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5 Simple Ways to Increase Your Cash Flow Right Now
April 27th, 2009 by Kendall SummerHawk
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While a rosier global economic forecast may still be a few months away, smart entrepreneurs are taking control of their cash flow now, and wisely implementing simple strategies to increase how much they make, AND, how much they keep.
Good news is, it’s surprisingly simple to take control of your cash flow right now. And, what’s really cool is that once you put these strategies into place, your business will thrive even during times like these, which positions your income to soar once the rest of the economy emerges from this cycle.
The trick is to take an ACTIVE role in how you create the income you want, as opposed to sitting back and passively waiting for “your luck” or “things” to change. Creating more money flowing into your business has nothing to do with luck, and everything to do with knowing the RIGHT actions to take.
Which is why I’m sharing FIVE simple tips to help you get a handle on your cash flow now, so you’re sitting pretty in the “money driver’s seat.” (These tips are excerpted from my Certified Money, Marketing and Soul™ Coach training program. If you like what you read, click here for more info.)
1. Where’s The Money Coming From?
Now is the time to take a look at how many income streams you have and discover where you have untapped opportunities to offer a wider selection of services. For example, if you offer 1-on-1 services and maybe the occasional teleclass, then now is the time to plan the launch of a new teleseminar series, a 6-month high-end program or begin to offer 1-day intensives. This will dramatically increase your cash flow with very little additional effort on your part.
2. Raise The Value — And Your Pricing — Of What You Already Offer
If you haven’t changed your services in a while then chances are good you’re not only significantly undercharging, but you’re probably also giving away too much for too little. The first thing I do with my clients is help them redesign their current service offers so they’re offering greater value to their clients, at a much higher price. Everyone wins because your clients get a better package and you’re leveraging your time so you make more in less time.
3. Start Tracking Your Income…Daily!
Every day I write down the total amount of money I’ve brought in. At first you may think you don’t have enough coming in to bother with this type of tracking. Trust me, by paying attention to money in this way, more of it will flow towards you, faster and faster. Every client I’ve coached to take this action has reported making more…fast!
4. Know What Your Money Bug-a-Boos Are
Money is a highly emotionally charged topic so you may have unfounded beliefs, old values or unsupportive behavior regarding money that no longer serve you. This is normal so don’t sweat it, just do something about it. For example, if you assume people won’t pay more for your services or frequently offer discounts, this tells me your money bug-a-boo is being too quick to judge what your clients value. I recommend checking out one of my programs or home study courses. These resources will help you make dramatic mind set — and behavior shifts — regarding money so you’re no longer held prisoner by the past.
5. Consider This Popular Way To Even Out Your Monthly Cash Flow
My monthly income used to spike and dip like a roller coaster, until I added membership (continuity) programs to my business model. Once I did, I had steady, reliable money flowing in. Since then, I’ve redesigned my entire business to be 75% membership based. EVERY business has the opportunity to create a membership program of some sort. There’s even a company that offers horse vitamins on a monthly, auto-ship basis (to the tune of several hundred million dollars per year!). So get creative or get coaching on how you too, can add continuity to your business.
Solving Cash Flow Issues Simply Means Being Creative
Keep your approach to solving your cash flow issues simple. Most of all, be willing to look at what IS working, and what is NOT working so you can let go of old habits that are costing you too much in terms of your time and potential revenue. This may mean refocusing how you spend your time but the results will be well worth it!
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Tags: certification program, money, women entrepreneurs
Yes, yes, yes to all of these AND HOLY SMOKES YES to #3!
I was tracking monthly, but the *instant* I started tracking daily, I started making more money - it’s amazing! And I actually LOVE doing it this way because it’s fun!
I’m so grateful you shared this with me on our retreat…
~ A
Comment by Alicia Forest — April 27, 2009 @ 8:22 pm
I’d love to try out #3! Do you have a tracking sheet/format that you could share?
Thank you!
Love,
Trissa
Comment by Trissa Tismal — April 27, 2009 @ 8:38 pm
HI
Love this idea of tracking money. Let me know if you get a sheet, I would love one! Erin Postle
Comment by Erin — April 27, 2009 @ 8:45 pm
Yes - I’m curious about #3 as well. Do you simply look in your back account? Or do you count what’s in your wallet? Or your mailbox? How detailed do you get?
-Wendy
Comment by Wendy Maynard — April 27, 2009 @ 8:50 pm
Great article Kendall! And I’ve had the same results as Alicia when it comes to tracking my revenue — the extra attention makes all the difference.
For everyone who’s posted so far — you can keep track of your incoming revenue very simply by printing a piece of paper with the month on the top and days 1 - 30 (or 31) down the left side and a line next to each day.
Then, each time you make a sale, receive a check, get a PayPal receipt or any other way you accept payments, write the number in. You can either put the grand total for the day in (as Kendall mentioned she does) or put each dollar amount down as they occur, such as:
April 27 $37+$247+$1597+500
Personally, I like doing the separate amounts as it makes it easy to see how every bit adds to the total.
Enjoy and, remember, track and celebrate!
Sandy
and then the next day
Comment by Sandra Martini — April 27, 2009 @ 9:23 pm
I’ve been keeping track of daily income for a few months now. At the end of each day, I simply record the amount and the source in the back of my dayplanner. It’s become part of a Gratitude Ritual.
Thanks for the nudge re: #1. I really have to get going on that one!
Comment by Sue Burness — April 28, 2009 @ 4:58 am
Kendall,
Thanks for the $$$ accountability nudge. Great way to shock myself into kicking it up a big notch!
Giulietta
Rebel at large
Comment by Giulietta — April 28, 2009 @ 8:31 am
It was great to read these tips today with fresh eyes and see new ways to implement them (as well as how effective they’ve already been for me). Thanks for the reminder!
And, I’m with Sandy on the do-it-yourself tracking form. I use a basic accountant’s columnar pad, with the month at the top, and a column for Income and Outgo. Then each line shows the date, the customer/recipient (along with a note about what the money is for), and the amount. Then at the end of the month, I total it up and grin a happy grin! (Since I’ve been tracking, my March ‘09 total is 4 TIMES my March ‘08 total. Pretty cool!)
Helen
Grand Poohbah of Crackerjack Online Marketing Strategy
Comment by Helen Graves — April 28, 2009 @ 9:57 am
Since I’m temporarily “on furlough” in my life and biz, with a relatively small cashflow streaming in, here’s how I am augmenting my concept of #3:
- I track where in my everyday life I offer my services and put a price to it (even though of course my services are priceless
!)
- When I’m tempted by an offering by someone else I create an offering from what I do naturally that serves the same purpose for myself. I then walk myself through the process I have designed for myself (committing to it) *and* put the price tag on it that I saw offered by the other person that triggered that acknowledgement of a particular yearning for me.
In this way, I’m tracking the value of what I offer in how it manifests in my everyday life as well discovering a value for what I can offer right now to others (and discovering the value of what I can offer for myself as my own first client!). This process is not to negate the very real fact that we (I!) can and do always learn from others–and at times move much more quickly toward our/my goals by committing to a mentorship with another. It’s to support the other important fact that at times we must really commit to our own inner authority, gifts, imagination, and innovative, gritty self–to mine the motherlode of what is available in our own souls right now because we *have* done the work, made the major investments of money, resouces, and spirit, and served our apprenticeships. At that time we dedicate ourselves to our own higher self and Universe as teacher supreme, revealer of all we need to know to move forward, and we discover once and for all who we truly are.
Comment by Jane Valencia — April 28, 2009 @ 12:31 pm
Okay - given all the great responses to this post I’m giving #3 a twirl! I’ve never tracked my income this way before so it’ll be fun to see how it works out.
I created a simple spreadsheet with 1-31 along the top, and in Column A I listed my various income streams. It’s easy for me to run my shopping cart report daily and see how many sales have gone through; and I also track my 1-1 client time too - so running those reports are also simple!
~ Tracey
Comment by Tracey Lawton — April 28, 2009 @ 5:57 pm
I’ve been playing with #2 for the last 5 weeks - and loving what I see happening. I’m feeling even more comfortable talking about pricing because it’s so clear to me the value in what I’m offering.
It’s also been great because when people challenge or criticize me on my prices, it doesn’t push my buttons. I’m so clear and certain, that I get that they simply aren’t a match, and there’s a reason for that.
Thanks, Kendall.
Nina!
PersonalGrowthPrincess
Comment by Nina East — April 29, 2009 @ 10:40 am
Excellent article! I liked the last tip!
“Keep your approach to solving your cash flow issues simple. Most of all, be willing to look at what IS working, and what is NOT working so you can let go of old habits that are costing you too much in terms of your time and potential revenue. This may mean refocusing how you spend your time but the results will be well worth it”
Comment by Lalitha Brahma — May 3, 2009 @ 3:12 pm