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Sometimes, as business owners, we tend to only think about increasing revenue when it feels like the business isn’t doing so well. While finances shouldn’t be the top priority at every phase of your growing business, it’s obviously really important and should be in the top three at all times.
But if business is going well, perhaps even the best it ever has been, then how can you increase revenue? And why? This doesn’t mean you need to be on the constant hustle to make more, and more, and more, and all the money in the world. It’s not about being greedy--it’s about incorporating good practices and habits that will carry you through the low times as well as the high.
There are ways that you could be increasing your revenue by simply doing business as normal and incorporating a few habits into your business practice. There are also ways that are a bit more involved. We’ve put together a list of 4 ways that tell you how to increase revenue. Let’s get started!
1. Space sharing
We’ve got two roles in space sharing: space renter and space provider. Space providers are those who had extra space, whether that’s an office, a kitchen, gym space, or a studio. Space renters are those who opt not to sign a commercial lease and are looking for a flexible space option. There are important benefits for both.
- Space providers get to increase revenue and cover the overhead for their building by sharing their space with someone who needs it. More money saved on overhead means more money for projects, employees, ideas--whatever you want.
- Space providers are able to grow their business without having to sign a commercial lease, which can be financially difficult for growing businesses. Saving money on an office, or whatever kind of space you need, means more money to spend where you need to.
- For both renters and providers, valuable connections are made and professional relationships are developed. This can be incredibly beneficial for both parties, as networking is an important part of increasing revenue.
- For more information on the details of space sharing, check out this blog post.
2. Employee retention
Okay, you’re probably wondering what this has to do with revenue, and though the connection may not come to you right away, we promise it’s a big one. Strengthening commitment from your employees to the company has a long-lasting effect on both company and individual. Have you ever had to replace an employee? What about a lot of them? If you have, you know how expensive it can get. It’s a lot of time and money wasted. There are a few ways you can ensure maximum employee retention:
- Recognize, grow, and invest in your employees. This shows them that they are needed and valued at the company, and when employees feels valued, not only do they stay, but their production and work quality is amazing.
- This also means leaving room for advancement. It’s not possible to be able to promote all of your employees, but making room for movement within the company lets employees know you’re willing to help them learn, and they may be able to help the company in ways you didn’t expect. Many people will only work so hard when they feel trapped and undervalued.
- Let’s simplify this a little. NAS Recruitment Innovation breaks it down into the 5 R’s: Respect, responsibility, rewards, real engagement, and re-recruiting. Stick with these, and you’re going to set your employees and businesses up for success.
3. Customer retention
This one is a little more obvious, right? Sometimes, when things get tough, it feels like our repeat customers are the only thing keeping us in business. While this may or may not be true, building a loyal customer base is one of the most important aspects of running a successful business, and is a key proponent of building revenue. Here are some tips for building a loyal customer base:
- Understand the motives behind the purchase or use of your product. Call your customers and ask them about some motivating factors behind choosing your product. This gives you an idea of what sets you apart from the competition, such as price, quality, word-of-mouth, branding, etc. Knowing the motives that are making you successful gives you a lot to work with.
- Knowing the level of customer satisfaction. Yes, this can be done through surveys, but it could be even more beneficial to talk to a person and hear all of the details about their satisfaction with your product. If they’re highly satisfied, they can tell you exactly why, and if they’re aren’t, knowing why they aren’t satisfied can help the problem solving and user experience portion of processing.
- Highlight customer experience. Find customers that want to talk about their experience, and use them to advertise. When people see real customer success stories, they are typically more inclined to trust your product.
4. Take your business online
Alright, this one isn’t easy. You’re going to need a solid developer and $$$ to get this started, but in the long run, your business will experience a significant increase in revenue. There are three important reasons why:
- This online move takes you global. A bigger scope can prove to gain much more reach, traction, and revenue with users everywhere, not just your limited scope of city or state. If your product or process easily translates to a global audience, then making this change has the potential to be huge for your business.
- This changes your hours. Maybe not technically, but it opens your time up in a different way. If someone has a question for you, or wants to know more about your product, having a brick and mortar location without anything online mean the person has to wait until the next business day to get ahold of that information, while your online competitors are available right now. Taking you business online gives customer an immediate satisfaction, which is important for modern business.
Before you go
Adopting these major aspects of business into your professional practice will allow you to see a serious increase in revenue. Though some of them take more work, we highly recommend them all. We love watching businesses grow. For all of your space sharing needs and concerns, visit us here or click the little blue circle in the corner.