If you survey a group of small business owners, one of the top challenges, concerns or goals will be to grow their business, increase revenue, cash flow and profit or some variation thereof. How it’s stated may vary but the focus on what can be done to make more money remains the same.
Yes, it’s easy to focus on selling more products and services as a solution but there are other revenue enhancement strategies that can bring dollars into your business, in addition to selling more.
- Collect on outstanding accounts – For some small business owners, collecting on past due accounts is simply something they’d rather not tackle themselves, if at all. But here’s the reality, even if a team member focused on collecting past due monies and was able to negotiate a lower payment, that’s an increase in revenue and cash flow.
- Pricing – One aspect of planning and goal setting should include a review of the business’ pricing. If it’s been a few years since you’ve changed and/or reviewed your pricing, consider this a sign to do so. This one revenue enhancement strategy has added thousands of dollars to my clients businesses and it can do the same for your business too. (If you want more pricing strategies and action steps, check out my upcoming webinar, The Pricing Roadmap here.)
- Follow up on outstanding proposals – Remember those potential clients that you sent those proposals to, when was the last time you checked in with them? Don’t assume that because they didn’t move forward 30, 60 or 90 days ago that they’re not interested. Assumptions don’t build profitable businesses. Pick up the phone (yes, pick up the phone) and close the deal.
Have you used any of these revenue enhancement strategies recently? If so, how did your business change? If you haven’t used any of these strategies, now is a good time to grow your revenue, don’t you think?