7 key ways to accelerate your income!

As a coaching company, especially with the word Action as part of our name, we continually teach business owners how to "To take action"But many unhelpful business owners are unclear on what specific actions to take. This is mainly because they really believe that their challenges are in one area, when in reality their problems are rooted in another area entirely.

This article will address areas that are often at the root of business owner challenges. Effective actions can be taken to remedy the situation.

Areas for immediate action:

Improve cash flow.

Duh, right? We all want to do it, but sometimes business owners have very different ideas about how to do it. In fact, many business owners are still obsessed with the outdated view that cutting prices is the best way to make more money. Think about that for a moment. Now think about this: "Rather than reducing my costs, I will focus on revenue growth. How? I will think of added value, investing in my product and service, and not in giving away my product or service." Okay, so what are some effective and viable ways to increase cash flow?

Know your numbers.

I know I know It sounds elementary, but 80% of the business owners I speak to THINK they know their sales figures, when in reality they are just guessing. Now maybe these are inventory-based educational guesses, but guessing is guessing. The follow-up is a fact. By keeping track of daily sales, business owners can dramatically reduce sales cycle times. Clearly, experts agree that personal contact in the form of a phone call or one-on-one meeting is the best way to get someone sitting on the fence to join the game, but tracking down that customer is the key to turning them into customers for life, rather than single buyers.

All of these suggestions are part of preparing your mind for the cash to flow. Think of it this way. If your thoughts are negative or if you are "fortune telling", You are blocking the path of growth opportunity! For something to flow, it needs a path. Your job is to create the path that leads your potential customer and your existing customers directly to you.

This will take some discipline, but as Jim Rohn said, "I never wish your job was easier, I wish it were better."

Master the 50/50 plan

What does that mean? It means that 50% of your time should be spent on distribution and the other 50% on sales and marketing. Most business owners spend 10% on sales and marketing and 90% on distribution. "But I can’t afford the marketing" some of you are no doubt yelling. The reason you can’t is that you haven’t changed your marketing strategy. "expenses" in marketing "investments".

The only way to do it is to test and measure. What should you test and measure? Everything. For example, someone walks into your store. Immediately questions "How did you hear about us?" FOLLOW UP your answers.

Or how about this: you spend $ 250 on an ad. What is the return? Do you estimate around $ 150 in business? Don’t guess. Track it.

How many times have you watched sports on TV and the teams weren’t keeping track? None, right? Business is no different. Tracking is the way you keep track of business. You can’t change something if you don’t know what the challenge is.

As for what you need to measure, it is surprisingly not the turnover, costs and profits. Yes, I know. Your accountant told you otherwise, but the truth is, what you track includes 8 key factors: leads, conversion rate, customers, number of transactions, average dollar sale price, total billing, margins, and profit.

The secret? Learn the formula and then add 10% to each area. That is your goal. Only 10% to start. Suddenly business is fun, right? Your challenge has gone from worrying, guessing, and reducing costs to tracking, implementing processes, and adding value to increase your cash flow.

More tips:

Buy from your customers.

Again, without tracking your sales patterns, you won’t recognize your best customers from the inactive ones. Give the good half the attention they deserve and let the other half call out your competitors! One way to learn about your customers’ needs is to ask them and then listen to their responses. People generally buy based on emotional stimuli. Take advantage of the challenges they face, show them how your product or service can help them, and you’re halfway there! Treat them like kings and queens. After all, those clients support you.

Keep the technology simple!

Technology can scare a lot of people, so make transactions clear and simple to perform. "Click here. Select this. Come here. Buy now," are examples. Make your decision to act easy for them. Educate your target audience, but also educate yourself. Offer training to your employees and stay on top of trends, news, and what your competition is up to. The better informed you are, the more credible you will become, and the better informed your customers are, the better decisions they will make. And of course, choosing it should be your best option.

Get help.

All of these tools and thoughts are great for wrapping your thoughts, but it all goes back to what we started in this article, and that’s taking action. Sometimes getting help is the first thing to do to get everything else to fall into place.

Business owners can easily become disheartened and wonder if achievement is possible. But, as Audrey Hepburn once said, "Nothing is impossible, the word itself says ‘I am possible’!" And I bet he didn’t get to where he was without a coach!