CASH FLOW GENERATING TASKS YOU SHOULD FOCUS ON IN YOUR BUSINESS

Generating profit is one of the most challenging tasks an entrepreneur must complete in order to grow and survive in the competitive business world.

You must know the right ways to manage and utilize your capital as it is the backbone of your startup.

Thus, here are financial tips for entrepreneurs Launching a Startup

– Cash flow management is key.
– Track and monitor all spending.
– Remain optimistic but prepare for the worst.
– Every minute of your time has monetary value.
– Focus on customer acquisition.
– Make sure you pay yourself.

Generating cashflow is extremely important in any business but it’s sad to see that most coaches/agancies/business owners neglect this important aspect on their business

So some work 18 hours per day, which to them means that they are working hard, meanwhile the output (cashflow generation) is poor.

Hardwork is way different from smart work.

Before you decide to invest in a business, there are 4 important financial metrics to help you evaluate a company. Financial metrics are the key numbers that you can focus on in financial statements. Here are the 4 most important metrics:

1. Liquidity= This tells us if the company can cover everything they need to cover in the next year or if they’re going to run out of cash.

2. Earnings Growth and Growth of Net Income= This tells us if the company is growing over the past 10 years, which would show us that the sales growth rate is going up.

3. Return on Assets= This is an indicator of how profitable a company is relative to its total assets.

4. Operating Cash Flow= This tells us if the company is bringing in real cash or if it’s generating cash by selling off stock, borrowing money, or selling pieces of business.

That’s why you need to focus on generating cashflow in your business so you won’t get burnt out and/or you get to spend more time with your family.

In generating revenue you need cash flow without clients you can’t get cash flow. So, for getting clients you need to do marketing. Your business’s core thing is marketing.

Without marketing, you don’t get clients/sales. Without clients, you can’t generate Cash flow. Without Cash flow, you can’t generate revenue. Without revenue, your business will die.

Your business revenue-producing activity structure

Marketing = Clients/Sales = Cash flow = now you will generate revenue, and your business will grow.

Your marketing could be organic or paid. Take action and grow your business.

CASH FLOW GENERATING TASKS YOU SHOULD FOCUS ON IN YOUR BUSINESS

Here are 3 tasks you should focus on that can generate cashflow in your business

1 – Market research and Product Creation

What do people want?

Why do they want it?

How much are they willing to pay to get this solution?

What is the profit margins of the product?

Here are questions that you need to ask when trying to create a product.

Now, digital products (courses, programs, mentorship) and consultancy, even direct services are always high on demand and their profit margins are crazy.

I call it the “Create Once, Sell Forever” business model

If you don’t have your own digital product(s) yet…

But you know this is a part of your strategy that you’re neglecting…

Take action and start now!

2 – Crafting and Testing Offers

It’s not enough to do market research alone

Successful and smart entrepreneurs know that the only way to know what works is by testing

So test!

If you have an offer of $1000 and above, my favorite setup is a sales page with a calendar to book quality appointments

One of the most simple sales funnel possible.

Then you drive traffic through various channels to see if the market values the offer enough to enter the funnel and book an appointment

If you don’t have traffic yet, Facebook ads are my number 1 go-to source for FAST traffic to test a new offer.

Here’s what you should be looking for when you drive traffic

I call it the “100 Test Rule”

A 100 booked appointment, 80% turn up rate and 20% close rate for offers

With this, you are sure that the revenue you’ll generate will be out of the roof

3 – Sales Closing

Now…

Here’s where you’d need to train your team on how to close sales and handle objection

There’s a lot of work to be done on a call to get a 20% close rate, hence why you need quality sales closer that knows their onions

Whether you’d place them on salary or based on commission, just make sure they can get the job done

Sales closing on call is one of the things I love to do because it is quick, fun, and exciting

Plus I get to have a much deeper insight on the problems people go through, and how to solve that problem

And when you are on a call with quality prospects, it creates cashflow on demand

Now you have to figure out which of the 3 steps above you’re lagging on

Commit to creating a breakthrough in that area

And then watch your business grow without taking an effect on your health

Your biggest assets are your skills, your experience and your network of relationships. Turn those assets into cash flow. And then invest wisely to turn cash flow into generation wealth.

If there’s one thing you HAVE to focus on to have a sustainable and growing business, it’s cash flow.

There’s virtually NO business problems cash can’t solve.

Don’t know how to do something? Cash will help you outsource.

Don’t have time to do something? Cash will help you outsource.

Have a huge expense bill? Cash will help you pay it.

Feeling resentful that you’re not making enough for you and your family? Cash will help you to stop feeling that way.

Want to reach and impact millions of people? Cash can help you reach them.

Want to donate time and money to charity? Cash flow will help you do that.

So how do you solve virtually ALL your problems in business?

Generate more cash. Outsource the tasks to the right people. Invest in systems. Invest in mentorship. Invest in yourself and your development as a leader.