Is almost every dime of income your business makes pouring down a black hole to pay bills leaving you asking ‘Where did all the money go?’ Want to know an important principle about managing money?

You must make more money than you spend!

How do you do that? It’s called INCOME PLANNING. Here are 5 steps that you can control to make more money in your company.

RESEARCH YOUR TARGET MARKET - First, figure out what services or products your clients desire and then offer what they want. A simple method to figure out what they will buy is to look over receipts from your past sales, and figure out what service or product is the best seller. Ask the customers 1) why they bought that item or service, and 2) how they expected the product or service to benefit them. Now use what they said in your advertising to promote that service or product.

PROMOTE TO YOUR MARKET - There is an art to promoting something so that it will be responded to by your customers. Promotion does not necessarily mean offering a reduced price. It’s much more critical to find out the reason a customer needs or wants what you have to offer, and what they will base their buying decision on. Fast delivery and dependable service may be more important than price.

Find inexpensive, but effective ways to promote. Collect business cards from potential customers, and mail them a personal letter letting them know how your services and products would help them. That is one of the least expensive, most personal promotional activities you can use. A series of postcards mailed every 30 days to potential and current customers can also be very effective.

A second great method to get new clients is to ask your satisfied customers for referrals. You can make it enjoyable for your clients to refer new business by coming up with a referral game they can play, where they get something in return for referrals who buy. Allow your clients help your business out. They honestly do want you to succeed in your business.

SELL AND DELIVER - Selling is easier when you are genuinely interested in your clients and want to help them. ASK your customers what they want. Then it becomes easier to sell them your services or products. For example, a family of 4 who wants a van to cart the kids and their equipment around to sports activities is going to walk off in disgust if the salesperson is showing them 2-door sports models, despite the fact that the sports car is a good deal.

After you’ve sold the product, courteous, professional, fast delivery is necessary to ensure customer satisfaction. If you are in a service business, this is doubly important. Delivering what you promised, when you promised it, can ensure repeat business and referrals for new business.

PREVENT THE WASTE OF MONEY - For every dollar you decide to spend in your business, ask yourself how that expenditure is going to bring $5 or more worth of income back into your business. Carve out a percentage of the income every week to fund a promotional budget and then figure out the most effective ways to reach your customers within the budget. It is extremely disheartening when your hard-earned income gets wasted on purchases that do not give you a profitable return on your investment.

REPEAT SUCCESSFUL PROMOTIONAL ACTIONS - Look back at when you were last making the most sales. Figure out what your successful promotional actions were at the time and put those actions back in.

There is a revolutionary new money management software tool available to help you use your time, energy, and creative thinking power on planning how to increase the income. That action gets the CASH FLOWing into the business. It helps you manage your money so you can put your attention back on servicing your customers and you will enjoy your business even more.

Sandra Simmons, President of Money Management Solutions, has years of experience helping company owners manage their money to achieve their financial golas. To find out about the Money Management Software she created, visit her website and watch the FREE 5-minute demo video at www.moneymgmtsolutions.com

- Sandra Simmons