FOCUS DURING CRUNCH TIME!
Generating revenue is at the heart of all small businesses. Without sufficient cash flow the enterprise will fail. Crunch time is an inevitable part of growing a business; crunch time is when you have to create a positive cash flow in a short period of time.
Even in a crunch situation, too many small business owners spend too much time getting ready to take action and then add more nonproductive time by worrying about the fear of failure.
Let’s take a look at a system that will help you achieve your short term financial goals.
- Belief has to be at the top of the list. You have to believe that you are capable of achieving a desired end result. You have to believe in both your product and service and in your own ability.
- The next step is the calculation of exactly how much revenue you need to generate and the time you will allow yourself to accomplish this goal. Be specific, don’t select an arbitrary number that is less than you need or a lot more that you need.
- Now define your best prospects, the people that are, in your mind, the ones who will benefit the most by purchasing your product/service. Remember, there have to be enough of these prospects so that your goal can be reached. In a crunch situation, have at least three qualified prospects for every sale you have to make. There may be a wide variety of prospects that can benefit from your product/service, but this has to be a focused marketing, effort thus only the best prospect should be selected for this effort.
- It’s time now to determine which method of reaching your target market would be the most efficient. Is one method enough or is your target market one that requires multiple channels of communications.
- The final steps are the development of the action plan, the delegation of responsibility, regularly checking traction and the implementation of an accountability system.
Make sure that your entire team is on board with this effort. Your mentor, support group and peer group should all be involved.
The best time to start this process is now.
Tips & Advice by Nick Petra – CFP, Mentor, and Founder of StrategicDuck and BizQuack
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