Are you allowing business to walk out your door?
We all appear to put so much effort into growing our business, and yet most businesses are guilty of letting business walk out the door.
Here are three strategies to improve this:
1. Measure it. Make sure you know what your retention rate is. What you can measure you can manage, and it is NOT too late to start.
2. Make sure all of you existing customers know all of the services you offer. The last thing you want is one of your customers going to a competitor simply because they didn’t know you could supply the additional product or service.
3. Instill brilliant communications with your customers and prospects. Sales scripts provide a consistent message. Asking your customers what they need increases your chances of satisfying those needs. Communicating keeps you at front of mind.
If you work on these 3 strategies, you will minimise the chance of business walking out the door.
We can help identify opportunities for you to improve your business results. If that interests you contact our office or email adam@mbrgroup.com.au
What a cash-flow budget can do to help your business grow
Although only 5% of businesses have an up to date cash-flow budget, here are 8 reasons your business can benefit from having this done:
1. A document to use to discuss your finances with your banker (or another bank)
2. An understanding of why “cash is tight” at a particular time
3. Great motivation to undertake business growth strategies
4. The opportunity to put measures in place to minimize the impact of cash shortfalls
5. The ability to budget for the impact of additional business
6. Understanding the impact of a new investment in capital equipment
7. An understanding of cash available for use outside of the business
8. A reference document for ongoing monitoring of actual business performance
Of all of the above, utilizing the cash-flow budget in conjunction with a performance monitoring system provides the greatest value. Such a system provides ongoing business intelligence, motivation for change if necessary, an up to date assessment of performance, a baseline for testing new strategies, and early identification of opportunities and problems.
If you would like to explore how this can help your business email adam@mbrgroup.com.au today