5 Ways to Increase Your Revenue and Profits

I encountered an article earlier that talks about “5 Ways to Increase Your Revenue and Profits” and here are some of it:

Diversifying your income stream to make more money in business is old advice, but in tough economic times, it's advice worth taking. One of the least risky (and least costly) ways to successfully increase your business income is to make better use of your existing assets and resources.

Rent Out Part of Your Business Premises

If you?own or lease ?commercial space, do you really need all of your current space? If not, you can make more money by renting out some of your space to another business.

You can further increase the revenue from spare office rental space if you’re able to throw in some add-ins, such as the shared use of a conference room and access to the Internet (direct or WiFi), printers, copiers, coffee machine, etc.

Package Services as Products

If your business primarily involves selling services, you can make more money by packaging your services and assigning set prices.?This will increase sales because it will eliminate clients’ reluctance to sign on for what they view as open-ended projects, and it makes your work appear tangible.

Shift your Sales Focus

One of the easiest ways to make more money is often overlooked: getting your current customers to buy more of your products and/or services. Shifting your sales focus to your current customers rather than?attracting new customers ?makes excellent economic sense because your current customers are already converted prospects. They know your company and your products and are easier to sell to.

Lend Out Your Employees

Do you have?talented, marketable people working for you ? Maybe you could sub-contract them to other businesses. For instance, if you have exceptional managers, you could hire them out to other enterprises to run exercises in team-building and management skills. From an employee perspective, working for another business can be advantageous in that it allows them to gain valuable experience in a different organisation.

Add Value-added Services or Products

Including value-added services or products is another great business move. Some examples are a carpet cleaner selling bottles of spot remover, a store selling kitchenware offering cooking lessons, or a financial services firm offering a seminar on investment strategies during tough economic times. Another example includes a farm offering delivery service (for a fee) for the products it sells. These are all examples of adding value-added products that customers and clients might be willing to pay money for.

Make More Money by Getting More From Your Assets

Your business premises, your intellectual property, your products, your services, your customers, and your employees are all assets and resources that may or may not be producing as much income for you as they could. With the five "how to make more money in business" ideas above in mind, take a hard look at your business and see if some of your assets are being underutilised. Often the ways our businesses could make more money are right in front of us; we just have to recognise them.

Want to know more? Head on over to the full article here for more ideas and perspective. Afterwards, why not drop me an email to share your thoughts at [email protected]; or call me on 0467 749 378.

Thanks,

Robert