Melneka Bowers | While this article may sound like a slap in the face for some business owners; it is not intended as such. Following are seven ways you can increase your business revenue (or save money) that you may not have thought of.
1 – Increase your prices. | Melneka Bowers
This might seem like a stupid thing to say – however, it is one of the most overlooked. If you are selling a lot of a particular item and you wish to make more money from it then it is really that simple. If the product is as good as you think it is and people like it, then they will pay what it costs.
2 – Lower your prices.
This is a stark contradiction of the first point. If you are not selling enough of a particular item, then reduce the price. Look around to see how much your competitors are selling it for and then adjust your price accordingly.
3 – Downsize your office.
If you have staff that you can’t afford to pay then that would be one way to downsize. Another way is to actually move to a smaller office. It will likely cost you less because the office is smaller and you will probably find your electricity costs come down too because you don’t have such a large area to keep lit.
4 – Advertise more. | Melneka Bowers
If you are not getting the sales you need then it might because people don’t know you exist. Find alternate means to advertise, test the waters a little. Some advertising methods I have tried which seem to have failed for me involve newspapers, radio airtime and having a website with poor search engine optimisation. You can turn this around however, get someone to start optimising your website to get a higher search engine ranking, buy some Google AdWords credit and try other forms of advertising like mailing out a flyer that offers a special deal on your products.
5 – Out source some of your work to a cheaper work force.
If you need some data entry or other basic computer work then outsource it to a country that can offer you a cheaper rate. This can also help with search engine optimisation where you might need to submit your website to multiple web directories.
6 – Look around for a way to diversify what your company does. | Melneka Bowers
Many print media companies have made a transition to providing their material online. This is one way they have managed to save their businesses as print media is dying. What way can you change the way your company offers a product or even consider offering a new product to compliment your current products.
7 – Approach a business mentoring expert. | Melneka Bowers
There are people out there that make it their job to help improve the way a company operates. Have a look around and see if you can help you modify how you run your business so it is more profitable. Don’t assume you have tried everything before asking for an expert opinion.
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