Hidden Cash in Your Business

In today's economy cash is king. So we need to make sure we are maximizing our cash and our opportunities every day.

The purpose of business is to make profit. If that is the purpose let's focus on it.

Did you know there is hidden cash in your business?

Here are a few areas for us to look:

* In our customer/client interactions -- When we interact with our clients we must create an emotion to the need for our product or service. 80% of decisions are made by emotion. We cannot wait for an order, we must create the need for an order then ask for it. This adds value to our clients. As follow up, make sure that during every interaction with our clients or prospects we are showing value, showing a sense of urgency, then asking for the order.

* In our transactions -- Every time we make a sale remember the words up-sell and cross-sell. No matter what they are buying we can find another item to add to their 'need' list or solve their problem. Ask more questions to learn about their needs or desires then add another item or service if possible. Another area to improve during our transactions is in our pricing. When was the last time you raised your prices? Or when have you compared your prices to your competition to see if you are competitive or below market pricing? As follow up, review your current pricing. Make appropriate adjustments after reviewing your cost structure and evaluating market pricing. Also at each transaction do your best to understand your customers needs and up-sell or cross-sell additional products or services.

* In our positioning & marketing -- We all have more competition than we have ever had before. With this in mind we need to clearly define our uniqueness and be able to have our entire team share that message consistently. Take the time to identify why you are different and why your prospects should conduct business with you. Secondly, in every marketing action or activity we should have a call to action. Tell your prospective customer what they need to do next to use your products. As follow up, clearly define your difference in the market then train your team to express it consistently, secondly add a call to action to every marketing activity.

* In operating our business --In finding cash in your operations it is a function of efficiencies and productivity. Are your actions and time getting you closer to your goals or are you just full of activity? Evaluate this throughout your entire company in every position. Ask yourself daily - 'will this action get me closer to my goal?'

Make a plan of each of these actions, create focus around them, teach your team to implement, and follow through.

Let me know how you do!

Monte Wyatt
Your Action Coach