Article
Nov 2008
Generating Cash Flow
Let’s not candy coat the situation, -
these are trying times. And if you own or work in a practice devoted to
helping the hearing impaired you are not immune to the slowdown that is
plaguing our economy. And with banks unwilling to loan money small
businesses are finding it tough to battle through the bills, let alone
trying to grow. Ultimately it is going to be the business that can raise
cash now and set up sales for later that will live to see the end of this
tunnel.
So the question is: How can you create new
cash flow in this tough environment?
When the economy slows, people worry about
spending money. They are afraid they will need the cash to survive later
so they put off buying anything that they don’t need. Even of they have
money in savings, or haven’t lost their job they will still not spend
unnecessarily. This is human nature. You may have already started doing
this yourself at home, or at work.
And as you are likely aware this applies
to hearing aid sales to existing customers as well. They just want to get
by with what they have, even though they would be better served with new
units. That being the case, working with your customers to give them what
they want can help bring in cash while bolstering your relationship. So
when the economy turns around, who are they going remember for their new
hearing aids?
Performing some of these ideas in-house
can increase your cash flow right away. Here are a few ideas that are
inexpensive to implement: (for more information on simple hearing aid
repairs and modification go to our website
http://www.lightningenterprises.com/newsletters.html )
1) Offer Hearing Aid Cleanings:
If you do not already have a vacuum pump for cleaning hearing aids, you
really need to get one. These are very easy to use and solve a myriad of
problems for your customer. You can charge a small fee for this service
and help your customer continue to use their hearing aids. You can also
sell your customer a home version to maintain their own hearing aids.
2) Offer Modifications
Sometimes the hearing aid just needs to fit a little differently, either
for comfort or feedback issues. Using a small grinder and UV cure material
can fix a lots of problems.
3) Offer a Portable Service:
You really don’t need a lot of expensive equipment to perform simple fixes
on the road. A portable Vacuum pump, or UV kit and small grinder is really
all you need. Being able to offer this type of service in-home is very
valuable.
Any type of service that you can generate
for a fee can add up to cash coming in, and translate into sales later
when confidence in the economy returns.
About the Author
Chris Perkins is the owner of Lightning Enterprises, and facilitates the
Lightning Enterprises newsletter. He has worked in the hearing aid
industry since 1991 in hearing aid manufacturing and product development,
as well as equipment and process consulting.
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