5 Tips For Doubling Your Revenue
Doubling your business is a lofty goal even in the best market. In uncertain times, just staying afloat can be enough of a challenge. However, most entrepreneurs are nothing if not bold, always looking for an idea that can take their business to the next level in a dramatic way. Here are five solid strategies that business owners in any industry can use to scale their business and boost their revenue.
1. Secure Multiple Sources of Funding
Too many business owners have a sort of tunnel vision when it comes to revenue streams. There are far more options for getting revenue during tough times than just selling your products. Investments are one lucrative source of side income. Business owners do have options when it comes to stocks, bonds and managed funds investments. Certain corporate structures allow companies to allow in other companies with restrictions.
The current market downturn has also brought a raft of options for small business loans, both from private entities and from the government. 7(a) loans are the Small Business Administration’s (SBA) most often-used type of loan and are specifically designed to help businesses that can’t find other sources of funding. Take a deep breath, and then explore the multitude of options out there for struggling companies.
2. Run the Numbers
Having solid analytics is a vital part of any business. The unfortunate truth is that “doubling your business” isn’t likely to happen all at once. It’s going to be the result of setting a series of more modest milestones and then researching the outcome of your work at each step that eventually produces your long-term strategic results. Take a look at your general ledger to see exactly, line-item where and why profit and loss are occurring instead of focusing exclusively on the big picture. There are also a vast array of digital analytical tools (such as predictive algorithms) that can help with the process of business analytics, so if you’re not a math whiz, there’s still hope.
3. Increase Your Traffic
One reason your business isn’t living up to its potential could be a lack of traffic to your websites. There are many reasons why you might not be getting traffic. One of the biggest is a failure to promote it. Getting all of your URLs out there, whether it’s via your other channels or through strategically-placed business cards makes all the difference. So does the website itself. Different graphics layouts and color combinations have been scientifically proven to have a major impact on the perception of a business’s legitimacy and value by consumers.
4. Streamline Marketing Strategies
Your marketing campaign could be one place that your company is losing money it doesn’t have to. The secret lies in return on investment (ROI). According to widely-cited statistics, email marketing has an ROI of around $38 for every $1 spent. That’s because it costs so little to run an email-based campaign. SMS-based marketing is potentially even more lucrative, since, according to Learning Hub, 43% of customers text businesses proactively. Pure convenience ensures that those opening and conversion rates tend to remain high. Uniting those strategies could be a powerful combination in their own right or augment other advertising modalities.
5. Focus on Quality Not Price
It’s all too tempting for struggling business owners to cut the cost of inventory to stem losses. This can lead to a vicious sort of downward spiral. A recent study by FirstInsight revealed that customers consider quality first when deciding to make a purchase 53% of the time, citing price a mere 38% of the time. There are many strategies for creating a culture of quality at your business, but it all starts with the product. A more robust, more versatile and more objectively useful product will let you stand out in your industry, especially when everyone is else is focused on the slick marketing of lackluster merchandise.
Now that you know what has the best chance of working, take these ideas and run with them. No two businesses are unique, so modify them in terms of what’s optimal for your long-term goals.
