When you own your own small business, it’s no surprise that the ultimate goal is to make money! Maybe business is doing well and you remain in the positive month over month, but it just isn’t enough for you to reach your short-term or long-term goals. Maybe you want to pay off some of the debt you’ve accumulated and need additional cashflow to do so. Whatever situation you may find yourself in, increasing revenue for your business is always something you should strive for.
- Meet With Your Accountant: As a small business owner, it’s so important to remember the ace in your pocket! Your accountant is a huge resource and tool to help you understand your financials, especially if you use your accountant for bookkeeping services. The My Accountant Bookkeeping and Tax Service Inc team can help you read all of your monthly or quarterly financial reports to give you a better understanding of your revenue and where your money is being allocated. If your business isn’t in the best financial situation you can review these reports and make adjustments as necessary.
- Invest in Marketing: Although marketing is an expense, it is a cost that can pay you back time and time again. With the right marketing team, you can have a website that is user-friendly and portrays your company’s voice as desired. For example, if you have a “youthful vibe” you want your website to portray that. Your marketing team can also create advertisements that cater to your desired customer base. Building off of the “youthful vibe” business example, your marketer can ensure your ads are easily seen and available for youth by perhaps posting your ads on the latest social media platform. By advertising to your desired clientele or demographic, you can reach so many potential customers you didn’t have previously. More customers = More profit.
- Reach Out to Existing Clients-Once you have a client, getting them to return is typically easier than acquiring a new customer. Ensure they have a positive experience so they are likely to come back and also tell their friends, families, or coworkers. (Who doesn’t like free advertising?) For some customers, the term out of sight, out of mind applies. Don’t let customers forget about you! Consider sending out regular emails to all of your clients with updates or current sales. You can also send text messages out to your client base with promo codes or links to special deals. Hopefully doing so will get your current customers to make return purchases.
- Consider Expansion-Depending on how you currently execute your business will determine how you can expand. If you are solely selling your products or services online, consider opening a brick and mortar location and vice-versa. If you already do business both online and through a physical location, you can consider opening a second location in an area that isn’t saturated with your products or services. If you aren’t ready to open a brick and mortar location or perhaps a second location, consider going to local events where vendors can sell or advertise their products. Getting out in the community is a great way to help your small business grow. Many community members will support local small businesses rather than large or big box names.
- Offer Additional Products or Services-To help sales increase, you may want to consider offering additional products or services. This will vary greatly based on your business. If you offer personal training, consider creating a bundle where you also make and create personal meal plans in addition to workout plans. Or perhaps you are a local crafter and make a variety of home decor, consider offering classes so locals can learn how to complete fun projects. You can even offer group classes so friends can have a ladies night out while creating fun art. Get creative and see how you can expand your business to appeal to your clients. If you are unsure of what direction to go, ask your clients! See what else they wish they can purchase or learn from you.
- Adjust Your Pricing-Inflation is real. Don’t lose out on revenue because you are paying higher prices for supplies and not adjusting your own pricing. Unfortunately, adjusting the prices of your products or services is part of owning a business. If you gradually increase pricing, many customers won’t feel the burden in their wallet. You can also consider increasing your prices annually or quarterly by small numbers to always stay ahead of the inflation curve. Little adjustments will barely effect your customers, but it can greatly increase your revenue over time.
- Improve Efficiency and Operations-Time is money! Really. Confirming your business is running at peak efficiency will ensure you are making the most money possible. For example, if you have a company based on sales, you want the sales team members to be actively searching for leads or making deals. Avoiding regular team meetings where the staff will be away from making these sales is one way to increase efficiency. You also want to ensure your systems and equipment are up to date. Everything that is needed to get the job done in a timely manner is crucial to saving you money. Next, you want to review your operations. Look at how your business is run on a day-to-day basis and determine where you can make changes that benefit your business. A big one to look at is your vendors! See if you qualify for any discounts or try to find a vendor who has lower prices.
To be successful, you have to be profitable. Don’t be afraid to make changes to your business or marketing strategy in order to increase your business’s revenue. And remember, your accountant is a great person to have in your corner when making important financial decisions. With their guidance and these tools above, you can increase your revenue to achieve any goal you may have for your business.