As a small business in a vast market, you’re bound to have a lot of competition. Not only are you bumping up against the giants in your industry, but you’re also competing with other small businesses.
If you want to keep your business running, increasing revenue is the obvious path. But that is not always as easy as it sounds. And, as a small business owner, it gets even more challenging to plan how to grow your business when you spend most of your time managing every single detail.
We understand your struggles as a hardworking businessperson. To help you, we’ve gathered eight ways to increase your revenue as a small business.
A Guide to Increasing Your Revenue in 2021
1. Nail down your business goals
Make your business goals specific and have a particular time frame when you want to achieve them. They should be specific and clear to understand for you and your employees. The clearer the business goals, the better and easier it is to orient your company where to go and where to grow.
Aside from being specific and putting a timeline, it would help if you had achievable, sensible, and practical goals. You must take into account all the elements that will have an impact on your business. You need to look ahead and prepare for the obstacles that will happen in the future and study the resources that you may need.
If you’re struggling to develop specific business goals, remember the SMART method:
S – Specific
M – Measurable
A – Attainable
R – Realistic
T – Time-bound
2. Prioritize customer service
It has been said that as a small business, you have a lot of huge competitors. The advantage you have against them is that you can provide your customers with the attention they want because you have a smaller customer base. You can offer them the attention that will make them stick with you forever. To do that, you need exceptional customer service.
If you give customers excellent customer service, it helps them feel more satisfied with your products, and it will be easy for you to transform new customers into loyal ones. It is the biggest factor in growing your business. You need to commit and invest in it, for example, by training your staff really well in handling customers. Keep in mind that satisfied and happy customers can give you free word-of-mouth marketing.
3. Identify your niche market
The importance of identifying your market niche is as important as choosing your business name. These two should coincide and make sense together. Your business niche is your specific and functional area in the industry that you are part of. Once you have identified it, it is easier for you to differentiate your business from your competitors and win your target audience.
Moreover, finding your niche as a small business owner is super helpful in creating a steady flow of revenue. If you have a solid market niche, it will help you have a firmer grip on your current customers.
In one industry, there can be various market niches. If you feel confused about what your is, think of the most specific product or service that is unique in the market. It could be something that offers affordability, convenience, excellent quality, and many more.
4. Explore e-commerce
E-commerce has completely transformed the business world and the way consumers purchase goods and services. If you’re a small business that has yet to venture into the online world, know that e-commerce can instantly transform your business and increase revenue. So what are the benefits when it comes to e-commerce?
The best one is how you can reach new customers, which means you can sell more products. With only your physical store, your revenue will be limited and only to people close by who prefer to shop in person. But by putting your shop online, you can reach out to people near and far.
However, when you jump into the e-commerce platform, it is like inserting yourself into a big crowd, so you still need to have your unique way of telling the target market that you exist.
5. Form the best team
Your small business may not need a lot of people, but it surely needs the best people. Building your team should be one of your priorities. You need to make time to shape your employee into the winning team. You need to see their full potential and get them to be involved in everything you do.
One of the best ways is to get to know each of your employees and see their strengths as individuals. You’ll have a deep understanding of them, and you’ll be able to recognize their capabilities and how they can help your business. They may have different personalities and come from different walks of life, but it is all about having one goal, even with diversity.
Also, do not forget to define their roles. Each of them needs to understand their job. Let them know that you value them, invest in them and share the development of your business regularly. Always keep the conversation lines open for your employees but still keep everything professional.
6. Prompt repeat business
Gaining new customers is undoubtedly one of your goals as a small business owner. One of the marketing mistakes of small businesses is focusing on acquiring new customers and neglecting the existing customers. You can have time to get new leads, but you should never forget your loyal customers.
The question is, how can you encourage a repeat customer? You need to present them with something special. You can go and invest with a reward card scheme; for example, every time they visit or buy a certain amount of product and service, they get points as a reward. The points are then accumulated and then redeemed for a free service or product.
7. Listen to your market base
Listening to your market will help you to be flexible as a small business entity. Even if you are focused on being excellent in what you currently do, you have to be open to new ideas and learn more about trends in the industry.
One important thing to learn is the process of “social listening.” This way, you can give your small business the chance to analyze, interact with your market base, and track social media trends.
You could also have audience surveys if you have time. You will be able to know which part of your business can still be improved.
8. Attract customers with discount vouchers and coupons
Discount coupons and vouchers are sure to provide you a boost in business sales. You may be required to invest money. Just remember that you need to spend money in the world of business so you can earn money.
Discount promotions are known to be one of the effective ways to increase your revenue. They can be a vital part of marketing your products and services. Plus, they are great at introducing a newly launched product. You need to know how to maximize their use.
You can use websites like Facebook or other big social media to get more people to see it. Also, when it comes to existing customers, you can let them fill out a form where you can get their emails or phone numbers so you can spread the word about your promotions.
Managing a small business can sometimes be a big challenge. And changes may not be seen instantly. But, remember, whatever you reap, you will sow. Keep the focus on your goal, and you’ll see your revenue increase in no time!
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