Even in the best times, it can be difficult for businesses to stay profitable. It’s even more difficult in a hard economy. There are many ways to ensure profits flow in regardless of the economy. These are seven creative ways to increase and maintain positive cash flow.
1. Connect with clients and customers from the past.
Each company loses customers from time to time. Some customers will simply forget you or drift away. Many people will accept a special deal to revive the relationship if you reach out to them in person, by phone, mail, or email.
2. Referral systems for professionals
Many business owners hope that their customers will refer them to their friends and family. Smart business owners give their customers a reason to recommend them, like discounts, bonuses, and referral fees.
3. Make irresistible deals.
Tell everyone you do business with that you are making a limited-time offer in celebration of a special occasion. You can make up something if you don’t have an occasion like that. Be sure to provide a reason for your offer.
4. Raise your prices.
It sounds frightening, but it is not necessary. To test the effect, you can try a different price on a portion of your customer base. You can expand the price point to other customers if you receive a positive response.
5. Advertise your products and services to other businesses.
Look for businesses that are related to yours, but not directly. In exchange for a percentage of the profits or a flat rate, convince them to recommend you to their clients. You’re creating a new profit source for them at no cost. That sounds great!
6. Make the most of your underutilized assets.
Are you wasting equipment, warehouse or office space, or employees’ man hours? There are likely many companies that will rent your equipment to you.
7. Barter. Two ways to benefit from bartering your services or products
You can barter essential services to cut your overhead. And you might be able barter products you can turn around and then sell. Barter arrangements are considered taxable income by the IRS.
