One of the artists I work with in my small coaching group ‘The Forge’ asked today how to cope with a sudden influx of bills meaning cashflow crisis!
These can be really, really scary and it can be hard in a panic about figures to figure out what to do.
You also may find all (ALL) of your money baggage comes to the surface, creating feelings of worry and worthlessness, bringing up past memories of financial mistakes and debt…..
Here are some practical things you can do right away when you find yourself in this situation.
1) Hold a flash sale or run a special offer to raise some dosh quickly. This is a great short term solution to a cashflow issue, but not something to do too often. If you need some cash to pay off a lot of bills at once, or (better still) to invest in stall fees, new equipment or a big marketing campaign, this can really give you a boost.
2) Put your prices up: if you are not making enough, you are charging too little! This can coincide with the sale: ‘Pre price increase flash sale whoop’. Raising prices may seem counter-intuitive when you are struggling, but it sends a message, I think, that you are ready to make more money – as well as having a very real, immediate effect of increased income.
3) Look at what has worked in the past to bring in money and doing more of that. You probably already know what will bring in more cash, but for various reasons may not be doing it. Set an action plan and do the things you know work!
4) Sell stuff (equipment, materials) you don’t use and cancel subscriptions you don’t need to save dosh. This creates space for your income to grow – yay!
5) Most importantly: Be kind to yourself – no beating yourself up. All businesses have cashflow crises, it’s just a thing, it doesn’t mean you are failing, OK?