COVID-19 has caused most businesses to change the way they do business. The result for many is a dramatic drop in income. We all need to set our businesses up to survive and the best way to do this is to generate income today!!!
If you are willing to truly throw out the typical business playbook — these eye popping techniques will get the money coming in!
1) Take your best selling products and put them on sale. Sounds a bit crazy, after all these are your best sellers. But what good are they doing just sitting in your warehouse taking up space? You know what your customers want, so sell it at a real discount for a limited time. Get it out of your office and into the hands of your customers. Yes, you will make less profit per item, but you are generating much needed income. Plus your customers will appreciate the savings.
2) The same applies if you are a service provider. You know which service your clients value most, so encourage them to buy now by offering a true savings. To paraphrase an old commercial — YOUR mind is a terrible thing to waste!
3) Sell gift cards at a discount! This works especially well if you have an online store or provide a service like a spa or restaurant. We love discounts and love saving money on things we do anyway. Your customers will enjoy knowing that when this is all over they will be saving on the next time they visit you or buy your products. The discount has to be one that catches their attention and for items that are popular wiht your customers.
4) Offer special payment terms! If your customers are having trouble paying your invoices, this is a great way to generate income! You could discount the total amount due or extend payments terms so that they can pay a less amount each month. Getting customers to pay a portion of what is due, is much better than than not having any money coming in.
This last one is courtesy of the Federal Government….
5) Apply for the Don’t forget about the special SBA disaster funds! This are technically loans, but if your follow the rules, they become GRANTS. And you do not pay back grants! While the process is a bit slow, you can be assured of money coming in over the next few weeks. The SBA has money for small businesses, sub-chapter S corps, the self-employed and even independent contractors Visit https://www.sba.gov/disaster-assistance/coronavirus-covid-19
If you have any questions, remember we are here to help. Just email or call us!