Are you concerned about cash flow during this economic downturn?
I don’t know any business owner who’s not concerned with maximizing their company’s cash flow. In times like this, it may seem difficult, but it’s not impossible. Here are some ways to keep revenue flowing.
Marketers: Here’s How to Keep Cash Flowing When Times are Tough
- Be generous with your warranties and return policies. With an uncertain future, customers are nervous today about making purchases. Reassure them and close sales by rethinking your policies. Let’s look at an example. Apple typically has a 14-day return window but has expanded that due to its store closures. They will now accept returns within 14 days after they reopen.
- Introduce new revenue and pricing models. Look to your “super-consumers” for help with this. They’ll jump at the chance to buy something today that they’ll need in the future. Offer gift cards and subscriptions to help boost the bottom line for now. That allows you to collect payment now before delivering the product or service.
- Review marketing spending in detail. Determine what’s working in this new environment and what’s not. Knowing what works makes it easier to make decisions where to invest your cash and your time, because we all know, time is money. And don’t shy away from cutting sacred cows.
I also suggest that you resist the temptation to stay hunkered down. Instead, become even more visible to potential clients. While it might be tempting to just ride it out or focus on just staying afloat, it’s critical to stay in front of your customers and to be fully prepared for the future and what comes next.
I’m Robin Samora with the Fast Marketing Minute. Helping is the new selling. How can I help you? You can reach me at Robin@RobinSamora.com. Talk tomorrow!