I have watched business owners in this economy do some strange stuff. As many of you know, I am a member of WPO (Women President's Organization)- It is a national organization where you must have $2million in sales to join. We meet monthly to share tips, strategies and ideas in order to build our businesses. I would suggest you find a similar group in your local city. But, last week our meeting was filled with strategies to cut expenses.
Finally, after an hour I asked, When You Can't Cut Anymore, What Then?. From the group several said, yeah, Richelle, we are at that point. One even said, she is answering the phones in order to save the salary for the receptionist. WHAT??? I almost fell out of my chair.
At some point, you have to make some better decisions. And one needs to be, let's focus on getting more business, instead of cutting essential staff. So what does that mean?
Here is the secret, even women who are in the $2million to $5million range forget sometimes. And it is this...
Large cash flow surges in this economy do not come from the outside, meaning they do not come from finding a new client. The large cash flow surges come from your existing customers buying more.
(sigh) Really - the odds of a business owner finding a brand new customer who does not know you to spend lots of money in this economy is 1 in 1000. It is possible but it means that you might have to reach 999 before that one will save you. And, I'm not sure you have enough money to last that long.
Tonight, I am asking your most burning questions about your business and surviving this economy. How to get customers to come to you, plus how to make more money.
Are you going to join us? Sign up at Http://www.BusinessWomenofColor.net for details.