Drive down your local street and you see the signs; the economic “recovery” is taking out a lot of your favorite businesses. Maybe even your own business is struggling. Don’t let it fail. Here are 10 things you could do right now to find extra cashflow:
1) Look in the couch for spare change. Seriously, look everywhere for any assets you can liquidate for a quick cash infusion.
2) Take the dead weight to the curb. Everyone in your company needs to know this time is crucial. You can’t afford to make any missteps, and anyone in it today must be aware of tougher times ahead. Sit your team down — or your family. Tell them the truth about what is going on. They deserve to know. You may lose some of your employees; let them go and wish them well. Payroll is one of your largest expenses; trim the fat in your schedule to the bare bones. No shift overlaps, no overtime, cut your full time people to 30 hours per week if possible.
3) Ring up old friends. Your current and former customers are leads you don’t have to cultivate. Create an unbelievable offer. Something they cannot POSSIBLY refuse — no matter how long you’ve ignored them! If it’s priced in the range of 10-20% of true value, you have a winner. You are doing two things with this exercise — you are determining who your active customers are, and you are determining who still has money to spend. The purpose is not to profit… yet.
4) Create an irresistable back-end offer that they would be CRAZY not to take. Think in terms of your customer’s bottom line, not yours. Really make it special. Show them the value of what you provide.
5) Create a one time offer that’s a whopper. The buyers of this offer will be your top-tier coaching clients, the best of the best.
Congratulations, you have just segmented your list! Now you have an asset. Go directly to #6.
6) Find more friends. You need Joint Venture partners, and now that you have an active, segmented list who are rabid buyers, JV’s will be inclined to take a look. Cross-promote and be generous in your affiliate commission to the JV.
7) Find minions. Set up an affiliate program with a 75% – 100% upfront commission pay-out. Again, you want the offer to the affiliates to be so lucrative they’d be crazy not to promote your product or service.
Announce. Create a sales page and series of videos promoting your product. Write articles relevant to your niche. Bring TRAFFIC.
9) Create a sign-up form for follow-up e-mails. 1 out of 100 will buy your product, 10-20 out of 100 will want to learn more before they do. The others… Let them go. They’re not your customers.
10) Double-check your site’s SEO. Make sure you are optimized for the right keywords, etc. This will improve the quality score of your pages.
After you have good conversion on your pages and start getting some sales, you’ll be able to start a paid search campaign.
More than anything, try to remain positive and determined to succeed. Your business has been very successful, it will be once again. Get through the crisis. One thing at a time. Eventually, all will work out.
You must log in to post a comment.