Thursday, March 1, 2012

Small Business Cashflow Crisis? Have a Sale!

Small Business Cashflow Crisis? Have a Sale!

The other day I was speaking with a client who was in the midst of a cashflow crisis. Her high-six-figure business had funds coming down the pipeline, but they weren't going to hit her bank account as quickly as she needed them to. After brainstorming, we had the solution: it was time for a sale.

Offering a sale price on your products is a quick and easy way to bring in fast short-term revenue to get you through a cash flow crunch or just bring in those extra dollars for a super vacation.

There are a few basic rules for sales:

1. You should NEVER have a sale on your one-on-one time.

2. Sales should have a clear and limited time period (a week, two weeks tops).

3. You must have a reason for the sale.

4. Limit the amount of sales you offer per year (or else you will hurt overall sales).

5. Send advance notices to your affiliates.

There are a million and one reasons to have a sale. Here are a few to get you started:

• Highlight a special occasion such as a birthday or anniversary.
• Have a holiday sale (Thanksgiving, Christmas, Valentine's Day, etc.).
• Sell products that have been returned or are slightly damaged.
• Sell an older version of something as a "clearance."
• Have a "Thank You" sale.

The scarcity of your sales offering (and if the amount of the item is limited, this helps too) gets those clients who were putting off purchasing your product to jump off the fence and take advantage of the fantastic opportunity.

Want more information on how to make more product sales quickly and easily? Sign up for Small Business Coach and Marketing Strategist, Jennifer Davey's, webinar "How to Price Your Products and Services to Sell."

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