Even the most thought out business stratergy, sometimes gets it’s low battery period, when all applied efforts seems to be failing to draw the cash in. It could be due to a saturated market, austerity brought by a chang in government or a yet to be identified bad marketing srtategy. whatever may be the cause, an imerging low battery period in cash flow requires a jumpstart and no better way than by: (1) Freeing your store of old stock (2) Offering a discount to your debtors (3) offering gift vouchers to customers (4) offering subscriptions (5) offering spercial deals to customers (6) venturing into new markets
(1) Freeing your store off old stock
It’s a way of using ‘one stone to kill two birds’ as old stock can be used to boast the sale of unsellable stocks, by using it as:
- Incentives for customers – when other purchases are made
- Charitable giving – gesture of good will is always good for business
- Sponsorship – a way of reaching out to other businesses
- Bulk sell – to back of the van seller or even the pound stores
(2) Offering discount to your debtors
Checking your books to identify lingering debts and offering to meet the debtors half way, by:
- Writing them to pay a certain percentage and the rest will be forfeited
- Writing them to make an affordable payment arrangement with them
(3) Offering Gift Vouchers to Customers
It’s a workable way of injecting cash into a business as this will encourage customers to:
- Prompt purchases that they wouldn’t have afforded or ordinarily purchased
- Use the voucher in place of normal gift or cash and it’s prepaid to your business
(4) Offering Subscriptions
Subscriptions seems to be what businesses use to sets-up permanent means of income, as in the form of:
- Monthly subscription for news letters
- Free delivery for subscribers
- Next day delivery for subscribers
- Customers gets a discount for making a full year payment
(5) Offering Special Deals to Customers
In the business world, special deal is the ‘magic word’ used for boosting sales as it draws in:
- New customers – bringing in more money
- Customers attention tend to be drawn to other products while checking the special deal
- Tend to allow customers extra money to even spend on other items from your business
(6) Venturing into new markets
The starting point is to check who your adverts are reaching and is it about time to redirect your target audience by:
- Reviewing the services of your PR person
- Making maximum use of social media
- Stepping beyond your demographic
To, avoid frequent low cash flow, note and systemize the workable cash generating ideas and keep injecting that cash into your business.
By Deborah Beyioku – CEO Ochu group