There will come a time in your business where you need to make money quickly. This could be in a moment when cash flow is low. Or, maybe you’re coming off of a rough time that required you to pull back a little. Or maybe your expenses are just higher than normal or got a surprise bill.
Whatever the case may be, there are a million reasons as to why you may need to make money quickly. The bad news is this can be a stressful time. The good news is, as a business owner, you have the control to actually do this. Here are x things you need to do to make money quickly.
Secure money that is owed to you.
Sometimes the easiest way to make money quickly is to get the money that’s owed to you. I’m fortunate enough to have significantly reduced late payments in my business, but they still happen sometimes. C’est la vie.
Rather than wasting your time individually emailing people (though that could work), set up automatic invoice reminders. That means you’ll need to use a payment system that automatically sends out payment reminders for you. This will free up your time to do the other things in this article.
Follow up with potential clients.
The fortune is in the follow-up. You may be tired of hearing that, but it’s true. That means that if you have any fears about following up with people, you need to get over it.
The truth is it takes an average of seven points of contact before someone pays you. That means people you’ve already spoken with are more likely to pay you than brand new customers.
I actually did this recently and secured a new private client as a result of my follow-up. I also have some other potential opportunities lined up because of following up.
Another thing that can help you make money quickly is to start marketing. In my case, I start emailing my list heavily with either offers for products or offers for consultations.
Similar to follow-ups, people need to know you exist in order to pay you. Furthermore, if they are on your email list then they’ve already opted in to hearing more from you. This means they are a warmer lead than someone who just followed you on Instagram.
Start selling – a lot.
You know what helps you make money quickly? Sales.
That means you need to start selling again in order to make some money. For freelancers that may look like pitching. For consultants that may look like doing more free consultations so you can sell some packages.
Far too often, I see business owners who shy away from sales. Then they wonder why they are struggling to make money. As a business owner, there is no way around the fact that you need to know how to sell. Depending on the situation, maybe that means hiring salespeople.
The great thing about business owners is they have the power to make more money. All it requires is a little extra elbow grease on your part. By taking these actions, you’ll increase your chances of earning more when you need to.