Struggling to Increase Revenue? Try These Three Strategies

At some point in every small business owner’s career, it can feel like they’ve hit a wall. Revenue plateaus or dips, and it’s a struggle to break out of the slump.?

There’s no one-size-fits-all solution, since small businesses and the people who run them are so diverse. However, there are a handful of strategies that just about any small business can tap into, whether they’re a restaurant, a marketing firm, a retailer, or something else entirely.?

If you feel like your revenue needs a boost in 2023, consider trying one — or more — of the below ideas.?

Kickstart a new marketing strategy. If people aren’t aware of your goods and services, they can’t become customers or clients. That’s where marketing comes in. Take the time to build a thoughtful and in-depth marketing plan every year. First, determine who your audience is: their demographics, their needs, and their wants. Then, decide which channels are best for reaching them: direct mail, digital newsletters, social media, or paid online advertisements. One common mistake small businesses make is trying to talk to everyone on every channel. Instead, narrow down your core audience and focus on the one or two channels that are really worth mastering.?

Hire the right talent. Every veteran small business owner knows this: Who you hire has an outsized impact on your success. If you hire the right people, you’ll see the business grow and revenue soar. But if your talent isn’t a good fit, it can be a challenge. Many small businesses can’t afford big HR departments, but that doesn’t mean you should skimp on the recruitment process. Consider working with an independent recruiter or tapping into powerful online tools, like LinkedIn and Indeed.com, to create job postings and interview processes that attract the best candidates.?

Strengthen customer relationships. Customer relationships are the foundation of a small business’ revenue — something we recently wrote about in our blog post “Strong Customer Relationships: The Key to Succeeding as a Small Business.” Fortunately, a range of new digital tools make customer relationship management easier than ever —?you can stay in touch and personalize notes to, quite literally, thousands of customers with the click of a button. Take the time to master customer relationship management (CRM) tools, such as Constant Contact or MailChimp. Customer relationships have become a science in the internet age, and it’s a science every small business owner should learn.?

All small business owners struggle with revenue at some point, or multiple points, in their careers. Fortunately, there are a handful of tried and true strategies that business owners can utilize to overcome obstacles and get their revenue back on track.?

* * * * *?

CF Creative (www.cf-creative.com) is a full-service marketing and consulting agency that provides business growth, strategic content, and technical assistance consulting for small and minority-owned businesses, as well as the public and private sector organizations and companies that support them.