Staying successful as a small business owner requires constantly changing and adapting practices according to new customer and market demands. According to Patricia Sigmon, the founder and president of David Advisory Group, small business owners need to implement practices that focus more on profit, which will allow businesses to grow and flourish. With that in mind, here are some practices to try in order to drive revenue to your small business.
Sell more
The most obvious way to increase revenue to a small business is to sell more. To increase sales, consider cross-selling. Cross-selling entails offering new goods and services that are complementary to the ones you currently sell. To begin cross-selling, try investing in liquidations, which enable you to buy low and sell high. Buying liquidation pallets allows business owners to maximize profits by sourcing stock they need at the lowest possible price. It’s a great way to start selling new products without going over budget.
In addition to cross-selling, try switching to a sales model based on customer relations. The primary aim of relationship-based sales models is to keep customers coming back to your business. This sales model also shows customers that your business is honest, consistent, and reliable. If you’re unsure how to get started, try offering monthly or yearly service plans or discounts to returning customers.
Stay on top of invoices
Over one-third of all invoices are paid late, so it’s important to set a due date and to adhere to it. As a small business owner, don’t wait until an invoice is a few weeks late before reminding clients that they owe you money. Instead, try sending an email to remind them that the due date is approaching, and follow up again if they don’t pay on time.
If follow-up emails aren’t for you, consider investing in invoicing software that sends reminder emails on your behalf, or ask your accountant to call overdue clients. It’s also essential to enlist the services of an invoice printing and mailing company, especially if you’re looking to send out bundled invoices.
All in all, staying on top of your invoices will help you get paid faster. To further keep track of invoices, keep detailed records of the inventory and time. Keeping a running record of your expenses will enable you notify clients if costs are going over budget instead of sending them an expensive bill at the end of the month.
Sell products online
Ecommerce is growing at 23 percent each year, and 51 percent of Americans prefer to shop online. Despite the growing popularity of eCommerce, nearly half of small businesses don’t give customers the option to shop for products online. If your business only sells in-store, establishing an online shop will greatly increase revenue.
There are several options for selling online. From classic sites like Ebay and Amazon to eCommerce platforms, make sure you’re choosing the best option for your small business. Most eCommerce platforms offer trials prior to purchasing as well as features like SEO/URL structure, scalability, mobile friendliness, speed, and software integration.
Increasing revenue is crucial if you want to maintain the success of your small business. As a small business owner, you should always be on the lookout for new ways to grow your business and drive more profit. Whether your focus is marketing a product or selling services, you’re guaranteed to meet your goals by implementing cross-selling and relationship-based sales models, staying on top of your invoices, and selling your products or services online.
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