LOW-COST WAYS TO INCREASE
REVENUE FOR YOUR BUSINESS

Have you been feeling overwhelmed and finding it difficult to reach your goals? Or, do you even have any goals laid out? Many small businesses know what they want but don’t have a road map to get there.

To follow are some suggestions to increase revenue and start on a path where you feel like you’re accomplishing something. And remember, nothing fast lasts, so be patient as you move forward.

Keep Your Clients/Customers Happy

Do you receive a lot of repeat business? Or, are you receiving one-off interactions? If so, this could mean you are not providing the expected experience. If they have a terrible encounter, they will likely not return and not even consider referring you to their network.

Good customer service must be your priority. It’s much easier to sell a product or service to a repeat customer than to obtain new business.

Review your process and go through it yourself to work out the parts that would not be good for business. Talk to your clients/customers to find out what they think and ask for suggestions on areas that could be improved. It could be something as simple as a lack of response on your part (i.e., not returning a call or email promptly). Fix this, and you will drive more business.

Build Your List of Raving Fans

Most of us trust online reviews to give us the thumbs up or down before buying a product or hiring a company to perform a service. Reach out to happy buyers and ask them to review your business online. Make it easy by sending them direct links to your Google reviews, Facebook page, etc. Perhaps offer a discount or small gift for a positive review.

Your positive reviews will increase organically if you continue to provide a good experience and excellent customer service, and always with a smile on your face.

Reduce Overhead

Many expenses are more of an extravagance versus a real need for the business. Keeping them in check will reduce costs and stress while you continue to grow your business.

There are many ways you can cut costs without sacrificing your offerings:

  • Work Remotely: If you’re not doing this already, reduce your overhead by working from home. When you need a professional space to conduct business, outsource it to a reputable company on an hourly or daily basis.
  • Shop Around: Do you need supplies for your business? Shop around for discounted prices but make sure not to sacrifice quality. If you’re printing something solely used for internal purposes, consider using the backside of something you would toss.
  • Vehicle Expenses: Do you need that expensive car? It’s fun to have, but if your car payment is higher than what you can afford, it’s time to downscale until you can comfortably scale up.

Expand Your Marketing Efforts

Some business owners cringe when they hear about marketing because they automatically associate it with an additional expense. Until you’re ready to invest in this area to help evolve your business, there are things you can do on your own with very little to no cost.

Include a promotional offer with your invoices.
Join professional organizations. Most have a membership fee so ask to attend as a guest to determine if it’s the right fit. Do your research to ensure this is a place your target audience also is a member.
Give a free workshop that highlights your areas of expertise or demonstrates your product while educating the guests.
Reach out to other businesses that share the same target audience but aren’t competitors to do some cross-promoting.

Take Care of Yourself

This suggestion is the most important because if you do not have your health, you won’t have the energy to obtain the growth and revenue you seek. Your physical and mental health should be the highest on your list of priorities.

Your business may require lots of hours, especially if you’re currently a one-person operation. However, it’s essential to have a balance between work and personal life. Maintain your friendships, spend time with your family, and block out alone time to regroup. Make sure to include the needed amount of sleep and exercise to keep your body and mind healthy.

We are living in challenging times, and it’s easy to fall into bad habits. Follow some of the suggestions above, and you’ll see that the needle for your business, and overall well-being, will begin to move forward positively.

 

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