I recently attended Profit First Global Con for all Profit First Professionals (of which I am proud to be). One of my favorite take away’s of the conference was the term “cash task”. This was used to describe a task you complete today that has the potential to yield cash in your pocket within 30 days. Now I’ve used cash task’s in my own businesses and taught them to my clients as well – I just never had such a cool name for them!
In the work I do as a business coach cash tasks are a well known part of the daily regimen. They are not just a ‘quick fix’ for revenues, they are how you run your business every day. By steadily and consistently completing cash tasks daily not only will you see more money in your pocket quickly, you’ll also enjoy a steady flow of new business over time.
I’ve often heard “I’m not sure what my cash tasks should be” and I’d love to share some ideas to get you started.
Work the old proposals
If you’ve been in business for any length of time you probably have a folder somewhere filled with old proposals that were never accepted. When was the last time you went through that stack? A quick email to touch base with a prospect and genuinely ask how they are doing is a great way to also put yourself back on their radar. I’ve often had a prospect respond with “wow I was just talking about your company” or “you have such great timing” when I’ve done this followup. It can quickly lead to a sale. That’s a cash task.
Low hanging fruit
Unless you are totally new in business you probably have existing clients (hopefully a nice long list of them). On that list are almost certainly ones who are not only willing, but ready to spend more money with you. They may have even hinted this in emails, on phone calls or social media. You know who they are and what they want to buy, but you’ve not set aside the time to actually pick up the phone and close the deal. Make the time. That’s a cash task.
Give referrals and get referrals
When was the last time you received a call from a prospect that needed help, but your product/services were not the right fit? Did you have a place to refer them? Building a solid network of vendors and subcontractors where you can refer business can be a gold mine. Not only does this put you and your business on the vendors “radar” it also sets you up to receive a referral. When you are the recipient of surprise new business, don’t you naturally want to give back and return the favor? Of course! Making a connection with a new vendor/sub where you can collaborate with each other not only helps both of your companies but also serves the client. Next time the opportunity arises to make a connection (or re-establish an existing one) take the few extra minutes and do it. That’s a cash task.
So what are a few of your favorite cash tasks? I’d love to hear from you!
To your success!