Cash flow is very important when having your own business. It is critical during the first year of the business and in the next few years to come. To maximize your cash flow you have to understand and create objectives and goals for your business.
The best way to move your cash flow and profit is simply to catch your customer’s attention to the best selling product or service that has high amount of profit margin.
Here are some tips on how to make your customers keep on coming back to your business:
1.If you have have business that caters services, you should have deposits and pre-paid contracts. In that way your business can generate cash flow upfront. If you are catering on product business you could do some pre-orders with a little percentage of final price to secure the order. In the business be sure to be creative,good customer service and have good products.
- For the loyal customers create a periodic closed door sales this is one way of captivating a market for the products or service that you are selling. Try creating a set up wherein there is a workshop or demo so that you can control the pricing.
Giving your customers a limited period of time is one way of letting your customers get the latest and best products before anyone else.
- Try to offer your customers a small rebate or discount for early payment. Try also giving a small amount of gift or token to show your appreciation.
- Create some programs for your company or business. By charging them a small amount such as $5 just to become part of the club. The extra cash you could generate from your card can help your business generate cash quickly and at the same time your customers will also enjoy the perks and programs that is included when they will become a member.
- Test your market or customers by setting up a location in the local market by providing samples and demos for your products. By creating a lot of attention from the customers or target market this could be one way to get income at a low initial investment.
- Try to increase the strategies of the company.