You need to focus on two main elements when you want to increase revenue in your small business.
Customers and employees.
Customers because they are the ones who will determine what revenues come in. Employees because they’re the ones who will execute any strategy you have in place.
For example, by merely equipping employees with tools such as a flowchart creator, you give employees the ability to complete tasks in less time and with greater efficiency, which would mean more outputs, and invariably more revenue.
This article wants to show you how you can tweak your employees’ productivity and customer conversion to increase revenue in your small business.
Ways to increase business revenue
1. Increase your output
You want your business to generate more income? Increase your output.
It’s pretty straightforward. That is, if you’ve been producing 100 units or targeting 100 leads before, raise it to 300. By the time your output increases, your revenue too will surely take an upward swing.
However, I believe you know that in order to increase output so that it can increase revenue, you have to increase employees’ productivity and efficiency so that they can start doing more in less time. That would mean supporting them with incentives like salary raises, hiring more hands, and installing necessary tools like a flowchart maker, AI system support, task management tools, and so on.
You’ll also need to up your marketing efforts so that the additional outputs being produced will not just be sitting in your warehouse. And that takes us to our next strategy.
2. Up your marketing game
As mentioned at the end of #1 above, marketing is crucial if you don’t want your products or services just lying around.
That said, little marketing is also not enough because how much effort you put into your marketing is what determines the number of prospective clients or customers you’re able to reach.
Amongst the most common marketing strategies people use nowadays include:
- Website and SEO
- Pay-per-click advertising
- Social media
- Email marketing
- Public relations
- Content marketing
- Traditional marketing through flyers and billboards
Think of how you can use all these to your business’ advantage, and in little to no time, you should start seeing results.
3. Offer more value to customers
Another strategy one can use to up sales (revenue) in a small business is by enticing prospective customers with the promise of additional value.
Consumers know what to expect when they come to patronise a business. However, when they get more than expected, not only are they going to return, but they’ll also tell others about the business, which would translate to more sales for the business.
Look around your business, and think of ways you can offer more value than your nearest competitors.
4. Add complementary products or services
You can also increase revenue by doubling down on your offerings. That is, selling additional products or services.
For example, if you’re a dental business, think of other complementary services you can render in addition to tooth care. If you run a food restaurant, look around to see whether your customers like to buy something that you can incorporate with your business. It could be coffee, snacks, processed foods, etc. If you’re a lawn-mowing company, you might add swimming pool maintenance. If you sell smartphones, you might add phone accessories, laptops, and other smart gadgets.
By bringing in additional products or embracing additional services, you will surely create an alternative income stream different from the primary one. This will more than likely contribute positively to your bottom line.
5. Enter into cooperative sales agreements
Look for business selling products or offering services that are complementary to yours.
Once you find them, reach out to partner with them so that they can accept to start selling your products to their customers, and you in return can either offer to sell their products to your customers too or simply pay them for their service.
For example, if you sell computer software, you could strike a cooperative sales agreement deal with computer hardware companies because many of them have clients who might be interested in your software offering.
Also, if you’re an SEO company, you can reach out to a web design company or a content development company because they likely have clients who might be interested in your SEO services.
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