How to increase your local business’ revenue
Being a local business can be tough work when it comes to revenue. Watching other companies come and go on the high street or just in the local area can be intimidating when you are trying to establish your name among bigger companies. In order to start boosting your bottom line, you will need to establish a solid business plan. There are a few tactics you can consider adding to your plan to ensure that you start experiencing the growth you want to see.
Ensure your products aren’t too cheap
One problem with popping up in the heart of your hometown is that you don’t want to stick out for having prices that are above the norm or are unusual for all the wrong reasons. Checking that you are not underselling your products for the sake of appearing modest in the local business market could help you to boost your revenue.
If you’re worried that you are not making enough from products alone, then try to up-sell to customers. Offer them a larger bundle or a more expensive, but much more premium product.
Explain why your company, in particular, offers brilliant value.
Ensure bureaucracy is completed by a professional
You don’t want to lose business or money by letting the back-end of your business be run inefficiently. Accounts and bid writing, for example, should both be completed to a high standard.
In order to win contracts and solidify business with a company, you will need to ensure that someone is completing PQQs and tenders within your company. Finding someone who can complete bid writing to a professional level is just one way of ensuring you win new business efficiently.
Research your customers
If the service you offer just doesn’t seem to be chiming with those you’re trying to sell it to, then perhaps you need to reassess how you are communicating with customers. Perhaps you even need a new customer base entirely? Doing research into the types of people who buy your product and how to appeal to them will help you to streamline the service you offer and target your marketing efficiently. A few ways you can target a specific audience include:
• Only use the most relevant social media platforms. For example, if your customers or clients won’t be on Instagram, then you are wasting energy and resources.
• Adapt your tone of voice to the audience. If you are targeting a younger audience, then your branding should not be dry and lacking personality.
• If your branding is unpolished or lacks visual appeal to your target customers, they have no incentive to be interested in what you have to offer.
Increasing your revenue overnight isn’t necessarily achievable unless you have the capacity to suddenly and effectively promote some form of flash sale. Instead, ensuring your company is run effectively, and that you are in a position to win new business and customers are far more likely to help you succeed. Researching and working to a high standard are two key priorities you should make.
