Cashflow Rx–12 Quick & Proven Cures for a Cash Flow Crunch

One of the greatest challenges many entrepreneurs face is riding the cash flow rollercoaster in their business.  Nothing triggers panic and sleepless nights like a cash flow crunch!

Yet, many clients struggle with finding proven ways to generate more cash in their business—fast. Instead of spinning around worrying, or taking months to develop a new product, program or service, I recommend that you take focused action on one or two things that can turn the financial tide fairly quickly. 

So here are 12 surefire strategies to improve your financial situation in as little as 30 days.  Choose a few to implement and watch the money start flowing in again!

1. Hold a sale on an existing product or service.
Choose one of your lower priced offerings and come up with a fun sale idea.  It can be a birthday sale, ‘end of school’ sale, holiday sale, or a ‘just because’ sale.  Send out an announcement to your list of prospects and clients and, if you use email, be sure to send at least 2 follow ups.  Limit your sale to a specific time period—5 days, 7 days or even 48 hours.

2. Hold Bonus days.
If you don’t want to discount your prices (or you can’t) then consider doing a special bonus promotion and promote an existing product or service with a special bonus.  Include a free product (one you would normally charge for), time with you, or some other limited bonus for those who buy during your Bonus Days.

3. (Finish & )Launch a new product.
Finish and launch that product you have sitting half done on your hard drive.  You probably have a ½ finished ebook, or an audio course, or a teleclass you could easily convert into a product.  Block out a day or two to get it done and then make a big splash about it to your list of clients and prospects.  Sell it to them at a pre-launch discount or throw in a cool bonus (see 1 or 2 above). 

4. Follow up.
Pick up the phone and follow up with leads that have come through in the last 60 to 90 days.  Perhaps you have had contact with potential clients in the last quarter, but they weren’t ready to commit.  Contact them, let them know you are excited to reconnect and hear how they are doing on their goals, projects, etc… and set up time to check in.

5. Offer a special package to past customers.
Perhaps you could reconnect with past clients and customers and, if appropriate, offer them a special program, product or service not available to the general public.  Give them a VIP treatment.  Create a special consulting or coaching package to help them kickstart their goals.  Find out what is relevant and make a compelling offer to your loyal fans.

6. Get referrals from happy customers.
If you have current clients, or very recent clients, who are huge fans of the work you’ve done with them, ask for referrals.  I know it can feel awkward, but if you time it right…like when they are raving to you about great results, it can become much more natural.  You can say something simple like “I’m thrilled you’re so pleased with the results you’ve been getting.  I have a few openings for new clients, so if you know of a friend or colleague you’d like to refer, I can offer them my special “VIP treatment.”

7. Offer complimentary consultations.
Send out a promotion to offer a complimentary assessment, consultation or session to your list.  The important thing is to be clear from the start that towards the end of the consultation you will, if appropriate, let them know about products or services you have that could benefit them.  Make the consultation valuable, learn about what it is they really want to achieve and show them how they can get there.  Just don’t go too far and give away the store!  They won’t value the time or advice and you will feel you’re wasting your time.

8. Offer a micro-program.
Know of a hot topic that your audience is interested in (and that you can help with!)?  Offer a short program to help with that specific issue or goal.  Think about something you can accomplish for your clients in a short time frame-like 30 days or less. Make your micro-program a 3 to 5 part class, for example, and offer it for an affordable price ($97-$297) with high perceived value. 

9. Clean up your energy leaks.
It may seem a little off topic, but it isn’t.  In my observation and experience, money follows your energy.  If you are energetically depleted and worn down, your money will soon follow suit.  So, by parallel, if you improve your energy and restore yourself, money will also follow.  I’ve tested this with clients and myself for years and it works 98% of the time.

10. Cut Costs.
Money drains are very damaging to your cashflow.  Take stock of everything you are spending in your business and consider if the payoff is really there.  Take NOTHING for granted.  Look at payment plans, pay attention to the $10 and $20 subscriptions you don’t use, find lower priced alternatives for must-have services.  This isn’t about ‘constriction’—it’s about being a smart, savvy shepherd of your financial resources. 

11. Raise Your Rates.
If you are operating at 80% or more capacity, then you can and should raise your rates.  Start with 10-20%.  Or perhaps just pump up the rates on your most in-demand service.  Make it a practice in your business to keep your rates current and in line with demand.

12. Hold a free workshop or teleclass.
Getting the buzz going, and getting yourself in front of an audience can immediately bolster sales.  Be sure to seed your services and the fabulous results clients get while working with you throughout your workshop or class.  Then offer a way for interested participants to schedule time to talk directly to you or enroll in a program.  You can tie this right into any of the other ideas in this list—book a consultation, give them a discount on a service or product, offer a bonus.  Just be sure to make a specific call to action that is easy and compelling.

Having a steady stream of quick-cash generators in the pipeline can help level out the cashflow rollercoaster and give your business a surge of new business, fast.  The key to success is follow through.  You have to have the confidence and consistency to follow through each of these strategies to truly get the payoff.