How to increase my revenue?
How to increase my revenue?
When you are looking to grow your business and earn more money, you will be looking to see your revenue grow. Increasing revenue is never easy. It will be something that you will continue to work on and refine during the lifetime of your business. But there are a few ways that you can maybe get a few quick wins to get you on your way.
Increasing revenue will help propel your business forward. Increase the revenue and you can invest in your business, take on staff and grow in size. Increasing revenue may be the hardest thing to achieve but it is the most valuable.
Reducing costs is still very important but getting more sales and more money will do more than that to push your growth forward.
Sell more services to the existing customers
One of the easiest ones to do is to try to sell more services to your existing customers. You already have a relationship with the customer and being able to sell them more services are easier because of this relationship.
These customers may not be aware of everything that you can do for them. Having a meeting to discuss these in a non-pressure environment can really help. It can help them understand how you can help and help you increase your revenue.
Using this way to upsell your services to your current clients helps strengthen the relationship that you have with. If they use your company for all of their design services there is a greater tie to your company and it is harder for them to leave you and find another competitor to do the work.
Increase Prices
Increasing prices will obviously increase the revenue that you are getting. But it needs to be done in a way that the customer will not leave and find someone else to do the work. Making marginal increases in prices of a few percent a year will hardly lead to an exodus of clients and will achieve small growths in revenue each year.
But all the pricing needs to be done in a system. A system that values the work that you do for your customer. If you charge the customer per hour or if you charge them for the value of the work that you do for the client. You need to have a system in place to value each piece of work that you do. You don’t want to be just thinking of numbers, it needs to be planned and systemised.
It needs to be a system that you or any of your team can do. Having a pricing tool can really help you get a pricing structure that works and makes sure that you charge what you are worth.
The design work that you do can be very valuable for your customer, it is not just a relationship of the amount of time that you spend on it. There is the inspiration and creativity that needs to be valued. What is this worth to the client, if it increases the value of their sales and their business. Pricing on a value-based system gives you more recognition for the work that you do and means that you charge what the design is worth.
It is important that you work with clients that value you and your work and that you are paid properly for the work and value that you give them.
Find New Customers
Finding new customers is costly and requires a dedication of time and money. Each of the new customers that you get will have a cost. The cost to acquire that new customer. You will need to make sure that the money you earn is more than this!
Having a marketing plan in place will help you move potential clients along the sales funnel. Turning them from prospects in to customers. This needs to be documented and systemised in way that will give a constant trickle of new customers.
But there are ways to make this easier. Asking your existing clients for referrals is a very cost-effective way to get new customers that are already pre-approved by your customers. They now how you work and the excellent quality of service that you give.
You want to keep your business with a full order book of work to do and to not worry about your future customers. Having them queueing up to do business with you. Getting to this position will mean that you can be more confident in your pricing and not to have to worry if your price for a project is not accepted.
Sell in new markets
Finding new markets to sell your services in will open up new potential customers to you. This could be opening up a new niche that you serve or simply selling in a new region. You may move from selling your services in your local region to selling them nationwide.
Finding new customers can help you increase your revenue and also grow your prospective client base.
But this does mean that you are moving outside of your comfort zone with your current type of customers that you are serving. It needs to be researched and you need to be sure that you can serve these markets well. If you can’t you do risk damaging your business reputation.
Sell new services
Perhaps the most difficult way to increase sales is to sell new services. This may be something that you have not done at all before and you are trying to build this reputation up doing this. It will take time to build this new service, and selling new services may also be selling to new clients.
There may be services that are complimentary to what you do already. If you are doing website design making a move in to creative writing to go with the design may be a logical move. In that it is a service that can fit well with what you are currently doing.
Conclusion
Increasing revenue will be one of the first things to look at when you are looking to grow. It is what you need to do you need to get more customers, serve more people so you can take on more staff and earn more money.
It has to be done in a sustainable way. You have to look at the costs of what it takes you to acquire new clients and what their lifetime value is to your business. It has to be viable to grow in the way that you are planning to grow.
You need to have a sales and marketing plan in place that documents the way that a prospect will become a client and to have every member of your team able to take part in this process.
Having a plan in place and having someone to hold you accountable for acting to put this in place is essential. It will mean that you will follow the plan out and do the work.
Next Steps
We have given you a very brief overview of how to increase the revenue for your business. It is always not that easy. You will spend the rest of your time in your business trying to do this, it is constant process of refinement and learning.
What is important is that you start this process as soon as possible and you act now rather than delaying. Having someone to hold you accountable will make sure that you do this and don’t delay.
We offer a service to help you do this on our business advisory services. We can keep you accountable and also talk through and help you create a plan for your marketing.
Please book a call with us if you want to know more and take the first steps.
