Melvin Feller Business Ministries Group Discusses How to Increase Your Small Business Revenue
Melvin Feller Business Ministries Group Discusses How to Increase Your Small Business Revenue
Melvin Feller Business Consultants Group Ministries in Texas and Oklahoma. Our mission is to call and equip a generation of Christian entrepreneurs to do business as ministry. We provide workshops and resources that help companies discover how to do business God’s way. When the heart of a business is service rather than self it can be transformed into a fruitful ministry. Melvin Feller is currently pursuing another graduate degree in business organizations.
Melvin Feller Business Ministries Group asks if you need to increase business revenue. Well if you do, you came to the right place! Here some ideas of ways to increase your small businesses revenue that you can start doing today.
How does one increase their home business earnings from $12,000 a year to $120,000 a year? Here are several tips that can help you increase the income of your small or home based business:
Push yourself to succeed.
Be more driven. However, this does not mean that you have to double your work hours. Instead, you need to work much smarter. Manage your time well, making sure that you have a healthy balance between work and your personal life. Keep on learning, whether from books, seminars, training, or even interviews with other business owners. Anything you can do to enhance your knowledge and understanding of your industry will help increase your income.
Review your existing products and services.
There are many benefits in tweaking or reinventing your business. If you want to increase your income, the worst thing that you can do is to keep the status quo. Think out of the box. Innovate and constantly question the assumptions of how you do your business. Make a list of what you offer and how you offer them, look at your industry and competitors, and come up with plans on how you can change and innovate.
Your customers and their needs are always evolving. In addition, so should your product and service offerings. Being aware of your customers’ long-term needs, research and development or industry trends enables you to anticipate their future needs and position your company to service them. This approach also affords your company the opportunity to be first-to-market and a disruptor.
More efficiently turn your visitors to customers.
Finding ways to increase income does not always mean that you have to spend more in marketing or advertising your business. Even with the current volume of your Main Street store or website traffic, there are ways to increase the income of your business. Change the layout, design of your business, and make it more welcoming to those who drop by. Tighten the landing pages of your website, even experimenting on the colors and design scheme that will entice visitors to purchase from your business.
Per Marketing Metrics, increasing customer retention by five percent can increase profits between 25 and 95 percent. Providing exceptional customer service that creates long-term and loyal customers is a sound strategy to grow your business. Up selling or cross-selling current customers is significantly more effective and cost-efficient than securing new clients.
Be on the lookout for opportunities.
Opportunities abound; you just have to find the best for your business. Look for opportunities that will come to your table — whether these are new ways of doing things, developments in the industry and marketplace, low prices, or new contacts. Opportunities can also come from your customers, when they talk of what they want, their dissatisfaction with what is out there today, and what they want and need.
Develop productive partnerships.
Sometimes, you can’t grow your business alone and you will need the right partner to spur the growth. While the process involves a great deal of time, partnerships can help open new markets for your business, increase your capabilities and even boost your credibility in the industry.
Focus on income boosting activities.
Run the business, and do not let it run you. Dedicate most of your time on tasks that will help boost your income and revenues. Don’t be sidetracked with time-wasting activities. Subcontract some of the tasks, particularly those where you lack the technical expertise
Keep an eye on your competition.
To increase your income, you need to convince your target market to buy from you, and not your competitors. The only way to do this effectively is to find out how they do things, and whether these strategies work for them. Knowing what your competitors do will allow you to develop better strategies for your business. Plus, the knowledge can help you come up with something different and unique compared to your competitors that will help set your business apart in the eyes of your market.
Align Sales and Marketing.
The terms sales and marketing are often used interchangeably. However, these functions provide very different and equally important contributions to the company or organization. They are, in fact, the Yin-Yang that cultivate customers, generate sales, and serve as the fuel for your company. Marketing is, and should be, viewed as a serious investment for the financial success of your small business. Sales without a proper marketing meaning is costlier, less effective and reduces your bottom-line.
Establish a referral program.
Research validates that customer referrals are a meaningfully effective but an underutilized business strategy. According to Dale Carnegie, 91 percent of customers would give a referral, but only 11 percent are asked. Creating a referral program can allow your customers to help you grow by becoming a brand ambassador for your small business.
Develop strategic partnerships.
Many small business owners can benefit from strategic partnerships that enable them to service a larger client or business opportunity together. While horror stories abound, careful planning and due diligence can address many issues before they occur. Engaging professional help, including legal, financial and business experts, to form the partnership is the best approach for profitability and long-term success.
Become a recognized thought leader and / or expert.
Here is a surefire way to promote your reputation, build brand equity and attract ideal customers. Based on your industry and business, creating a blog, podcast, by-lined articles or other content to share your knowledge can be an effective strategy. Even sharing your expertise through speaking engagements, industry panels or other high-profile events provides an excellent opportunity to display your company and expertise.
Increase your geographic reach.
Focusing on a manageable territory is smart. Developing opportunities to expand your customer reach is a significant growth strategy that should be pursued in a phased approach to ensure that additional customer requirements, logistics and costs are addressed.
Develop a new client/customer base.
Research suggests that selling to new customers is between 5 and 20 percent successful. Notwithstanding this data, a focused effort to attain customers in new sectors, geographies or segments can be prudent. Knowing when to engage in new client acquisition opportunities requires a well-thought-out strategic approach and flawless implementation.
Just say no.
Here is a big challenge for many small business owners. I know it is mine! The ability to appropriately address difficult customers, to walk away from an ill-fitting business opportunity or to end a customer relationship requires the self-confidence and fortitude to opt-out. Learning to say “no” when it is not a good fit or within your wheelhouse is a significant growth strategy.
Elevate your brand.
When growing a small business, it is extremely important that your brand continue to evolve, as it can unlock competitive advantages for the company. Your brand is a dynamic asset that must always differentiate your company and its products and services. Oftentimes, as a company grows, its brand remains static and becomes ineffective as a new customer segment, geography or service offering is pursued. It is critical to remember that, as the company grows, you must elevate your brand and communications to address the new market requirements.
Optimize your memberships.
Each year, small business owners expend significant funds to join business, trade or other membership organizations. Yet, they rarely take advantage of these memberships to share their expertise, elevate their executive profile or build mutually beneficial relationships. With the financial investment, consider the additional investment of your time and talent by chairing a committee, serving on the board or supporting an initiative. By engaging, you will display your leadership capability, will enable others to take notice of you and your company, and can leverage your engagement to increase awareness for you and your company.
Manage your customer acquisition costs.
Opportunity cost is the value of a forgone activity or alternative when another option is chosen. Opportunity cost comes into play in any decision that involves a trade off between two or more options. The cost associated with the customer acquisition process is an important measure for a business to evaluate in combination with how much value having each customer typically brings to the business. Your customer acquisition cost evaluation should inform your pricing strategy.
Get a mentor.
A mentor or business adviser can provide you with advice on how to steer your business to increase its income. They can offer you their experiences and knowledge to help you avoid mistakes and grow your business at a much faster rate than you alone could have done.
Melvin Feller Business Consultants Group Business Ministries in Texas and Oklahoma. Melvin Feller founded Melvin Feller Business Consultants Group Ministries in the 1970s to help individuals and organizations achieve their specific Victory. Victory as defined by the individual or organization are … achieving strategic objectives, exceeding goals, getting results or desired outcomes. He has extensive experience assisting businesses achieve top and bottom line results. He has broad practical experience creating WINNERS in many organizations and industries. He has hands-on experience in executive leadership, operations, logistics, sales, program management, organizational development, training, and customer service. He has coached teams to achieve results in strategic planning, business development, organizational design, sales, and customer response and business process improvement. He has prepared and presented many workshops nationally and internationally.