The start of a new year also means that it’s the perfect time to revisit old business strategies from last year so that you can maximize your revenue for 2019. If your financial numbers were fantastic last year, that’s great! Keep the strategies that worked for you and cut the ones that didn’t.
If your financial numbers weren’t amazing last year, or maybe you’re just interested to see how you can increase your revenue, Team One has you covered. Here are 10 ways you can boost your revenue this year:
1. Revisit your current prices and make adjustments as necessary.
Many people will tell you that increasing your prices will increase your profits, but that’s not necessarily true. Increasing your prices by a small amount might increase your profits without turning away existing customers, but make sure you research your competitors’ prices and adjust based on what makes sense in your market.
2. Bundle your services or products together.
Make your products or services more attractive by bundling them together and pricing them at a better rate than purchasing them separately. Customers that only want one particular product or service should still be able to purchase the product or service à la carte, but offering different packages of increasing value makes it much easier to up-sell to clients and increase your business revenue.
3. Offer a free gift with purchase.
Including a complimentary item to your products or services could be the small push needed to close sales. Even better, you could add a complimentary item or service to your highest-valued bundle. As an example, the cosmetics industry has been doing this for decades.
4. Start a new product or service line.
If you’re limited to just a few products or services, it’s time to expand. If you mow lawns, offer a leaf collection or snow removal service. If you sell shoes, add socks. If you manage a restaurant, consider offering alcohol. Expanding the scope of what you’re selling will provide you with additional revenue.
5. Expand your geographic reach.
With internet is so readily available nowadays, if you’re only offering services and products locally, consider expanding online. Think about which services you can offer virtually; some may require you to invest in cloud-based delivery systems. If you only sell products at a physical location, ecommerce is a huge industry. Having an online storefront could increase your revenue.
6. Learn to say “no” to bad clients.
This may seem counterintuitive, but learning to turn away bad clients is imperative. You have to realize clients that are ungrateful, unreasonable, and just take up too many of your resources are unprofitable. By turning them away, you can devote more of your attention to building relationships with your best customers and creating new, profitable opportunities.
7. Make your online presence known.
Everyone uses search engines and social media to find the right business to serve their needs, so make sure you can be found online. Create a website for your business and make sure you have business pages on social media platforms like Facebook, LinkedIn, and Twitter. You’ll have to develop some marketing strategies to optimize your site to rank high, but when done properly, these channels can drastically impact the amount of revenue you receive.
8. Manage your online reputation.
When good reviews are plentiful, your credibility increases and your business becomes more appealing to potential clients. If your clients leave you an amazing testimonial, it’s a good idea to ask them to post it online as well—especially on Yelp, your Facebook Business Page, and Google Reviews. Team One Accounting would like to invite you to leave a review on QuickBooks ProAdvisor, it is like the google for bookkeepers.
9. Encourage customers and clients to sign up for a continuity program.
Do you have loyal customers? Reward them by offering a membership or continuity program with VIP benefits. Retail, restaurants, and service businesses can set up privileges like receiving faster service, discounted prices, and purchase rewards that most consumers are willing to pay a small fee for.
10. Encourage customer referrals by building and nurturing customer relationships.
Connect with clients and build strong relationships through effective communication, providing exceptional service, getting feedback, addressing concerns, and showing appreciation. Doing so can increase repeat customers, customer referrals, and your business revenue.
If you’re looking to boost your business revenue this year, definitely give these strategies a try.