This week, we wanted to provide you with three quick tips that can help your business and expand your thinking. They revolve around your cash flow, thinking non-traditionally, and becoming a master at collaboration.
- Know your cash position at all times! More important than your profit and loss statement is your cash flow statement. Many companies can operate at a loss for years if they’re able to manage their cash flow. Know your projected flow at least 3 months from now. If you have a solid grasp on your income and expenses, you have a much higher chance of survival!
- Think non-traditional sales and marketing. Most advertising does not work. Think of your last encounter with a salesperson. Traditional selling often pushes more people away than it attracts. Use the Internet, social networks, search engines, affiliates and alliance relationships to effectively build your business rather than running ads.
- Become a master of collaboration. You may not have the right answer or solution for your clients but chances are someone within your organization or within your sphere of influence DOES. When we collaborate we broaden our expertise and are able to deliver more effective products and services to our clients.
Whatever product or service you are providing the above advice will create greater market impact, win more loyalty and sustain your business for years to come.