Strategy – How To Increase Your Business Revenue – Seven Tactics
I read this article which I thought some of us can benefit:
One of the most valuable business activities you can invest time in is to create a strategy to increase your business revenue. Many business owners never think of doing this. Instead, they muddle along doing the same thing year after year. They get the same results and wish their bottom line was more profitable, but they don’t understand that they could strategize to change it. You can intentionally change this experience. You simply must put aside time to plan your strategy, and to execute the plan. Here are some ideas for tactics you could consider for a strategy to increase your business revenue.
1. Explore your ideas for profitable services.
How can you add additional value to something you already do? What unfilled demands have you noticed? What new variations can you come up to fill a demand? What could you do that none of your competitors is doing? How can you greatly increase perceived value to your clients and prospects by combining services, or adding products to your services?
2. Is it time to eliminate low-profit services?
Often, these are areas that attract low value clients who are also problematic. What activities consume inordinate amounts of your business time, while producing little revenue to show for it?
3. Consider new directions for your business.
Is there a new trend that would be more profitable? Do you want to pursue additional training and add some specialized services? Are there areas of your past experience that can be combined with new or present skills to create a new and more valuable offering?
4. Look at new markets you could pursue.
How could you venture into more lucrative markets? What would be required to do this? What would make your business attractive and more valuable to these markets?
5. Examine the possibilities of joint ventures.
Are there ways that you could work with another person – where your services compliment not compete? What kind of ways could you create combinations that would be lucrative for both parties?
6. Look at adding some sort of web-based tactic to your strategy.
Can you add a web site selling associated products – where your services are also promoted? You might have a type of “best of” (your industry) where you get affiliate income from all purchases on your site. Perhaps you can sell information you’ve gathered or originated. This could be in the form of e-books, MP3’s, podcast subscriptions, e-classes or lessons. Look for ways,using the web, to sell the information that you’ve created.
7. Add subcontractors to increase your business capacity.
You create the additional work and your subcontractors fulfill the orders. You get a fair percentage of all this revenue and it goes straight to your bottom line.
These are seven tactics you can consider to create a strategy to increase your business revenue. Do this intentionally and you are sure to profit.