As the saying goes, cash flow is the lifeblood of your business. Therefore, business owners are always looking for the next way to effectively reduce their outgoings and boost their revenue, all without changing their overall company ethos or design.
So, here are nine methods that you can easily implement into your business structure that will save you money and increase your revenue.
1. Leverage Intent SEO
If you have spent any time researching marketing methods for your company, then you will have likely already have come across search engine optimization, or SEO for short. SEO is a powerful tool and, when used correctly, can be instrumental in boosting your website’s ranking on search engines.
Your company will then be able to convert these rankings into revenue using conversion-focused content. If you are new to SEO, you can hire a specialist like Granwehr.com, as well as taking the time to research to ensure you get the most out of it.
2. Re-Evaluate Your Workflow
If you haven’t taken the time to consider the effectiveness of your current workflow recently, then it may be time to do so. Before you consider how to maximize the effectiveness of your sales process, you first need to ensure that your workflow is effective and that there is nothing occurring in the process that may be losing you time or money.
As you become more experienced in your business over time, this will become easier to implement, as you will understand your workflow inside and out and know where time could be saved.
3. Empower Your Staff
Your staff are a crucial part of your business, so why not capitalize on this and ensure that they feel empowered in their role? For example, you could share your profit structure with them and enquire as to whether they can see any ways to easily cut costs and boost revenue.
In doing so, you not only give yourself more opinions and ideas for your revenue boosting plan, but you also improve your staff’s engagement and, therefore, productivity within your business.
4. Analyze Your Overhead
This should be done on a regular basis and, perhaps more importantly, it should be something that you are brutally honest with. Think about everything you are currently spending money on in overheads and ask yourself if it is crucial to the running of your business.
If not, get rid of it. For example, many new business owners often rush to find an office space to rent, without thinking about whether they would actually benefit from this space.
By being brutally honest and cutting out any unnecessary costs, you will free up money that can either be used to boost your revenue or could be invested back into the business to improve an alternative aspect.
5. Simplify Your Purchasing Process
When a customer lands on your site and chooses to buy one of your products, how easy is it for them to move through the purchasing process? It is crucial that you think about this aspect and really take the time to ensure that it is as simple as it can possibly be.
Customers value their time as much as you do, which means that they are less likely to engage with a company who wastes their time in any way. An easy way to do this is to think about how much information they are required to enter before making their purchase and whether this could be reduced or whether a simpler checkout option could be made available, such as a guest checkout.
6. Bulk Buy & Buy Cheaper Materials
If your company purchases external materials that are then used in your products, then you need to think about how much money is outgoing in this area and how you could reduce this number.
For example, are there other sources available that offer the same materials for cheaper prices? Or, for your products that you know are popular and sell regularly, could you look at bulk buying the material to decrease the cost over time?
7. Remove Unprofitable Products
As business owners, we are always trying to expand our market and add new products to our workflow. However, sometimes these products do not perform as well as we want them to and do not return the profit that we had hoped for.
At this point, it is crucial to cut these products out of the business plan, rather than trying to push them further. If a product is not profitable for your business, then holding on to it only serves to lose you money. Instead, invest the money and resources into products that you already know are profitable, or try again with a new product and a new plan.
One of the most common tactics of all businesses, whether based online or on the high street, is upselling. Essentially, this involves offering or showcasing a product to a customer who is about to buy a different product in your store. Normally, these upsells work best when the two products are related or when the new product being offered is discounted in some way.
An important aspect of this point, therefore, is understanding your customers and what products they are interested in. Without this data, you could attempt to upsell the wrong product and miss out on the opportunity.
9. Increase your Prices
Our last point is one that may not sit well with some business owners, especially new ones who are looking to keep prices as low as possible to attract new customers and ensure that they stand out as an affordable company.
Whilst this is an effective technique when done correctly, it is worth noting that it is estimated that business could increase their prices by between 5 and 10% without encountering much resistance from their customer base.
In fact, with prices regularly rising elsewhere in the world, it may even be something that customers have come to expect. Therefore, before discounting this idea entirely, take some time to analyze your prices and think about where you can implement increases.