Are you tired of feast or famine?

Apr 13, 2022

Are you tired of riding the money roller coaster? Sometimes you have it? Sometimes you don’t? Sometimes you can pay your bills easily.  Other times, you have to move money around in order to stay afloat?

These financial ups and downs are so draining and stressful! 

The good news is…it doesn’t have to be this way.

I’m sharing some very specific cash flow strategies that have helped hundreds of my clients increase revenues, stop money leaks and significantly reduce stress.

Try to keep an open and curious mind as you contemplate these strategies and choose what shifts will work best for your business:

 

Strategy #1- Get Paid More of your Fee, Sooner

 

  • Option 1- Charge a larger percentage, sooner, in your service

 

For example, one of my designer clients upgraded from charging hourly to estimating the whole project and charging 50% up front and 40% mid-way in the project and 10% at the end.  This way she brought in more money up front and stopped losing money from micromanagers who were always going to complain at the end and try not to pay the final amount. Her cash flow improved dramatically. 

  • Option 2- charge 100% up front or a payment plan with 20% increase. Remind clients of their savings if they choose full pay.

 

Strategy #2- Streamline your business, provide consistently excellent service and raise your rates.  

 As entrepreneurs, we tend to undervalue our services to meet a perceived belief about what others want to pay.

 

A better method: Use the tips you are learning here to provide a top-notch service, consistently. Every time. People are happy to pay for excellent service, especially in our current climate.

 

In fact, most people will barely notice if you raise your rates as long as you consistently provide an excellent, streamlined service.

 

Strategy #3- Eliminate barriers.  Get paid faster and easier. You want to avoid chasing money at all costs.  It wastes time and money and causes enormous frustration.

 

  • Get paid for a service call at the location.  Let clients know in advance and train your team on what to say in order to collect before they leave the job.

 

  • Accept and encourage credit cards but don’t charge more.  You want to encourage, not discourage, timely, easy payments.  (And once you raise your rates, that will take care of the credit card fees :)

  

 

  • If you must invoice, reward fast payment and charge fees for late payments.  Be clear up front.

 

    • 5% discount for full payment within 10 days
    • 30 days past due, late fee added
    • Automate the collection system and the friendly reminder emails.  

 

  • Reward bundled payment. Add a discount for a packaged amount or bundled service 

 

Strategy #4-  Analyze your profit margins for various services.  Consider ditching low-profit services or raising those rates.

 

Combine as many of these strategies as you can.  

A case in point:  My client, Kathy Gunn, elevated her business processes, ditched low-profit areas of their business, and raised their rates.  As a result  Kathy comments: After working with Bria- we have increased sales every year by an average of 22%.  Our increase in revenues averages over $275K each year” You can check out Kathy’s and other testimonials here.

 

You deserve more financial abundance and ease!

 

Believing in you,

Bria

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