Hello again, fellow business enthusiasts!
In the second installment of this two-part blog series, I’m going to spill the beans on some tips to help you discover hidden treasures within your own business, without resorting to borrowing, raising prices, or constantly hustling to sell more stuff.
You may still be convinced that uncovering extra cash without taking on debt or increasing prices sounds too good to be true, but by the time you’ve finished reading this post, you’ll be armed with practical strategies to put into action right away.
If you want a long-term solution for faster cash (the best idea), you can explore something even more exciting than Tip #1: Give up payment plans altogether.
The key here is to price things in a way that incentives your clients/customers to want to pay you up front. For instance, if you run a coaching business, and your clients join a 3-month program, break up the tiers of membership into at least two levels.
The basic tier – and be sure to only include the very basic stuff that they need here – is a program that pays out over time.
But find that one thing that will totally change the type of success someone can have with your program – usually speed of implementation. Once you’ve identified it, make that something that’s only available on a higher tier – like a VIP level.
And here’s the rub – to join the VIP level, you have to make a single payment instead of a payment plan. And your marketing can say something along the lines of, “You clearly are the person who is serious about getting a return on your investment; the faster we get things working for you, the quicker that return will come!”
So again – it’s a Win-Win. You get your cash sooner, and the price to access VIP isn’t a higher dollar amount, it’s just an earlier dollar amount.
I have seen this accelerate at least $70,000 of cash into a client’s hands – their business was a $250,000 revenue business – so that’s a big deal.
I hope you’ve enjoyed exploring the second tip in our quest to uncover hidden treasures within your business. You can implement these practices in your business with ease, I believe in you!
But don’t stop here— because our adventure isn’t over yet! There’s plenty more where this came from…
In upcoming blog posts, I’ll be sharing even more practical strategies to help you achieve financial success. In the meantime, check out my previous posts for more business insights on how to maximize your cash flow.
Until then, keep exploring, keep innovating, and keep unlocking the hidden treasures within your own business!