7 Tips to Increase Your Cash Flow and Grow Your Customer Base!
Probably the number one question we receive is “How do I grow my business and increase my cash flow?” Having a strong customer base is essential to growing your business. Without a growing business and customer base, you also don’t have a strong cash flow and that can cause anxiety and stress on a number of levels.
However, what if you could turn that around starting today? We bet you would feel reinvigorated, wouldn’t you? You would enjoy your business more because you were actively growing your business! To help you do that we have put together some simple steps you can use right away to help you build your customer base and increase your cash flow no matter what type of business you are in. We have also created a Business Growth Blueprint that you can download right here. So, let’s get started!
Grow Your Cash Flow by Growing Your Customer Base
80% of your sales come from 20% of your customers. This is simply a fact for almost all businesses. This means to increase your cash flow you first need to make it a priority to find out which one in five of your customers are those who keep coming back for more of what you have to offer and then make every effort to keep them happy and buying.
Grow Your Business by Building Customer Relationships
Focus on long-term customers. Repeat customers are the holy grail of sales. They advertise your business for free to their friends, they help you forecast, they save you marketing money, and most importantly, they increase your cash flow by repeatedly buying your products or services.
This means you need to intentionally cultivate a relationship with them. You can do this simply by creating opportunities for a conversation. Talk with them, not at them. AWeber is one of our favorite tools to connect with and build relationships with our customers.
Unlike most “no-reply” messaging services, our customers are able to connect with us anytime they want and let us know what is on their mind. That makes them feel safe, valued, and empowered, the three essentials for building your business and customer base.
Increase Your Cash Flow Through Repeat Customers
Repeat customers cost less than new ones. Studies show that it’s less expensive to bring existing customers back than to attract new ones. It makes sense, considering the expense of advertising, marketing, media, and other tools necessary to attract new customers.
Repeat customers are walking billboards. If a customer comes back to your business, chances are pretty good that they liked what they saw the first time around. And, from there, chances are they’re going to spread the word about your business which is free publicity for you.
To build your repeat customer base and increase your cash flow, be consistent. On the surface, a solid base of repeat customers might seem little more than a matter of providing excellent service or products. While there is truth to the statement, your quality of service must be consistent to keep them coming back.
Hire the right people.
Since your employees are on the front lines, their demeanor and interaction with clients can cement relationships that bring customers back repeatedly to your business. This results in increased cash flow.
Individuals who are positive, friendly, and really care about doing a great job are the first step. Anyone who is going to interact with customers—from the receptionist through to the collections department—has to understand the importance of creating a positive interaction with the customer.
Increase Your Cash Flow by Keeping it Personal
Create personal relationships with your customers. By definition, a repeat customer is someone you get to know. Nurture that by keeping your relationship as personal as possible. For instance, get to know customers by name.
Connecting on a personal level with customers is one of the best competitive advantages there is. Everyone loves it when they go into your place of business and you remember their name and their favorite item or service.
Grow Your Customer Base by Staying in Contact
Stay in contact. Encourage repeat business by staying in touch with your customers through a blog, newsletter, or some other vehicle that affords ongoing communication. A handwritten thank-you to customers with orders over a certain amount that includes a discount on their next purchase is a spectacular touch in today’s world of all things digital.
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More Success Tips!
If you are looking for more practical hands-on help we have two other resources for you. First, we have created Business Genesis and our Small Business Toolkit for small business owners just like you to help you start and grow your own successful business and meet today’s challenges head-on with confidence. You can find yours right here.
Business Genesis is a Step-by-Step Online Training Course That Shows You How to Start, Grow, and Market Your Own Successful Business Doing What You Love!
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