7 Ways to Increase Revenue

Boosting revenue is a common goal for businesses of all sizes, but it’s a challenge that takes time and effort, not an overnight task. By implementing effective strategies consistently, businesses can steadily increase income and enhance their financial success. Here are seven practical ways to achieve this goal.
 

FOLLOW UP! If you don’t do anything other than follow up on every opportunity you come across – you WILL grow. I’m shocked at how many times I reach out to a business to give them my money and get NO response. I reached out to several companies this year to inquire about purchasing from them and never got a response. These businesses are so busy they don’t need additional work or they’re so disorganized that solid leads are falling through the cracks. Take time to respond to EVERY inquiry even if you don’t have the capacity for it. Respond even if you think it might not be a good fit. You may not have space for that client at this point but three years down the road you might. You may also be able to refer them to someone in your network who would be a good fit. Making a positive impression and following up promptly matters!

Make connections with ideal prospects EVERY day. It only takes a few minutes to make a new connection or rekindle a previous connection. We have email, text, the phone, and good old snail mail. Connecting with an ideal prospect daily will expand your network. Start by creating a top 100 ideal prospect list. Find 100 potential clients who are an ideal fit for your company. Then make one connection a day.

Focus on your offerings. Too many times entrepreneurs want to be everything to everyone. While this may bring money in the door in the short term – it confuses the market in the long term. People wonder what you are good at when you offer too many products or services, and they can be confused about what you do. A confused mind always says no. Streamline your products and services. Focus on the few things that you excel at.

Sell more to your current clients. The easiest and fastest path to cash is to sell more to your existing clients. It is costly to acquire new clients. Brainstorm some ideas as to how you can offer additional services to those you are currently working with. Or better yet ask your current clients if there are more products or services they would like from you.

Reconnect with past clients. Past clients are a source of future revenue and a great referral source. I took the time to connect with all my past clients a few years ago to ask them some marketing questions. It was fun to connect and a few of them decided to work with me again. We need to stay top of mind with our past customers or they forget us.

Hone your pricing strategy. We often leave money on the table because we undervalue our products and services. Look at your current pricing model and look for opportunities to charge more, offer more, or streamline what you offer. If it has been years since you last looked at raising your prices – it is time.

Accept credit cards or ACH. This has been a game changer for my business. As a consultant, I did not accept credit cards or ACH in the past and I didn’t do monthly retainers. Offering convenient payment options, such as credit card payments, can remove barriers to purchasing and increase sales. Consider implementing credit card payments if you haven’t already, as it can make transactions smoother and more accessible for your clients.