Three Common Reasons Your Small Business is Cash Poor

November 15, 20190 Comments

Cash Flow for Small BusinessI’ve learned a lot about cash flow over the years and today’s article should shed some light on why the cash may not be coming in as quickly as you would like.

Reason Number One:  You have great solutions that people need but they’re not what people want.  
The key ingredient for building and growing a profitable cash-rich business is very, very simple…Sell what people WANT to buy.

Your goal is to find a market that needs and WANTS a specific product or service and then create a product or service to fill that need.  Why?  If you don’t have a group of people (target market) that WANTS to buy what you’re selling, you’re out of business.  We all have needs but we don’t necessarily want to buy what we need.  The want element is important to market to, at the same time you’re providing what they need as well.

Reason Number Two:  You have a target market but not a Buying target market.
Closing Consistent Business is all about CAPTURING AND CONVINCING.  How you present your solution with words, images, and technology will determine how quickly you can capture and convince.  Once they purchase and give you their hard earned money, the expectation that you’ve created will come into play.  Meaning, now the good customer service and the high quality solution will become very important.  In order to CAPTURE and CONVINCE you have to have a buying target market that generates repeat business.  Next, in order to keep those clients that you’ve CONVINCED to buy your solution, you have to build the internal INFRASTRUCTURE to support, retain, and maintain that customer for life.  It takes a lot of time and money to be in business, if you don’t target a BUYING target market you will lose all that time and money and you will definitely lose your business.

Reason Number Three:  Marketing may be your number one priority, but you haven’t implemented your marketing cash-engine.
Marketing plays a vital role in successful business ventures. How well you develop a plan that markets your business will ultimately determine your degree of success or failure.  Even though marketing is very important, it’s only one piece of your business.

A successful marketing program starts with creating your basic engine for acquiring qualified prospects and communicating with them on a consistent basis.   I call this a Cash-Engine Marketing Program.    This is developed as you build your Small Business System.™

Keep in mind that it’s important to ease into marketing and get your feet wet before spending large budgets on a full program.

These three responses represent a small percentage of why your business is not producing the cash you want, hence the word want not need.  But, if you implement your full Small Business System you will create a profitable cash-rich business that provides the wealth and freedom you desire.

Sherese Duncan

© Effició, Inc.

p.s. Share your thoughts in the comments below…

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