Low Cash Flow Month? Here’s Where to Find Money In Your Business
Low cash flow months usually aren’t a matter of if, but rather when. The very nature of running a business is that some months the business makes more money than others.
That being said, there are several ways to make money if you really need to. I use these strategies every time I feel like the cash flow is lower than I’d like it to be.
Follow up on projects that stalled.
It’s not unusual for client projects to stall. For example, I can’t even count how many deals never left a prospect’s legal department. Or, projects get put on the backburner because we enter a slow season.
It’s important to note that just because they stalled once before doesn’t mean they won’t be reactivated. After all, sometimes prospects forget that these projects never got off the ground. Or, they get so busy they forget to resurrect a project even though they meant to.
This is the perfect opportunity to check in on these projects to see what their status is. Who knows? You may walk off with a new deal.
Focus on the best-selling products and services.
As I teach my group coaching clients, I am all about the path of least resistance. This means I rely on data to make business decisions. One of those decisions has to do with what I market when there’s low cash flow.
For example, I already know I can probably make some sales for my freelance writing class with a couple of emails. I also know my group coaching program is a pretty easy sell. As a result, if I experience low cash flow I can focus on the things I know will make money.
Just a quick note, it takes a while to figure this out. It also takes a while to have enough offerings where you can determine which are the best sellers. Even still, if you already know one service is an easier sell than another, you can take advantage.
Market, market, market.
I’ve had several conversations recently where successful business owners have mentioned how most people don’t market themselves enough. They don’t have enough content. Nor do they post on social media enough. Or, even worse, they don’t market themselves period.
No one is going to know about your business if you don’t tell them. And the good news about a low cash flow month is you may have more time on your hands to market yourself and your business.
Just as with the best selling offering, I would focus on the marketing channels that you know work best. For example, for me I already know that means Instagram, Facebook and email. Additionally, low cash flow months are a good time to update your website content.
Reach out to old clients.
People who’ve paid you in the past are far more likely to hire you than a new prospect. That’s why if you have a low cash flow month you should consider sending an email asking if they need any work done.
Although low cash flow months can be stressful, there are ways to ride them out and come up on top. Don’t get discouraged by the bank balance and take one of these actions instead.