I’m a Melbourne mum of 2 cheeky teenage boys and 2 super-cute puppies. And I know what it means to juggle motherhood and this crazy thing called life with running a profitable business you love.
I’ve struggled with it at times. But I’ve also succeeded. In a BIG way.
With 2022 just around the corner, yearly planning is starting to take place.
What will your business goals for 2022 be? Will you take more breaks? Or will you be hustling harder than ever?
One thing I know for sure is that creating a steady cash flow in your business will help you achieve your financial goals and give you the space and time to make those big plans.
Here are my 3 tips for creating a steady cash flow.
Address Your Business Budget
First thing is first. Identify where exactly every penny of your business income is going. It doesn’t matter what the number is, if you’re making 7 figures a year or 3 figures a month. If you can’t take charge and manage your money, you will never be able to grow your business.
In order to scale your business, you will need to outsource, and contractors will need to be paid. If outsourcing is something on your list of priorities for 2022, check out my blog post – 6 Reasons You Need To Outsource.
I highly recommend tracking your income and expenses both in accounting software like Xero or Quickbooks and a spreadsheet. That way you can be sure your bank account balance is accurate while getting an all rounder view of your expenses and sales.
Take Advantage of Promotional Advertising Opportunities
The best way to increase your sales throughout the year is to consistently market yourself. Collaboration with another brand, or social media influencer can be a great addition to your business scaling strategy. When two brands come together, the main objective is to offer unique and innovative products to customers. This will give both of the brands a more competitive advantage in the market and both parties can enjoy the profit increase and return on investment.
This is where addressing your business budget really comes into play. If you focus on where your money is going every month, you can take the time to invest in partnering with an influencer or running Facebook or Instagram ads.
Email and Website Strategies
In today’s world of social media, webinars, video campaigns and other opportunities to reach customers, you may be wondering if email is still a worthwhile marketing strategy.
Email is still one of the most reliable methods to boost content marketing, driving traffic back to your website. It also has the highest ROI (return on investment) than any other marketing tool. For every $1 spent, email marketing generates $38 in ROI.
The best part about email is that you own your subscribers. Social media platforms can be unstable due to ever-changing rules and algorithms.
Offering a coupon is one of the most effective ways to bulk up your email list. It allows your customers to have a great first purchase when they sign up to your email list. I recommend mentioning the coupon as a pop up on your website and you can even run Facebook and Instagram ads to it as well.
Tip: Make sure your prices can accommodate the 10% offer.
There are lots of ways to improve your product business cash flow, but you’ll want to be sure you implement these three options at the very least.
If 2022 is your year to scale your Product Business, book a complimentary 30 minute call with me here to see if The Creative Product Institute is right for you.
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