Business is actually quite simple ― generate positive cash flow, and hopefully lots of it. In practice, however, it is a little harder to accomplish. Here’s some practical advice to improve your cash flow in the following five areas: Expedite Cash In, Optimize Cash Out, Increase Revenue, Decrease Expenses, and Save Taxes.
23. Improve your understanding of your customers’ needs through surveys and perfect your marketing angle to maximize your marketing efficiency.
24. Build and promote inexpensive but high-impact customer loyalty programs.
25. Create barriers or hooks to keep customers from switching.
26. Increase prices where appropriate ― review at least annually.
27. Design and implement referral, affiliate, and re-seller marketing programs.
28. Use a freemium or no-cost but watered-down version of your service/product to attract users and make a compelling argument to encourage them to upgrade to a paid version.
29. Use contest and event marketing principles to generate “buzz.”
30. Direct production and service employees who have free time towards marketing and sales activities until the volume picks back up.
Ken Kaufman, Founder & CEO of CFOwise®, serves as the Chief Financial Officer for a dozen start-up, emerging, and medium-sized businesses. With almost two decades of experience and as an adjunct professor and published author, Ken focuses his professional efforts on helping entrepreneurs maximize cash flow, improve profits, and obtain clarity.