Category: Communication

3 Keys to Collect the Cash and Keep Your Business Profitable

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Guest Post by Dee Bowden, Business Revenue Specialist

Charging into the last Quarter for 2022, what plan is your business taking to collect those outstanding accounts receivables?  Here are my 3 Keys to Collect the Cash.

1st Impact/Key is to teach that business to business collections involves three components: problem solving, extending customer service, and expressing gratitude.

This busts the myth of how collections in the B2B business space are seen and done. Another concept is bringing faith and gratitude to the workplace. It is a different approach but one that has worked successfully for me.

2nd Impact/Key is to convey to business owners that they can fall prey to thinking that all their customers will pay in a timely manner and what they promised to pay.

The fortune is in the follow-up. They do not want to rock the boat with the customer by asking for the payment. However, I believe that if the product/service was provided in good faith and the work was done as agreed upon, then payment should be processed when the invoice is submitted. Tracking invoices from 0-30, 31-60, 61-90, and 91 days and over is necessary because that invoice may age without ever being paid. If an invoice slips from 30 to, say, 60 days out, then it really is time to get on the phone and follow up on your money.

3rd Impact/Key is to make sure business owners know that the faster they can convert inventory of products to sales to cash in your bank account, the better off your small business will be.

Cash flow refers to the movement of funds in and out of your business. That’s why when I consult with small businesses, I focus on the importance of good cash flow management. If it is managed poorly, you can lose your profits and run the risk of having to shut your doors. Having had that experience personally, I know it to be true.

These Impacts/Keys come from my personal experience working with small and medium size companies. I share a short snippet of my story below:

I worked for a small IT firm outside of Boston where I am from. I was a part-time collections specialist tasked with recovering $8 million in outstanding invoices for sales that were on the books but not in the bank! No one at the company followed up on collecting any of the payments for these sales.

I learned how important it is to follow up on outstanding accounts receivables and to maintain good tracking systems for payments. As a business owner going into the last quarter of 2022, now is the perfect opportunity to review all your accounts and make sure there isn’t money left uncollected.

Remember Collect the Cash! The sale is not complete until the money is in the bank! To learn more, visit http://www.collectthecash.biz/book.

Start Your Website Project with a Competitor Analysis

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Before you get to the fun stuff like colors and images, your website project should start with a competitor analysis. You need to understand the market and your place in it.

Researching what competitors are doing is an essential step in your business strategy. When you conduct a competitive analysis, you evaluate your competitors to understand their strengths and weaknesses and use that to inform your online strategy.

By looking at your competitors, analyzing how they sell, and monitoring what’s said about them, you’ll also be able to anticipate the market. It will help you to build a web presence that engages your audience.

Fundamental Elements of a Competitive Analysis

Competitive analysis research could easily grow into a full-time job, so it’s important to set parameters while making sure the basics are covered.

Benchmarking SEO

Start by typing your company’s name or industry into Google. The results page will show you what else people search for under those terms, which could include other companies. It’s these companies that you should look into if they’re not already on your list of competitors.

When you conduct this search, you’ll also see  terms related to your business. These could be good keywords to include in your website’s content. These terms – keywords – are words that people use when searching for your products or services.

Tone and brand voice

Look at how your competitors present themselves. The way content is presented sets the tone and voice. Customers use this to judge who to buy from.

Content strategy

Building an audience involves more than just publishing a website. Understanding where competitors are sharing information online will show you what your audience expects.

Conducting a successful competitor analysis

These are just some elements of a successful competitor analysis. You should dig in, go as far as you think you need to in order to inform your business strategy.

Through competitive analysis, you’ll be able to get the measure of the market, and use that information to help your site stand out and get noticed.

How to Write Online Content with Impact

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When you decide to write a blog or other online content, the first fear is probably coming up with enough topics to write about. Truth is, writing an interesting post isn’t even half the game. Every post has to appeal to your audience AND help your online visibility.

Defining your message, using keywords, structuring for online scanning, targeting the right length, and using links are all strategies that will help your content have impact.

Define the Message

What do you want to tell your readers? What is the key takeaway you want to offer?

Every post you write should have a purpose. Define that purpose before you start to write.

Keywords Come First

Every post should be written with keywords in mind. To be visible, you need to use the same words and phrases that your audience uses when searching online. Define a primary keyword or phrase. Also have a list of keywords related to the content. Use them all!

Structure Your Writing

Start with an introduction. Say what you are going to say. Tell the reader why they want to spend the time to read your post.

Write the text of the post in a series of short paragraphs. Each paragraph should consist of short sentences that use short words. This approach increases the chances your reader will understand what you are saying.

Group related paragraphs with subheads that keep the flow. The reader should be able to read the title and subheads alone and get the main point of your post.

End with a conclusion that revisits your main message. All of the elements – title, subheads, paragraph and conclusion should make use of keywords.

When you are done you have told the reader what you will say, provided the details, and then told them what you said. And, you have done all of that using the words and phrases that they use!

Write Enough to Count

Aim for 600 words minimum per post. Google likes articles of 600-1200 words. However, if your article is too long and not easy to read it won’t be read. So make every word worth reading!

Link Related Content

Be sure to use links to connect related content. Link to related website pages and other blog posts. Internal links – links within your website and/or blog – help readers get the full breadth of your expertise.

Add New Content

Search engines like active websites. A major signal is new content. So, be sure to add new content often.

Make sure every addition adds to your business goal, highlights your expertise, and speaks in the words (keywords!) that your audience uses. You will keep your audience interested and attract the attention of search engines, too!

Great Content Works

Every blog post is an opportunity to highlight your expertise and to talk to your audience in a way that makes sense to them. It is also an opportunity to get the attention of search engines. Make sure every post follows the basics of great online writing and you will advance your business goals.