Keeping Your Cash Flow Constant in 2018
Monday, March 5, 2018, 6:00 AM | Leave Comment
As we begin 2018, in the United States, the economy overall is doing well, and that’s good news for entrepreneurs and traditional business women alike.
However, that good news only remains a positive component of business if those who can use it advantageously do so; managing to do that will mean also successfully keeping your cash flow consistent.
Every smart business woman should have crafted crafted a plan for 2018 that will ensure that from January on, the flow of cash remains so that the year’s finish is even better looking than the year’s beginning. Year over year, that’s what transforms businesses into stable market competitors.
In many ways, securing cash flow is about securing your strategy so that buyers know your business exists and can see why it should be a part of their lives.
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Effective Invoicing for Entrepreneurs
Effective invoicing is the bread and butter of cash flow; even if every other component of your business is set up perfectly for success, it will not be able to outperform a dysfunctional invoicing system.
Thus, for 2018 to be your most profitable year yet, it’s crucial that you implement and consistently maintain a system that will provide as seamless a cash flow as possible.
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Be consistent
Every way that the process can be automated should be automated. Utilize a platform wherein invoices will be distributed promptly and at the same time for each service or product. The language used in all invoices and follow-ups should be clear and polite.
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Craft it the way that works for you
For some, invoices are best in a bare bones manner — the simplest rendering of the cost and services provided will do. But for some, the more detailing included, the better. For every conceivable data entry plot, a platform like Quickbooks Online can offer the ultimate invoicing personalization experience. This means that you are most likely to be satisfied with the end result.
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Follow-up
Don’t let things fall through the cracks. Create a deadline for clients to pay by and implement a follow-up strategy. A good rule of thumb is to give customers consistent, uniform reminders. Most businesses allow 30 days for a paid invoice before you will charge a late fee. Obviously, the fact that a late fee will be charged should be communicated from the very first interaction on.
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Social Media Marketing and KPIs
All research points to the fact that social media is not a passing fad, but is an effective tool for marketers hoping to grow their brand’s audience.
According to HubSpot, 82 percent of marketers indicate that social media has increased traffic and 92 percent have indicated that it has increased exposure for their brand. So, it’s clearly effective. But to really make social media an important part of your business’s strategy you need to make sure that it is being utilized in manner that will truly be most effective.
It’s not enough to create accounts and push content — that content needs to reflect the message that you want consumers to associate with your brand.
In an overview of social media marketing attempts, the data analysis experts at Maryville University note, “Determining key performance indicators (KPIs) will help analysts to track the right kind of data for their purposes. KPIs can include business metrics from sales and retail, SEO (search engine optimization), marketing financial, supply chain, insurance, and help desk. The data gained by watching each of the metrics can reveal strengths and weaknesses in marketing campaigns.”
KPIs are what will allow you to see whether or not your marketing strategy is actually reaping beneficial rewards, and that is what will better allow you to assess whether or not your efforts will actually lend themselves to the cash flow of your business.
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Google Analytics
Any business with an online presence should be utilizing a type of analytic software; it’s a best bet to ensure that a business knows what will drive traffic and has the tools to practically make that happen. Google Analytics is one of the most straightforward ways to make that happen.
Google Analytics will tell you some invaluable information about the experience your users are having such as:
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How much interest is shown
Beyond getting to decide to be alerted when your selected clicks/visitor goals have been met, you’ll also be able to see how much time visitors spend on specific pages. Thus, it’ll provide clear insight when you need to do some redesigning.
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Why they’re interested
You’ll be able to see what words and phrases bring people to your site, but additionally, as Karly Weinmann writes for Business Insider, “The rate for each of those terms, especially when cross-referenced with the feature that shows how many new visitors are logging on versus returning ones, can be substantially useful in developing a marketing strategy.”
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Why (or where) they lose interest
A high bounce rate means that there a lot of people who view your site, and then leave before ever clicking on to a second or third page; Google Analytics shows you how much that happens. Plus, it goes further by showing which pages are the most likely to lose visitors.
All of the aforementioned features are what will allow you to carefully craft each component of the user’s experience so that you know what they’re looking for, what they want to see, and what drives them away from you brand online. That ability to see a potential customer’s behavior is invaluable in terms of being able to boost conversion rates, because you can see where you’re lacking and change it.
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Maintaining a consistent cash flow is never the result of mere good fortune. Instead, it happens when a smart strategy is implemented; a strategy that doesn’t rest until a successful marketing plan is being utilized, higher conversion rates are reached, and ultimately, that consistent cash flow is maintained.
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