There’s a lot of uncertainty out there right now. Political turmoil, at home and abroad. Many people are dissatisfied, even angry, with our political leaders. Interest rates are rising. The stock market’s a roller coaster ride, as the price of gold and silver fluctuates widely. Bitcoin’s all over the shop. How does a business owner in Adelaide or regional South Australia navigate such turbulent times?
First thing to remember: there’s plenty of money out there, and a lot of business activity. You just need to tap into it. So, if you’ve found yourself trapped in a poverty mentality, believing the whole system’s set against you, it’s time to shake it off.
If your cashflow’s hurting right now, you have a problem. But all problems are not the same. Let’s investigate further.
If you’re not generating enough leads, you have a marketing problem.
If you’re not converting enquiries to sales, you have a sales problem.
If you’re not garnering repeat business, you have a client retention problem.
If your clients aren’t visiting you more often, if they’re not increasing their spend each time, you have a client relationship problem.
And if you’re not fulfilling the orders you receive, you have a production problem.
Here’s the beautiful thing about business problems. Once you’ve identified them, they’re usually fixable. Provided you commit 100% to fixing them.
Smarter people than me have been singing from the same song sheet. Now’s not the time to ease up on the accelerator. It’s time to put your foot to the floor. Go hard. But there’s one obvious caveat.
If things aren’t working out for you right now, make sure you go all in on fixing the right problem.
Personally, I’d address a client retention problem before I revamped my marketing strategy. It costs less to retain old clients than it does to attract new ones.
Then again, there’s no point refining your marketing campaign if your salespeople can’t convert.
No point taking more sales orders than you can fulfill.
Once you identify the core problem, attack it hard. I’m a big advocate for 90-day sprints. If two or three projects could set you up for next financial year, the time to invest is now. Actually, the time to invest was probably three years ago. Failing that, your next best option is now.
My clients already have pressed the pedal to the metal. Why? Because their business fundamentals are strong. They’ve developed robust sales funnels and optimised their workflows. So, they’re ready to handle any increase in orders.
At Evan Bulmer and Associates, we’ve developed 24-month rolling forecasts, enabling my clients to make informed business decisions. Enabling us to provide the advice our clients need to maximise cashflow and profits and plan their tax affairs wisely.
Our 24-month rolling forecasts confer another benefit on our clients. They help them build wealth. My clients actively seek out strong investments – property, shares, new business opportunities. They need their bank manager on side when they hit the BUY button.
These rolling forecasts prove just how bankable our clients are. With interest rates rising, I want to place my clients with Tier One lenders, meaning the Big Four banks. There’s a simple reason for this. The Big Four lend to low-risk businesses at the lowest interest rates.
When you’re new to business, without the runs on the board, you’re borrowing from Tier Two or Three lenders. You’re paying higher interest rates. Once you’ve proven yourself, with two years of accounts showing the strength of your business, the Big Four will deign to speak with you.
Credit fuels business growth and wealth acquisition. You want the best deal possible. Following my Strategy to Cash methodology makes you more attractive to the Big Four, much faster than you’d expect.
Right now, a lot of business owners are worried. Succumbing to fear means slamming your foot on the brake when you should be doing the exact opposite. So, stop doomscrolling, put your phone aside, and start your Strategy to Cash journey today. Get in touch and I’ll show you how to accelerate your business growth.