We can all agree that the main goal of any business is to generate revenue. Sure, there might be other reasons behind the company, but without steady revenue, none of those other goals are attainable.
Many business owners often make decisions that directly hamper their business’s ability to make a profit. It does not make sense, but it is the truth. To fight this, here are three revenue-generating tips so obvious (to us) that even a first-grader would get them.
Accept All Payments
Look, it is the 21st Century. We live in a world where money can change hands in about two dozen different ways. There is no reason for your business NOT to accept someone else’s money. Cash, credit cards, checks, Squares, Venmo and Paypal. If you are not accepting money in a specific way, it is time to change that policy.
Don’t like paying a small fee for some of these methods? Raise your prices a bit. Better yet, realize that the minor cut to your profit is way better than not making a sale at all. We are not going to lie: saying “We don’t accept ______” is a phrase that should never be in your vocabulary.
Expand Your Market
If you are pretty successful so far, it is probably time to consider expanding your market. In other words, figure out how to sell more. More what, you ask? That depends. For some, “expanding” means branching out to a new location. For others, it means increasing their digital presence.
You might decide to focus on upsells and add-ons. Add-ons mean different things to different businesses, but it boils down to the same, essential idea. Look at what you are doing successfully so far, and figure out how to add to it.
Examine Your Pricing
A third tip is to examine your current pricing strategies. We do not mean to raise or lower your prices, although that is also a move that can work. Instead, see what else you can do to offer your customers creative and innovative ways to approach a sale.
Do you use coupons and do you have options for customers to bundle? Do you give existing customers incentives to return? All of these questions should be looked at as you examine your current pricing models and look to update them.
As you can see, revenue is vital and must not be overlooked. For more help on how to generate maximum revenue, talk to us here at Business Marketing Engine. We look forward to hearing from you!