If business growth is a priority for you right now, register for a limited spot at our Business Growth Summit here.
If you are a business owner then you are most likely familiar with the feeling of being in a tight spot and needing to bring money through the door quickly.
As a business advisor, the question I hear most often from people is ‘how can I build up cash flow, and make more sales … quickly?
Most of us are in business to build our dreams, to change the world while sharing our vision. To do this our businesses need to be financially supporting itself and us – like that great Barbara Stanny quote “It’s hard to be a light to the world when you can’t pay your light bill”.
Many years ago I founded a luxury retreat business. Three months before we opened our villa, management changed the contract to only allow a smaller number of people in each room, half than we had planned for. This meant our revenue suddenly would be less than our projected operating costs.
We needed to come up with a plan within 30 days to decrease expenditure while increasing income while still delivering our amazing product. If we didn’t, our business would sink, the dream would be over and our significant investment would go with it.
In truth, I was terrified, and the first of many sleepless nights started.
After playing with ideas and solutions, we decided the best solution was to open a second location that would double our capacity while allowing us to share the fixed expenses.
We also needed capital to invest in our new villa all paid upfront (90k per year and at the time we were bootstrapping so we needed cash fast!) Fast action sales strategies became our main focus to survive.
“We moved quickly and created a marketing plan with fast action cash strategies that could create enough income to stay in business. Big risk but there was no turning back at that point, so we jumped.”
We had no more capital to invest, didn’t really have time to raise investment and needed to get very creative!
Our top two fast action strategies were:
– a strategic partnership with a high profile partner
– To begin a promotion through third party reseller with a database of 3 million in Australia and 20 million in the USA, our secondary market.
Nervous as hell, we got together everything we needed and started our sales campaign. The strategic partnership opened us up to a database of over 2+ million ideal clients.
The third party reseller ran a 14 day campaign to their 3+ million database. This did not cost us a cent, other than putting together some marketing materials and investing our time.
We worked like our asses were on fire and the result was incredible!
We ended up selling out our first 3 months from the one 14 day promo, had regular 6-figure months from there onwards with the media coverage for our strategic partnership and more than tripled our database in 30 days to nurture for future sales.
By end of our first 10 month season, we had gone from a database of 0 to a database of over 14k and almost half a million dollars in sales.
A little focus, some elbow grease and the right strategies for your business can be a game changer.
Here are a few different strategies for you if you are wanting to increase your sales and bring in more money in less time:
1. Email a time-sensitive limited offer to your database
2. Use a third party reseller with a large database of your target audience (e.g. agents, Living Social, Groupon etc).
3. Cold calling your target customers (this may be an older style but it still remains effective).
4. Strategic partnership with an aligned (but not competitive) partner with a large database or following.
5. Run a campaign to grow your membership through events or campaigns such as a VIP night for members only.
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 client would have to have.
9. Run a survey, off the back create a one time offer.
10. Upsell / cross-sell to current clients
11. If you sell a product introduce a service, if you sell a service offer a product.
Remember, these are short-term strategies to help create a surge in sales in a short space of time, they still need to be a part of your overall long-term strategy and goals.
Are you running an existing business and looking to achieve sustainable growth? Click here to register for our FREE Business Growth Summit