For business owners, there’s probably no feeling quite like being stuck in a tight spot and needing to bring in some hard and fast cash.
This is especially true for businesses in the Startup phase who have spent all their capital on getting their business set up and who are now unsure about the best way to bring in more money to continue operating.
At The Entourage, the questions we hear most often from our Members are:
1. How can I build up my cash flow?
2. How can I make more sales?
3. How can I do that quickly?
Most of us are in business to build our dreams, maybe some to change the world. But to do this, our businesses need to support themselves and us. As the great Barbara Huson said: “It’s hard to be a light to the world when you can’t pay your light bill.”
You’re Not Alone: Most Business Owners Go Through This
It’s a situation that one of our members, LickYourPhone CEO Rita Agoulian, knows all too well.
After quitting her job in corporate finance, Rita put all her focus on building what is now one of Australia’s leading food publications.
Even with 1.7 million followers and proven success as a content marketing expert, LickYourPhone struggled to make more sales to deem the business as profitable. And while Rita loves food, free dinners and meal vouchers wouldn’t pay her bills.
The Harsh Truth
Just like Rita, every business owner needs to come up with a plan to decrease their daily expenses, increase revenue and still continue to deliver their amazing product. If you don’t, your business will sink, the dream will be over, and your investment goes with it.
It’s a terrifying thought that may be the cause of many sleepless nights—but it’s also a great source of motivation.
Getting Out Of The Red: How To Make More Sales
To generate more sales, you need to use marketing plans with fast action sales strategies to create a bigger impact on the market.
A little focus, some elbow grease, and the right strategies for your business can be game changing!
If you want to make more sales and increase your revenue in less time, here are a few different strategies you can try:
1. Email a time-sensitive offer to your database
2. Use a third-party reseller with a large database of your target audience
3. Cold call your target customers
(This is an old strategy but still remains effective for a number of industries.)
4. Form a strategic partnership with an aligned (but not competitive) partner with a large database or following.
5. Run a campaign to grow your customer base through events or campaigns
(Hint: at our upcoming Digital Marketing and Sales Summit, you’ll learn exactly how to put a strategy like this into action!)
6. Develop a loyalty card system that has time-limited access
7. Create flash sales or instant sales that are time sensitive
8. Create a compelling lead magnet that you know your target customer would like to have
(For more information on how to do this, check out our blog on 4 Steps To Convert Web Visitors Into Paying Customers)
9. Run a survey and include an offer off the back of it
10. Upsell or cross-sell different products to current clients
11. If you sell a product, introduce a service; if you sell a service, offer a product
There Is Always Room For More
These tactics and strategies can help you make more sales in a shorter time, buto drive consistent business growth, they need to form part of your overall commercial strategy, and feed into long-term strategy and goals.
Here at The Entourage, it’s our goal to equip entrepreneurs everywhere with the knowledge and skills they need to grow and scale their businesses. And the saying goes: “Knowledge isn’t just power. Knowledge is profit.”
If you want to learn actionable steps to create sustainable and profitable growth for your business, sign up for this FREE 7-day sales course that can help you get customers 10X faster. You’ll have The Entourage’s Head of Entrepreneurial Development, Petar Lackovic deliver sales methods that can help you master the psychology behind converting leads into sales.