by Ana Rosenberg
There are many ways to grow a business but our focus today will be on strategies that can generate a cash infusion fast for a business.
Strategy # 1 – Do More Of What’s Working
This is a simple yet profound business growth principle. Business owners tend to get distracted trying to fix everything that is not working instead of focusing their efforts on what is working well.
You might know about the 80/20 Rule (the Pareto Principle). This is a perfect time to implement it and concentrate fully on what is bringing the most results.
Strategy # 2 – Past-Clients/Customers Reactivation
The most expensive part is to acquire a client and as business owners, we seem to like to reinvent the wheel and we are always looking for new clients. If you want a cash infusion, it’s a good idea to get in touch with past clients and ask them what else they need. Maybe ideas are starting to occur to you of what you can offer to them right away.
Strategy # 3 – Do More Of What Worked Well In The Past
You might start to see a pattern here. As entrepreneurs we love to get creative and reinvent our business often and we forget to go on doing the things that worked well in the past. We don’t get extra points for creativity (or if we do, they don’t count as cash in the bank).
Bonus Strategy – The Sale
We see this in retail often and we think that it doesn’t apply to our businesses. The shift here is to ask yourself “How can this apply to my business?”
It is important that the sale is limited in time. It can be limited in number, too. This is a great strategy to have in your entrepreneurial back pocket and implement for a quick cash infusion.
Advanced Move – Combine A Price Increase With A Sale
Raising your prices and fees is one of the fastest ways to get a cash infusion. If you decided to do that, you can have a sale at the old price before raising your prices.
I once approached some potential clients at the end of the year and told them about my new fees for the next year. I invited to sign up at the old fee and that was the opportunity they were looking for to finally make the decision to work together.
Mistake To Avoid
When your business is in need for a quick cash infusion, it is not the time to build convoluted online funnels or to rely on long term strategies. It is the time to simplify and choose the actions that can have immediate results.
Till next time, remember… your awesomeness is portable. You can take it with you anywhere.
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Internationally recognized best-seller author, Ana Rosenberg, teaches conscious entrepreneurs and service professionals around the globe how to build and grow a profitable, sustainable business to be proud of FAST! Get her FREE TRAINING "How To Build A Business To Be Proud Of Fast!" at www.AnaRosenberg.com/BuildBizFast/
Ana provides Business and Marketing Success advice and resources to over 50,000 followers via www.AnaRosenberg.com and her social media channels.