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Are you generating the cash flow you want in your business? If you are not generating the revenue you want, consider these words from Steve Maraboli, “A lack of clarity could put the brakes on any journey to success.” Is your clarity helping or hindering your business? Imagine sitting in a room with the best coaches and consultants to focus on your business’ social media, team, operations and customer experience. When they ask you what they need to do more or less of to generate cash flow, are you clear on what you would want to do next? Clarity contributes more to cash flow than any strategy, process or operation ever can. Why? Without clarity we become unclear on what we want to achieve, who to target and what strategies, processes or operations to use to help us achieve our goal. Did a lightbulb just go off for you? I hope so. Here are three ways that clarity can increase your cash flow.
⦁ Clarity Lies in Being Specific
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Have you been wondering why customer acquisition is so hard? Why your social media and your copious amounts of business books, magazines and articles and networking sessions have not yielded much success? Truth is you are probably unclear of three things:
⦁ Who you are as a person and business – what makes you different, unique and attractive?
⦁ Who you serve – who are your ideal clients and why?
⦁ What results your clients experience – what results or solutions do your clients walk away with or experience?
When we become specific on who you are as a company, who you serve and the results your clients experience, you will be better equipped to communicate, connect and close. When we close, we make money. In a market place where products and service can be ‘vanilla’ or lack differentiation, let your company, product, service and solutions stand out by being clear about how you are unique, who needs your services or products and the results you consistently deliver to your clients.
⦁ Clarity Enhances Focus
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As a business owner your schedule can become your master. Everything is important. Everything requires your immediate or scheduled attention. But if you step back, take a look at all your activities – in a day, in a week, in a month, how many of them can you easily draw a line to our bottom line? How many of your daily, weekly and monthly activities are revenue-generating activities? 50%? 25%? 10%? Perhaps none? When you are focused on your business’ values and purpose, it helps you categorize, schedule and complete tasks that advance your business’ purpose. If your business is not generating revenue and you are not concerned about generating money, perhaps you should rethink if you are really running a business or an expensive hobby. Being honest about what your business needs to grow is half the battle. Staying focused and committed to doing the required revenue-generating activities to creating and sustaining cash flow.
⦁ Investment and ROI
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What does clarity have to do with investment and ROI? Let’s take a look. We have covered being clear and specific in who you are, who you serve and the results your clients get. Then we talked about your clarity of focus to ensure that you are doing revenue generating activities that keeps your businesses fed. Investment and Return on Investment (ROI) is your clarity on the value of your solutions to your client’s problems so their investment (price) to acquire your products and services generates a ROI.
How many times have you heard people question the price of a product or service? How many times have you wondered are you charging enough? Or perhaps if you are charging too much? When you have clarity on your client’s challenges and the results your solutions realize, they are clearer on how an investment in your business realizes an ROI. When they are clear on that, you are able to move from a conversation on price, to a conversation on value. Your clarity on the benefits to your client results in more cash flow for you.
We are told, taught and convinced that cash is king. Without being specific, focused and a clear on the investment and ROI for your clients, it can be very difficult to generate cash and maintain cash flow. Clarity on all three can help you identify, create and maintain cash flow. How can greater clarity create an immediate positive impact on your cash flow? What non-revenue-generating activities will you start removing from your schedule to give way for activities that directly impact your cash flow?
Aldeen Simmonds-Thorpe
Chief HR Transformation Officer and Coach at Aldeen Simmonds-Thorpe Consulting
Aldeen Simmonds-Thorpe is a HR Transformation Strategist, Speaker and Coach helping professionals and businesses to navigate and solve complex business and people problems enabling them to adapt, compete and thrive. She is a trusted Advisor and Coach to entrepreneurs and business owners helping them build sustainable businesses through community.
LinkedIn: https://www.linkedin.com/in/aldeen-simmonds-thorpe/
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Website: https://www.aldeenst.com/