How to grow money making activities?

Many entrepreneurs ignore the need for a sales strategy when starting a business. They instead focus on things like branding, creating websites, or financial structures which although is important is not essential. As a result, a lot of businesses shut down within a year of opening. In a recent interview, Spencer Lodge, Chairman of The Blue Sky Thinking Group, Founder of Making It Happen University, International Keynote Speaker and Author, explains the importance of having a good sales strategy in place.

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According to Spencer, most business owners don’t know how to sell. They think of it as a quality that only extroverts excel in when this is in fact not true. Spencer believes that selling is a skill that needs to be learned. Being an expert in your product is not enough if you do not take selling seriousness as a skill.

When working alone, managing everything in your business can be a lot for an entrepreneur. Spencer believes that the trick is in prioritization. Rather than focus on things that do not make you money, try and prioritize those that do in order to maintain cash flow. These activities are known as money-making activities. Without cash flow, it is only a matter of time before business closes. Although making a profit is also important, it comes second to cash flow especially with business going down in the midst of the global coronavirus pandemic.

Spencer gives advice to business owners who are just starting out. He points out that it is important to find out if you have a market before you start anything. This could involve doing a small survey. Other things to consider is your competition and how to make sure people buy from you. While a lot goes into starting a business, Spencer maintains that sticking to the essentials is the best way to go in order to get your business up and running.