Increasing your revenue doesn’t have to be really difficult or take years. There are a few simple ways you can increase your revenue without doing that much at all. Want to know what they are? Read on to find out!
Rent Out Space/Equipment
If you have space that you don’t really use in your business establishment or equipment you can spare, why not rent it out to other companies? This stops space and equipment from going to waste and you bring in more money at the same time. It only makes sense if you’re not doing anything with it!
Offer A New Service
Is there a new service you can offer to go with the services you’re already offering? Brainstorm with your employees or get feedback from your customers. This could be one of the quickest ways to increase your revenue if there’s a service you’ve always wanted to offer but haven’t. It makes sense not to offer too much to start with, but once you’ve built up a client base and you know what the people want, it could be a great way to bring in more money!
Teach Staff To Upsell
Make sure your staff know how to upsell where appropriate. You don’t want them to be so pushy that people are instantly put off buying from them, but you do want to make sure they are in the know about complementary products and services. It should be compulsory for your staff to mention other deals and offers you have on.
Raise Your Prices
If you’re getting lots of business, it could be a good idea to raise your prices. Some people price themselves so low that they actually don’t get as much custom as they should be getting. Alternatively, you could lower your prices if you feel you’ve been too high. Make sure you do your research on other companies in your industry so you can make an informed decision.
Get Professional Help
Most companies get professional help when it comes to assessing their business and growing. You shouldn’t feel bad for not doing it yourself. It’s what everybody does! If you’re looking to win more contracts, companies like Executive Compass could be perfect for you.
Look At Shipping And Handling
Shipping and handling can sometimes make or break your business. You have the option of adding shipping and handling costs, which means you won’t get as much client backlash if you raise the price of your products. You can also eliminate the costs altogether if you feel it would help orders move along. Look at what makes the most sense for you.
Communicate With Old Customers
Getting old customers back on board is so much more effective than looking for new ones. Find a way to communicate with your old customers and get them to come back to you. If they worked with you once, they could again.
Hopefully these tips and ideas have given you some food for thought. Come back for more soon!