Is Your Image Business Bi-Polar? How to Better Manage Your Cash-Flow Highs and Lows

Is Your Image Business Bi-Polar?
How to Better Manage Your Cash-Flow Highs and Lows

By Caterina Rando, MA, MCC

Are there time periods of a few weeks and months when your business is booming, the phone is ringing, the checks are coming in, your clients are happy and all seems right with the world? Then at other times are there weeks when you think no one ever heard of your firm and your great reputation, your competition seems to be getting all the goodies and you wonder if you went out of business tomorrow, would anyone notice?

Well, those bi-polar business days are over. Follow these strategies to ensure that your business stays on an even keel, with steadily increasing revenue.

Multiple Sources of Revenue
In every industry there are times of the year that are less busy and some that are more busy. The more ways you have of generating revenue, the less you will have cash flow highs and lows, because when it is a slower time for one source it can be a busy time for another source.

Can you deliver what you have in a different way? Offer a teleclass on etiquette, or provide live in-company trainings on professional dress, or add writing e-books and special reports to your repertoire. If you have the experience and acumen, offer consulting services to up and coming image professionals to learn what you know.

Better Than Billable Hours
Even if you earn an enormous amount for an hour of your time, you still have to show up in person to earn that fee. Think of other ways to provide your clients value that, after an initial period, will not involve your time. You could send business to image professionals with a different specialty and receive a commission. You could create a software or online program that provides a client solution. You could license your idea to other image professionals or you could create a product that your clients would buy in large amounts. What we are looking for is consistent passive income. What comes to mind for you?

Strategic Alliances
There are many people who are seeking the exact same clients as you who provide a totally different product or service. Do some formal lead exchanging – strongly recommend other professionals to your clients and vice versa. Keep on the look out for how to help each other. The photographer, the tailor, the hair stylist, the professional organizer who specializes in closets and you as a image professional can easily keep each other’s businesses cranking year round. Who do you want to partner with for more clients?

Big Thinking and Planning Time
Yes, you know that it serves you to plan at the end of each day for the next day, and identify what it is you want to accomplish. In addition to planning your to-dos, begin to think bigger to ponder new possibilities. Ask yourself powerful questions like how can I make more money in less time; how can I accelerate the delivery of my services? What other product or service are my clients looking for that I can easily provide?

Be Consistent in Your Marketing
In the hustle and bustle of meeting our client obligations it is not uncommon during the peak season for marketing activities to get delayed, off track or totally dropped off. Recognize that you want to market as much when your coffers are full as when they are empty. That is how you avoid the cash flow lulls. Put structures in place to make marketing efforts automatic so they just happen even when you are so busy you cannot even think about marketing.

Vigorously Pursue Fresh Ideas
Successful people are always in the pursuit of more success. Read industry publications, go to seminars, talk to colleagues and get an image business coach. Pursue opportunities that will improve the personal side of your life. Having more balance in your life will result in new innovative schemes coming to you, sometimes with ease, just because you have gotten a fresh perspective.

You know the old adage – if you keep on doing what you have been doing you will keep on getting the same result. It is time to think and act differently so that you have a lot more highs and a lot less lows, so your business and you always feel and look fresh and fabulous.

Caterina Rando, MA, MCC, shows image professionals how to build thriving, profitable and sustainable businesses by establishing themselves as experts in their fields. Caterina is the creator of the Image Business Breakthrough Program. Visit her website at www.imagebusinesscoach.com to download your free copy of her ebook “How to Create An Image Business Breakthrough.” She can be reached at (415) 668-4535 or via email at cat@imagebusinesscoach.com.