Monday, December 3, 2007

Cashflow, marketing, and new clients

Most of my clients hire me with the intention of being in the top 10% of their industries within one to three years. What are the indicators of success? Who are the clients who are most likely to succeed? I find that those who learn how to focus, set priorities and cut through the gobblygook are the winners.

In a breathless voice my client called and told me about an idea he had to revolutionize his industry. He had been thinking about a system that would allow a service technician to perform the job with faster service levels and superior results. It would take time, and money, and take him away from other duties. Then he mentioned he really needed to bring in more revenue. He had bills due and marketing he needed to concentrate on.

How, he asked me, was he going to balance cashflow with all the things he needed to do?

First I asked him to make a list of all his marketing and business priorities. Then I asked him to place three stars next to actions that would result in cashflow within 30 days, two stars for 60 days, and one star for 90 days or more.

Possible Activities that needed to be done
1. Create advertising for print media - *
2. Calling and/or meeting with contacts made at networking events – this is very effective and can result in new clients within 30 days ***
3. Leveraging alliances with people he already knew – new clients almost immediately or up to 60 days **
4. Sending out an email marketing campaign and following up with phone calls – cash flow almost immediately or up to 60 days **
5. Email marketing, phone calls, AND booking appointments – cashflow immediately ***
6. Developing a new product or service line – 180 days to one year before cashflow – no stars

What is the most effective activity to build cashflow? Without a doubt it is direct contact with prospects. Email campaigns, newsletters, and advertising are all great, but nothing comes close to the effectiveness of speaking or meeting in person with prospects.

To be in the top ten percent of your industry you often have to do the activities that you most want to put off. Pick up the phone and call your clients or prospects. Get out in the field and talk to people. Sitting at your desk will not get you new business.

Grow Your Business and Prosper!
Suzanne Muusers
Business Coach for Entrepreneurs and Financial Advisors

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