Article Directory

If you feel like all your money is falling into a black hole just to pay bills, and you keep asking yourself, 'Where did all the money go?' here is a principle of managing money you need to know.

Income must be greater than outgo!

How can you accomplish that? With a money management tactic called INCOME PLANNING. I've listed 5 things you can do to make more money in your business.

RESEARCH YOUR TARGET MARKET - First, work out what products or services your customers want to buy and then provide that. One simple way to work out what they desire is to go through your sales receipts, and work out what product or service is the biggest seller. Question your customers about 1) why they bought that item or service, and 2) what benefit they expected to get from the purchase Then repeat what they said in your advertising to promote that product or service.

ADVERTISE TO YOUR TARGET MARKET - There is an art to promoting something so that it will be responded to by your customers. Advertising does not necessarily mean offering a discount. It's much more important to find out the reason a customer needs or wants your service or product, and exactly what they will base their buying decision on. Price may be less important to them than quick delivery and dependable service.

Find effective, inexpensive ways to promote. Collect business cards from potential customers, and mail them a personal letter to let them know how your products and services would benefit them. It is one of the least expensive, most personal promotional actions you can do. A series of postcards mailed at regular intervals to potential and current clients has proven to be very effective.

A second great method to get new business is to request referrals from your satisfied customers. You can make it enjoyable for your customers to refer new business by creating a referral game they can play, where they get something in return for referrals who buy. Let your customers help your business out. They really do want you to succeed in your business.

SELL AND DELIVER - Selling is less difficult when you are honestly interested in your customers and want to help them. ASK your customers what they need. That makes it much easier to sell them your services or products. For example, a family of 4 who wants a van to cart the kids and their equipment around to sports activities is going to walk off in disgust if the salesperson is showing them 2-door sports models, despite the fact that the sports car is a good deal.

Once you've made the sale, fast, courteous, professional delivery is necessary to ensure customer satisfaction. This is especially important if you are in a service business. Delivering what you promised, when you promised it, can mean repeat business and referrals of new customers.

DON'T WASTE YOUR MONEY - For each dollar you agree to spend in your business, ask yourself how it is going to bring $5 or more worth of income back into your business. Carve out a percentage of the income every week to fund an advertising budget and then work out the most cost effective ways to reach your target market within the budget. It is extremely disheartening when your hard-earned income gets wasted on expenditures that fail to give you a profitable return on your investment.

REPEAT SUCCESSFUL PROMOTIONAL ACTIONS - Look back at when your sales were highest. Find out what your successful promotional actions were at the time and put those actions back in.

There is a revolutionary new money management software tool available to help you utilize your time, energy, and creative thinking power on planning how to increase the income. That gets the CASH FLOWing in the right direction. It helps you manage your money so you can put your attention back on customer service and you will enjoy your business even more.

Sandra Simmons, President of Money Management Solutions, has years of experience helping company owners manage their money to achieve their financial golas. To find out about the Money Management Software she created, watch the FREE 5-minute demo video on her website at www.moneymgmtsolutions.com