To succeed in business you have to keep on pushing. If you don’t, security isn’t guaranteed. Business sectors are always growing and evolving, changing with the times and adapting new technology. The companies who fail to adapt aren’t able to hold their stable positions – instead, their market share falls, and their brands disappear into obscurity. It’s the ones who push hard, the aggressive expanders, who go on to prosper and make their mark.

Growth isn’t that easy to come by though. It takes effort, a smart approach, and investment. When it comes to investment, you want to have as many resources as possible. One way to do that is to boost your company’s revenue, netting more profit from the same operation. Sounds easy, but we all know it isn’t. There are some quick and easy pointers that might get you thinking in the right direction though, and here are 6 of them.

  1. Using the Right Pricing

Pricing is an awkward part of the business. Price too high and you won’t get any sales, go too low and you’re missing out on profit. There is no hard and fast answer to this question because it depends so much on your product and your target audience. The idea is to try and find the sweet spot where you are making a lot of sales AND maximising profits. The number of sales might be affected by what you can handle, so use your capacity as an indicator of your sales targets and price your product so that it sells around this amount.

  1. Cross-Selling & Using Bundles

Another idea is to cross-sell. Most big retail businesses started off much more niched down than they are today. Once they created a solid base of happy customers, these businesses began to offer different products as well, increasing their business and profits. Using bundles is another great way to do this because it offers your customers a discount for purchasing two products at once.

  1. Create an Upsell Funnel

The funnel is a popular business technique where you lure in interested customers with a free or low-cost offer. The catch is that you get their contact details and create a business relationship with them. Sometimes you might only get an e-mail address, other times you can gain a lot more information. From here you work on moving as many people up to the next level of product, then the next one, and so on. Overall you have a funnel where many people buy your low-cost items, and some of them make it all the way down to your highest cost. Tweaking the efficiency of this funnel can bring massive rewards.

  1. Cut Running Expenses

There are so many businesses who never really consider the running costs of their operation. I’ve seen many owners who sign up to services or software in the early days and just let it all auto-renew. Firstly, we should all know better than to auto-renew. Shopping around is important, this is why most of us don’t let a car or home insurance auto-renew, because it comes at a premium. The popular software service NetSuite is a good example of this. It has different pricing structures for different situations, just take a look at the ultimate NetSuite pricing guide for more insight into this. By cutting business expenses in this way, you automatically increase your revenue.

  1. Make Your Business Efficient

Efficiency is the key to a successful business, according to JD Rockefeller, one of the richest men ever. He grew his Standard Oil business from one refinery into the behemoth it became by making his factories and refineries more efficient than the opposition so that he could simply beat them into the ground with a price war. It’s an effective, brutal method to ensure your survival. Doing this means taking a good look at your business and seeing where cuts or changes could be made. Can some job roles take on extra responsibility? Or would an extra hire in a newly created role be the perfect solution to your current bottlenecks?

  1. Focus on Profitable Areas

Your focus should always be on what brings the cash in. Don’t ignore a burgeoning cash cow to try something new. Go for the simple option and expand your most successful areas first. These are more likely to pay off and the quicker boost in income can be used to push even more successful areas. Only once these are maxed out should you start to regularly try new options.

Related Posts Plugin for WordPress, Blogger...