Business

7 Tips for Increasing Revenue

posted by Chris Valentine

Your small business is staying afloat and coasting into the next quarter at the same pace and has so for the last few years. How do you increase your revenue without tipping the boat? You must increase your small business networking groups. Adjust your loan situation and look for additional capital. Look for the new recruits chopping at the ability to get in on the ground floor or your business. Increase sales with add-ons and bundles. Use social media to gain new customers. Finally assess your operational costs in all areas of your business.

Networking

Your industry is extremely large so finding the networks within it that can gain the audience of an entirely new audience. If your business can be marketed to demographics beyond your location, take advantage of the travel accommodations and get your small business name out there to additional customers. Attend trade shows, join organizations that are in the market for your business, access online blogs, if you are gaining the new eyes and contacts to more sales.

Small Business Loan

Your current loan situation is not giving you the ability to really get the amount of inventory that you hoped. For example, you are paying Peter to pay Paul, so each sale is going to the column of ordering new inventory instead of direct revenue to the company. If you had the ability to increase your purchasing scale, the revenue would increase. Contacting Seek Capital to assess your loans and get you in a loan that would get you the revenue you need, would send your sales through the roof.

Increase Recruiting Techniques

You are trying to manage the sales department, yet your strong suit as the owner is not sales. Increasing your recruiting techniques to hire on new talent, can give your business a huge boost! Giving your sales department the right tools to training and mentorship will give your team the strength it needs to get your customers and service departments an overhaul.

Reward Incentives / Deals / Bundles

Have you ever made a complete detour to accommodate your reward options at a local supplier? I know most people have. Give your customers a little incentive to come back time and time again. If that means a contract rate that is discounted with a certain volume of sales, or with bundles that they can purchase at certain times. Rewards for your customers bringing in new clients where they both receive a reward is thinking outside the box marketing you need to freshen up your appeal. These sales make your customers feel like they are important and that you are rewarding them for their faithful commitment to your small business. Also offering your team increased bonuses and perks to a job well done will give them the carrot and stick model to make more sales which will increase your revenue.

Social Media is Your Friend

A business without a social media presence is a business dead in the water. You must contact your customers with fresh eyes and give them the visual presence they need to commit to your small business. With a variety of options like Instagram, Facebook and Twitter to name a few, the variety of new and current customers you can target is unbelievable. With the right marketing campaign and relationship growth, your customers will feel like they know you. Social media strategies can make your business revenue hit marks it hasn’t ever been able to reach.

Adjust Pricing

Has your businesses pricing been the same since the beginning of time? Maybe you need to re-evaluate your price points to reflect a change in the market. Now this doesn’t require a drastic change but doing so in increments throughout a duration of quarters will allow your customers to make the necessary adjustments they need to continue the relationship with your business. On the flip side, has your industry hit a market that is requiring a drop-in price? Sometimes if your prices are much higher without a distinction in quality to differentiate the increased price, your business will fold. You must stay engaged in your industry with the leaders that are setting the industry standards to set your price points.

Assess Operational Costs

Does your business hold a very high operational budget and you are finding it difficult to keep it going? Looking at additional spaces that can hold your inventory or move your office space to a larger less urban location, can decrease the costs without taking away from the day to day ability to run your business. Unless you are trying to really impress your high-end customers with top dollar office space, your customer service calls will all sound the same. Also investigate your shipping to see if you can decrease your costs. Sometimes partnering with an exclusive shipping company can push your revenue to the next level just by making that small company wide change. Evaluating your overhead spending as a whole and teaming up with your staff to streamline procedures and cut costs where you are overspending can make a huge difference.

Running a business can create a lot of wasted time and spending on unnecessary things. Looking at why your revenue is not making the upward turn and making the adjustments you can make can create a huge upswing in your profits. Looking at everything from marketing to what paper company you are using for your supplies can total up to huge a huge overspending crisis. Marketing changes that include social media and networking to new businesses will create a large demand for your small business. Looking at your business plan and the entire picture of your business can help you evaluate the necessary changes that your individual business has to make.

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