Here are a few suggestions to help you increase your revenue.
Running a business is tough in the current climate, customers want lower prices and competition is aggressive.
So whether you’re an existing business or just starting up, here are a few steps that you might find useful:
1. Review, Compare and Analyse
Do you know how you did this month compared to last month? What did you expect to happen this month/year?
Without looking at your performance in detail you might find that certain aspects of your business structure are failing or not performing as you expected.
You might have expected sales to have increased dramatically in May following the release of a new product line… but it turns out this hasn’t happened. Find this out early and start working out how to fix it. Maybe your advertising strategy needs changing.
If you thought your accountant would only prepare your annual statutory accounts, you’re wrong.
I, as part of the accountancy firm I work for, currently prepare management accounts for a number of clients. The information we provide gives comparisons month on month, year on year and actual v’s budgets. Giving you the client a valuable insight to how your business is doing on an ongoing basis meaning you don’t have to wait for your financial year-end to know how you are doing, when it’s potentially too late to make any changes!
2. Find your Unique Selling Point (USP) and stick to it
It’s tempting to keep changing your USP when you start comparing your businesses to your competitors or other businesses in general… but remember you chose that USP for a reason and by following the same path as your competitors you’re losing the distance between you both.
3. Added value – put together a package
If you have more than one product or service to offer, why not put together a package and sell the lot.
Clients and customers will be tempted by an added value all-inclusive service! If it works out cheaper than getting all the services individually you’ll reap the additional financially rewards and so will your client/customer.
It’s a win win!
4. Don’t be cheap but don’t be too expensive
This is a toughy… where is the happy medium.
Firstly, don’t underestimate yourself, remember how good your service/product is and don’t devalue it by offering it out too low.
Some potential customers/clients might think cheap product/service… crap product/service!
So get the pricing just right, look around at what other similar businesses are charging and then tie it in with how you value your service/product. Throw in some added extra’s that make you extra special like, 24/7 email contact.
BUT REMEMBER, NEVER APOLOGISE FOR PRICE – YOU’RE WORTH IT!
5. Pair up with other businesses – Joint Venture
Is there a service or product that could complement your product?
If so, why not look into pairing up with a business that provides that complimentary product/service and see how they would feel about bundling your products/service into one nice package.
This could bring a whole new customer base to your doorstep.
Let me know if you find any of these steps/tips useful… I’ll be providing more in the future!