Episode 11: How to Reinvent the Bottom Line While You’re Rebranding
Welcome to another episode of the WomanCFO Show. I am your host, Benita Tyler and I am also the founder of TBS USA Accounting and Tax Advisors where we help you to stay on top of the financial side of business.
Today’s question comes from a business owner who’s stuck trying to reinvent herself after nearly two decades in business.
Many of you will be able to relate because it’s something we all go through, right?
In this podcast, I’ll share 3 ways to cultivate more cash flow in your business using existing customer contact information while you’re in the rebranding process.
We start our companies and have a vision that is constantly evolving. But, not only is the vision changing but our market is changing, as well. So we have to figure out what to do to continue to make our business grow, keep it prosperous and profitable.
One mistake that leaves money on the table when re-branding is forgetting that there’s already a warm market. People who have done business with you before are the most likely to do business with you again. That is if you have systems in place to keep in contact, stay top of mind and provide good customer service.
We are in the 21st century and in today’s online world, we’re using Facebook, Twitter and Google Plus and other online methods. But none of those are substitutes for in-person interaction. The fastest way to build trust and sustainable business is through one-to-one conversation. I learned this many years ago as a member and vice president of Business Networking International. BNI is the largest networking group in the world and an effective way to grow while rebranding your business.
A second mistake that leads to missing out on money is mismanaging your schedule. Ask yourself: What did you do for business development today? What activities can you count as actions that moved the needle?
If you’re not making connections, some places to start include making phone calls and sending emails to stay top of mind with prospects and others in your contact sphere. If you’re online and you’re not talking about your business, be more strategic. It’s ok to like, comment and share other people’s content but be sure to put your message out so that people will get to know exactly what you do, as well.
The final mistake is ignoring the customers you already work with. The Pareto principle says that 80% of our outcome from 20% of efforts. So if you focus on your existing customers, that is where 80% of your revenues will come from. Find the raving fans that you’ve done an awesome job for in the past and take good care of them.
At the end of the day, it comes down to the numbers. Analyze everything area to get a total picture of what’s going on in your business. Is your plan and strategy working together? Are you pleased with the bottom line results?
If not, I’d like to invite you to a complimentary clarity call to see how I can help you and if we are a good fit to work together. Click here to schedule your free session with me today.
As always, I hope that you’ve learned something that you can put in use in your business today.
P.S. – Be sure to listen to the full episode. It contains more valuable tips that aren’t included here.
Until next time, friends!
Bye for now!