How to Increase Revenue

Last week we discussed the importance of having charitable contributions built into your business plan and how sponsoring events through the Chamber of Commerce or other community events help to bring awareness to your business.

In today’s economy individuals, families and businesses have all pinched the pennies and cut back.  As our economy climbs its way out of a recession we are still hesitant to spend money. The struggle for every business is how to increase revenue.

  1. Encourage repeat business

Do not put all your energy into gaining new customers. Business relationships are about trust and thus you will need to do cultivate the relationship with your current customers as well as seek out new business.

  1. Provide value with coupons and discounts.

Make your customers an offer they can’t refuse. Add complimentary services.

  1. Show off your industry expertise

Reinforce your expertise by sending out newsletters or blogs with advice relevant to your industry. Make the time to attend networking events such as Business After hours and seek opportunities to have conversations with others.

  1. Take advantage of e-commerce

Extend your geographic market area.

  1. Consider outsourcing your marketing

Utilize your strengths and do not spread yourself to thin. If marketing and social media is not your strong point outsource.

Be creative, watch your competition and most important is to listen to your customers.

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