Cash on hand represents more than just what you have in the bank. It’s the total representation of all current and future opportunities to grow top-line revenues. Let me explain, funds in the bank have an intrinsic value you of only what the bank is willing to pay you for the use in leading your money. Maybe one to one and a half percent. The real value of money or cash on hand is a better representative of the potential influence it can return based upon your use of the funds.
I’m always thinking about what the highest and best use of the available funds I have can be. When you understand the power of messaging, you will start to see opportunities to share that message. Put your funds to work for you in creating attention. Remember your sales pipeline is your potential revenue, never lose track of the importance of building and expanding your database.
Cash on hand is that database! Database = potential clients which = $$$$
There are so many economical ways today to build your database (cash on hand). Below is a listing of only a few strategies we use daily.
Database/Pipeline/cash on hand strategies:
- Social Media
Email campaigns: One a month
- Push upcoming events
- Promotional sales
- New products and services
- Value-added information relevant to the client
- All products and services
- Cost-effective marketing
- All social media platforms
Building a sales team:
- Duplication of efforts
- Low overhead commission-only sales plan
Lunch and learns:
- Sponsored training
- Join a board and serve
Again these are only a few ways to build your database, some of which will require an expenditure financially (Use cash on hand) the kind in the bank!
Remember, businesses are cash starving after COVID 19 with that in mind, BUILD STRONG STICKY RELATIONSHIPS WITH YOUR CLIENTS! Because your competitors are coming full throttle after your customers and they’re stealing many because there’s no relationship with you!
Use all the preceding strategies to stay in touch with your customers and make the relationship very sticky. Your future success depends on it! Wake up each day as if you are starving and go to sleep each night, fulfilled, and satisfied. 10X all your efforts whatever you’re currently doing multiply those efforts by ten and your database will be worth millions to you. Good luck and go to work!