REI WEALTH MONTHLY Issue 31 - Page 41

3 PROVEN STRATEGIES FOR SMALL BUSINESS OWNERS TO INCREASE CASH FLOW DR. TERESA R. MARTIN 2. Get rid of products that don’t sell. It’s likely that you offer your customers a wide variety of products, but only a few of these products bring you maximum profit. • Sometimes a large inventory can work against your business. Customers often avoid buying altogether when they’re overwhelmed with options. • Instead of offering more products that likely won’t be sold, trash the unattractive products and offer more items or services related to your bestsellers. This is an excellent way to boost sales while reducing upkeep • and Think about marketing your business online. It’s becoming easier with each passing day and more inventory costs. people are prone to search the internet for better deals. Businesses that have online order options 3. Pursue unique marketing strategies. If your are often much more successful. It’s a perfect business is experiencing a steep drop in sales, there way to increase cash flow. must be a reason. It could be that your marketing techniques are simply not as effective as you • thought. Consider alternative marketing techniques. Get the word out. Take advantage of social media sites like Facebook and Twitter to promote your business. • Radio advertisements, commercials, billboards, and flyers all increase the visibility of your business. Sometimes, door-to-door marketing is just as effective. By using these strategies you can boost sales and increase the revenue of your business. Once these strategies have been implemented, there will be no need to worry about how you’re going to pay the next bill. You’ll finally have the money to live the life that you’ve dreamed of.