Manage cash flow and get the most out of your marketing
with these 3 indispensable top tips!
Whether you run an established business or are in the process of setting up an exciting new venture, the current climate is proving to be challenging, and not knowing how the next 6-12 months will turn out doesn’t help - especially when managing marketing budgets.
One of the biggest challenges that startups face is cash flow. It takes time to build a successful business, and while we often say that time needs to be on our side, so does cash flow.
Managing your cashflow.
Here are 3 top tips for making sure you manage your cash flow so that you can achieve success in your business:
- Focus on the quick wins
- Take payments upfront
- Spread your marketing cost
1. Focus on the quick wins
Big brands have large marketing budgets. They can afford to ‘throw’ thousands of pounds at a marketing campaign to raise awareness of their brand and reach a wider audience. But if like many other businesses, you don’t have tons of cash sitting around not knowing what to do with it, you need a different approach.
There are many ways you can optimise activities:
- Focusing on smaller target audiences that yield the best returns is one way to be more effective. This can work incredibly well if you do it right!
- Focusing on a specific niche means you limit spend to only marketing campaigns that reach that audience. It cuts back on wasted spend and the long-term positive cash flow means you can expand and target other audiences. This works especially well online with SEO’ing your website content and with GoogleAds.
- Putting efforts into specific and targeted audiences also increases sales conversions by tailoring the message to your audience.
- Having a landing page (which is a single page on your website that is specifically written for that one subject/core key phrases) that talks to your audience in their language is proven to get better results.
If you would like to find out more about creating webpages that are specific to your audience then give us a call. We would be happy to provide further tips and advice. Get in touch with our website designers.
2. Take payments upfront
If you deliver a service rather than a product you are probably familiar with the process that goes something like this:
"Deliver the service, invoice the customer and then wait 30 days to receive payment."
If it takes several weeks to deliver the service then you can easily find yourself chasing an unpaid invoice 2 months after starting to do work for the customer!
There are many ways to overcome this and to improve cash flow. Taking payment upfront or at least a deposit means you have the cash available to re-invest. Other solutions include offering a subscription service or setting up a direct debit so that the pain of making the payment is much easier.
3. Spread your marketing costs
This can starve the company of cash and limit its success by restricting what cash it has available for other campaigns. Effectively, a business that runs out of cash having a website built is doomed to failure as it can’t invest in other business growth activities. So when it comes to spending money on marketing, look at ways to manage your cashflow.
Spreading the cost of online marketing like website building can free up cash to invest in growth elsewhere, such as research and development, employees, IT consumables – the list is endless!
Pay monthly websites
Pay monthly websites help manage your cashflow. So we're proud to say that here at aprompt, we offer Pay As You Go (PAYG) websites from as little as £40 a month! For this affordable price, you get a stunning new customer-friendly website, free code updates for life, tons of features, mobile-ready and Google friendly build, unlimited email accounts, website hosting PLUS a free new design choice every 2 years! It's really a no-brainer! This affordable price means that cash you have in the bank can be invested in other activities that compliment your website - and that ensure your long-term success.
Ready to tell a story of your success?
A well-respected business marketing expert once said:
“Marketing is no longer about the stuff that you make but about the stories you tell.”
Sometimes it can take a while to get your story to your customers about how your business was founded and how you built success based on your values. And managing cash flow is important to your long-term success. So there’s no better way to manage cash flow + build an amazing website + get to tell your story than with a Pay As You Go website from aprompt. Our large selection of PAYG packages of professional ready-built websites are waiting for you . Find out more about our PAYG websites and how much a website costs
If you're ready to get started with a ready-made website, contact our website designers today.