With the RBA announcement of yet another interest rate rise, combined with the increased fuel and energy costs and inflationary pressures, many business owners are now beginning to seriously feel the squeeze.
Here are 3 no cost things you can do to enhance your cash flow.
- Keep in regular touch with current and past customers
It can cost up to 6 times as much to get a new customer as to keep someone who has already bought from you.
For your current customers, send them a simple card to say “thank you for doing business with us”. The number 1 reason customers leave is they think you don’t care about them. If all you have sent them to now is an invoice, this simple thing could keep them doing business with you.
For your past customers, aim to touch base with them at least every 3 months. At this point, your message could be along the lines of checking in to see how things are going for them.
- Reduce your expenses by 10%
Even if you watch this pretty closely, challenge yourself to squeeze 10% off it, with this question for expense, “does this expense keep me a customer, or get me a new customer?” If it doesn’t then do you really need it?
- Margin Magic
Get clear on which of your customers and products or services make you the most money. The majority of your profits will come from the minority of your clients and services, make sure you don’t get these mixed up.
Use the Quick Cash Tool now to find cash quickly, click here.
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