3 Tips to Equalize Cash Flow to Client Flow
Your bills are piling up. Your website is in its fourth reiteration and you still are not getting clients. You just discovered that you should be posting articles and doing online press releases but you are running out of time and money.
You know you need to build a team so you can get things done but you are already tired out. And yet, you still do not have the new clients, list building or desired internet traffic that you need. What is an entrepreneur to do now?
It's time to infuse some reality into your situation. I have a saying that there are no unrealistic goals, just unrealistic expectations! Did you really set the best expectations here?
Too many entrepreneurs start their ventures with little or no capital. They set deadlines that are impossible to meet because that is when they are running out of money. They forget to test their target audience with their offer to see if they really want it. Then they are surprised when the market resists. Frustrated, baffled and burned out, you wonder if you should just go get a job again.
Does this sound like you? If so, here are my 3 suggestions to equalize your cash flow with your client flow:
1. Get crystal-clear about what WILL work. Are you on the right track but need more time to build credibility and traffic? Or are you just shooting darts into the sky hiring something will land? One of the suggestions we make for our Fast-Track members is to create a clearly defined roadmap to get you to the desired outcome. This includes being realistic about how long things really take to get going.
2. Get cash flow somewhere else. Borrow money. Get a line of credit. Get a low interest credit card. When you do not have cash you make "ruling decisions" based on how much money you have vs. what is good for your business. If you are just starting out, I suggest putting away 6 months of operating expenses (plan on at least $ 5k / month).
3. Upgrade your mindset. Most of us think to ourselves, "What's the least I can spend to get going?" A more powerful way to think is, "What do I need to invest in to grow rapidly?" Back in my project management days we were taught a formula: If you want the end result faster you need more manpower, which requires more money. I watch a lot of people stunt their rapid growth by not being willing to build a team approach.
Remember, you are building a business and you will need to invest in it. Remember, you are building a business that is supposed to last a lifetime. How you approach your capital investment in your business is either setting you up for a win or for failure. Even Microsoft, Starbucks and Oprah had to borrow money to get off the ground.