, one might and then you’ll get some money quickly –YAY! These are NOT strategic business moves, they are one-off quick fixes that will dig you out of a hole. If you keep having to do this, you need to look at what you want from your business, why you keep running out of money and how you can put a business strategy in place with the right pricing, profits and marketing.
Chase Money You Are Owed
If you have got people who owe you money…chase them! If you need money and you’re feeling a bit broke and you’ve got people who owe you on invoices, then chase them. Believe me, the people who shout the loudest get paid first. It doesn’t matter whether it’s a big organisation or a small organisation; do not be embarrassed to ask for money.
If you can’t bear the thought of it, then invest in an hour or two of a Virtual Assistant’s time and get them to make the calls.
The reason your invoices get paid late is because you are not top of the list to be paid. You’re not chasing, you’re scared of being a nuisance. You feel that if you chase money they’re not going to like you anymore and you won’t get any more business. There are two things I want you to think about: firstly, if this customer always pays you late and clearly doesn’t respect or value you enough to pay you on time, do you really want them?
Secondly, the only way to deal with customers like this is to get to the top of the list – they are probably juggling payments and will pay the people who shout loudest. You need to be one of the loudest shouters.
Get to the top of that list, in a lovely, respectful and non-confrontational way, but get to the top!
If you’ve been sitting there with invoices not ready to go out because you only invoice at the end of the month, STOP! Who says that they have to go out at the end of the month? – They don’t!
Why not start invoicing when the job is finished? You don’t have to do what everybody else does, but if you do something on the first of the month and then you don’t invoice to the end of the month and then they take another month, six weeks, ninety days to pay, how long is it since you did that work? That’s ages!
Invoice once a job or a task is completed. This will help your cashflow and stop the broke/OK/broke rollercoaster that seems to have taken over your business. You’ll have steady income throughout the month – it might be smaller amounts but that’s fine, it all adds up and doesn’t leave you so vulnerable.
The other thing you can do is stop giving people 30 days to pay. Start thinking about changing your terms and making it half up-front, or all up-front, or 7 days or 14 days.
It gives you the right to chase it quicker. Your mind monkeys might be going crazy at this point, telling you “I can’t do that, I’ve always done 30 days, I’ve never chased clients, this is dreadful!” but I’m telling you, if you need money, you need to start thinking like a business owner.
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If you’re late with a credit card payment, you get fined. If you’re late paying your suppliers, you get people calling you. Start thinking like a business owner and stop thinking like ‘little old me’ and you’ll find you have far more money in your business and your pocket.
Offer An Amazing Deal To Existing Customers
Rather than just chasing after new customers all the time, put together some kind of really attractive deal or offer that you can send out to your existing crowd. Remember, these are people who love you, who know you and who have bought from you so they know the quality of what you offer. They will feel special because it’s only for them.
There’s a really good chance that your clients will think “I loved her stuff before, so I’m going to take advantage of this, even if I’m not going to need it right now, I’ll get it because that’s a really good deal.” Even better, put a deadline on the offer to encourage them to make a quick decision – urgency is a great sales tool!
Hold A ‘Flash Sale’
Flash sales are quick, easy sales that last a day or two at most and have heavy reductions on your products/services – they are great for generating interest, creating a buzz and bringing some money in quickly. I do these a couple of times a year, for example for 24-48 hours, everything in my shop is half price.
Because my products are virtual products, I don’t have any costs associated with them. Clearly you can’t do that if you’ve paid out for stock – you need to at least recoup the cost of the stock, but imagine the interest you could create on social media and among your subscribers if you marketed the heck of out this special, one-off sale?
Flash sales are a great way to let people dip their toe in the water. People who have never previously bought from you can try out your products or services at a greatly reduced price. If they love what they see, they will be back and they’ll be paying more but they won’t mind because they know your business is a perfect fit for them – the Flash sales was a low-risk way for them to see if they like you. Works like a treat AND brings in some nice chunks of cash in the meantime.
5. Be Open To Money Flowing To You
If you set your intention that you are going to let the money flow in, you’ll suddenly see lots of opportunities open up around you. The more you focus on being open to opportunity, the more opportunities will present themselves.
If you’re into the law of attraction and if your into energy work, which I very much am, setting your intention to say “money will flow to me easily, I’m going to get lots of money coming to me today” can change your mind-set and change your entire perspective and change your energy.
So if you want money to come to you, believe that money will come to you!
6. Sell Stuff You Don’t Need
A really basic one, if you need some money quickly to pay a bill or book a holiday…sell stuff you don’t need! If you’re sitting there with piles of clothes you don’t wear, get onto eBay, start selling them. If you’ve got a photocopier or a printer sitting there unused, put it out on Facebook. Maybe you’ve got baby stuff from when the kids were little, just start getting stuff out there. Spend a day selling stuff that you don’t need and following on from point 5, be open to money flowing. You’re getting rid of stuff that you no longer need, which is great for your energy and decluttering at the same time.
Imagine if just one of these ideas worked in your business – you’d have cash in your hand within days. Imagine if several of them worked! But it’s no use just thinking about it – action is everything. Pick one to try and implement it today.
7. Create Something That Will Create Money!
Depending on your type of business, you could create a class or workshop to teach what you do – either online or in person. You know your stuff inside out. Other people want to know what you know and will pay to learn. What could you teach?
Clearly, none of these are long-term, strategic business moves. They are short term fixes for when you need cash, fast. You can’t run a business like this all the time because all the tips above will lose impact if you overuse them, and you’ll lose credibility.
Instead of lurching from one cashflow crisis to another, now would be a great time to think about what you WANT from your business, how much you want to make each month and where those sales will come from.
Get a plan together.
Take control of your business and start to think like a business owner.
Put some sales targets in place and get to grips with your numbers.
Before you know it, you’ll be a business whiz with a healthy cashflow and a healthy income. There are loads of free resources at www.thegirlsmeanbusiness.com to help you with this, all it takes is a few simple steps and a determination to make it happen, so what are you waiting for?
Claire Mitchell is a best-selling author of the Awesome Marketing Planner and founder of The Girls Mean Business, a mum and business owner. She has been featured in Marie-Claire, The Guardian, Closer Magazine, Essentials, The Huffington Post and on the BBC.