Cash flow is on a lot of people’s minds these days, as is toilet paper.
There are people doing fine despite what’s going on in the world, and other people are feeling really pinched by what we’re experiencing globally.
Some people are panicking and, I want you to know that there are lots of different options for you to increase your cash flow right now. So I’d like to give you some things to think about today and also some resources (including government resources that are helping businesses keep their cash flow):
My intention is to have you pivot your mindset, avoid saying “I can’t do business in this climate!” and instead ask yourself, “How can I do business in this climate?”
Here are some ideas for you:
- Think about different ways of offering what you do online (if you can pivot online) using a platform like Zoom.us or Skype.
- If you’re used to seeing people in person, perhaps you can begin selling your products online by doing a Facebook live a day, or several times per day, QVC style. (Several of our members are doing this on Facebook, and IGTV on Instagram.)
- Another idea is to document everything you do in your business normally, and then provide a “Train the Trainer” course for other people in your industry and sell that online, using social media and hashtags to promote it.
- Make a list of 50 Ways for you to make alternative money right now. Action as many of those as you possibly can.
- Dust off some ideas that you’ve had in the past that you didn’t action, and action them now.
Those are different ways of delivering your work to your current and future clients. Here are some other resources to think about in terms of creating a cash flow buffer:
- You can consider applying for a 0% APR credit card online on specialized websites or by doing a Google search, just to build in that buffer that brings you a bit of confidence. Even if that’s not your style, knowing that you have 10,000 on a credit card and you don’t use it but know that it’s there can be a good idea.
- You may want to call your bank and see what the process is for getting a loan or an equity line of credit.
Believe it or not, people are still doing business right now. It’s not like the whole business world has stopped. They’re just doing business differently.
What we’ve noticed is that sometimes the people who follow you actually need you now more than ever. Here are some tactics you can put to use:
- Perhaps now is a good time to write a “low hanging fruit” list of everyone that has expressed interest in working with you over the last couple of years, but aren’t yet clients.
- Instead of sending them an email, pick up the phone. Let’s bring humanity to this process by calling them and asking them (genuinely) how they’re doing. Receiving a genuine phone call from you rather than a blanket autoresponder email makes a difference.
- Hear their situation and if it makes sense, offer to stretch out the payments longer than usual, making the initial two or three months more affordable and then ramping up over the next few months, making it easier for them to sign up with you.
- Perhaps you propose to the prospect to work together, you both sign a contract, but the first month is free. The second month is a little bit more, the third month is a little bit more, etc.
It’s not that you can’t sell in this environment. What’s important is how you do it. Be clear with them that you genuinely care, that you’re not “ambulance chasing” or profiteering, but that you’re here to be of service and that you will make it easier for them to begin working together now by massaging the terms for a few weeks or the next couple of months.
People are still buying things. Maybe not everyone is, but many people still are.
Perhaps you fit the profile of someone who can participate in this? Obviously, I’m not an expert at this, but I found this link to share with you (please, please do your due diligence). Take a look and ask your bookkeeper and accountant to help you with this. They may even have a better resource for you and be able to help you navigate this and even fill out the paperwork for you:
And now, about the stimulus package that some governments, including the US, are offering this right now. According to the US Small Business Administration website, “On Friday, March 27, 2020, the President signed into law the CARES Act, which contains $376 billion in relief for American workers and small businesses…In addition to traditional SBA funding programs, the CARES Act established several new temporary programs to address the COVID-19 outbreak.”
Again, this is not my wheelhouse, but I know that this is something that a lot of our members are beginning to take advantage of. Again, I would recommend that you do your due diligence, and go to www.sba.gov
And if you’re like me, not a big research person and it seems very complicated, tap someone you know on the shoulder (figuratively speaking) and say, “Can you please help me figure this out?”
Again, call your bookkeeper or your accountant, call that friend who’s numbers-focused and they’ll help you sort things out.
Let’s build in some financial buffer for you so you can keep your team members, if you have them, so you can keep marketing and attracting new clients, and keep the momentum and income going.
Who can you think of sharing this list of resources with? Share this post with them right now. You will be their hero!
I’m sending you so much love.