One really good way to help increase your cash flow is to establish a referral program that leverages your customers and contacts. There are several methods you can use.

One method for generating referrals as a growth strategy for your small business is to simply tell existing clients they’ll get a percent discount the next time they use your service if they refer a friend.

That’s how one small business owner has consistently grown her business. She says, “It’s almost guaranteed that my existing clients will continue to do business with me so they can cash in on their reward.”

Simple, huh? Leveraging your existing customer base is a really smart way to get referrals for your business. Make sure whatever strategy you use appeals to your market.

Using this strategy means you’ll also get a lot of good testimonials about your business. Many people don’t realize how easy it is to do that. If you’re wondering how to make this work in your business, hop on over and read ‘It’s Better When They Tell Them.’

If you’re looking for a strategic approach to generating referrals to help your cash flow, the Instant Referral System may be just what you need.

Do you have a favorite referral tactic to share?

More on this topic:

1. Be Thankful for a No – It Saves You Money
2. Speak Your Way To Better Cash Flow
3. Low Cost No Cost Marketing Will Fuel Your Cash Flow
4. Cash Flow Management: You Can’t Afford To Be A Bank To Your Customers
5. Keep Your Cash Flow Funnel Full

If you sell products online, you’re bound to get a few declined credit card transactions just because of safeguards that are in place to protect your business from fraud.

But there’s lots of opportunity to pump up your bank account with those declined transactions if you just take one extra step. Here’s what I do.

When a declined transaction comes through my shopping cart system, I immediately pick up the phone and call the person who placed the order. (They’re normally surprised to be hearing from a human being, so expect that.)

I identify myself and the reason for my call. Then I ask if they’re still interested in the product. I’ve never had anyone say no. So I apologize, proceed to obtain the correct information and process the order. (And I spend a little “chit chat” time developing a quick relationship.)

Most times what has happened is they’ve entered credit card information for their business and a home address or vice versa. If you process many online orders, you know that the software is smart enough to detect that. Most order forms aren’t intuitive enough for people to realize it matters.

And I take two additional steps. Once the order is processed, I zip off a quick email to them thanking them once again. Then I jot a simple thank you note and send it to them via USPS mail.

How can these simple steps with declined orders help your business? Two things, the processed order puts money in the bank (I know it’s made me thousands — you could too), and it changes the relationship from an inanimate object (the computer) to a real person. A definite prescription for potential future business.

Try it and see how it works in your business.

How about you? Do you have a special process for handling online sales declines? Or have you been letting all that cash slip beyond your finger tips? Tell me about it by leaving a comment.

More on this topic:

1. Selling On Credit Is Risky Business
2. How Your Business Credit Card Can Help You Prepare Taxes
3. Become a Debt Collection Master and Collect More Money Today
4. Using Social Networks To Collect Your Money
5. Should You Consider a Merchant Cash Advance for Your Business?