Increasing your cash flow in 2020 might sound like a crazy idea. After all, isn’t the entire world going through some kind of downtime right now that you can do nothing about?
It’s true that many businesses have come to a temporary standstill, and that people aren’t buying as much as they would usually because they are confined to their houses. While it’s terrible that something like this has happened, you should be able to see a few small good things that can come from it. Not only is it forcing people to rethink the way they do business, it is making them become more creative. Jobs they previously thought could not be done at home can, in fact, be done at home. Services they previously only offered in person can be offered remotely. This is a learning curve for businesses everywhere.
Now, just because the world is in a strange time does not mean you should give up on making money. Of course having empathy for others and finding ways to help should be prioritised, but you still need to make money to pay your bills and buy food.
Below you’ll find some pointers that will help you to increase your cash flow this year – if not immediately, then when all of this has blown over. You should expect a surge in people showing interest in your business and services! Read on to learn more…
Provide Free, Valuable Content For People To Use Now
You probably have a lot of knowledge of the industry you’re in. During this time, when people are looking for things to learn and do, be a place for them to turn to. Create content that they can use now. For example, if you’re a personal trainer, post online tips and workouts. If you’re a nail artist, do tutorials they can use to follow along at home.
Along with the free content, you could create content that they can purchase if they wish. For instance, you could make your videos free, but provide podcasts at a monthly rate. Perhaps you could even write an Ebook during this time, or create a course. This is way you will be able to continue making money as you sleep!
Figure Out How You Can Free Up Even More Time and Money
Freeing up even more time in your business will mean having more time to do what you’re best at. Rather than taking care of your own books, for example, you should look at cost segregation services by tax professionals so you can be sure it’s being done right. Not only will you have more time, you’ll likely save money as it is being done properly. Other ways you can free up more time and money include:
- Allowing your team a flexible schedule so they can work more when it suits them, and remotely if they need to.
- Cut the working week from 5 days to 4 days.
- Look at the services you’re paying for that might not be getting the results you expected – use analytics to help you so that you have solid evidence.
- Outsource and automate the processes that don’t need a personal touch.
- Drop a problem customer – if a customer is causing more issues than they are worth, dropping them could mean making room for a better customer.
- Stop wasting time on decisions that don’t matter – deciding what to wear in the morning and what to have for breakfast can still drain your mental energy. If you wear a similar uniform and have the same breakfast, you’ll already have more mental energy to face the day. What else can you do to free up time and energy?
Come Up With A New Kind Of Service You Can Offer
Is there a new service you can come up with now? Perhaps you could offer remote one to one services. You can offer more over the internet than you think. For example:
- Music lessons
- Singing lessons
- Acting lessons
- Therapy and counseling
- Advice sessions
- Personalized nutrition plans
- Personalized exercise plans
You can translate these ideas to just about any industry.
Come Up With A New Marketing Strategy
What method can you add in to your marketing plan to improve your results? Perhaps you could advertise using Facebook or Instagram ads, or simply start split testing to see what’s working for you and what isn’t.
Find A More Effective Way To Invoice Clients
Invoicing clients often means they end up paying late and your cash flow is poor. By coming up with a more effective way to do this, clients should pay on time.