The purpose of your company’s product or service is to meet a need, solve a problem or create an experience. Focusing your energy and effort on increase allows you to grow top-line revenue and profitability, which creates healthy cash flow.
Here are ways to bring increase into your company:
Increase the number of your ideal clients. Sounds simple and requires some focus. We know our product or service can meet a need for a number of different customers or clients. What would happen if you focused on increasing the number of the type of customers you want?
Increase the average value of each sale. This can be a pricing issue. Is your pricing in line with the results you provide? Do you have complimentary products or services that your customer should purchase that would enhance the results or experience? You know, like buying a pair of sneakers where they offer you the insole and socks, making sure that you have the best experience wearing your new kicks.
Increase the number of times your customers come back. Stay top of mind with your customers and clients. Do you only meet with them once a year? Perhaps they need more access to you between annual appointments. Dentists recommend twice-a-year appointments. Garden stores provide products and services throughout the year so you can prepare, plant and harvest with ease.
Increase the effectiveness of each process in your business. This is the not-sexy or passion-filled aspect of your business. Automation is the key here. Invoice your clients for services as soon as a project is complete. Systematize or delegate email communication. Create an ecosystem to reach, develop and maintain client relationships.
Increasing your cash flow gives you many options to have a financially vibrant business that increases your personal income and the impact you have in your community.