At some point, after you’ve set up your business and sold some products, the time will come when you want to make a little more money. You may expect slow and steady growth, and perhaps you have a watertight business plan to help you make that happen. However, sooner or later you may come unstuck. You’ll hit a roadblock where it seems like you’ve done everything in your power to increase sales in your business, but the money just isn’t flowing. If your profits aren’t budging, it may be time to re-evaluate your strategy and employ one of these four tactics.
Improve Your Online Presence
These days, you need to have a professional, mobile-responsive website if you want to remain competitive. Whether you plan to sell online or not, the Internet can offer a range of highly effective marketing tools to help you increase trade. Targeted social media ads, blog posts, search engine ads and website banners will promote your business to the right people at the right time. Therefore, if you know your online presence could use work, now’s the time to invest in this area of your business. If you’re looking for a professional web design agency to create a responsive website, be sure to look online and read the reviews thoroughly.
Set Up An E-commerce Site
Selling products online is a great way to increase your passive income and make sales while you sleep. Of course, you will need to factor in certain specifics like payments, packaging and shipping, but this is all relatively easy to master, and it may even present opportunities for expansion. Say, if you became a popular seller in the UK and you began shipping internationally, you might then need a warehouse and extra staff to keep up with the demand for your products.
Rent Out Office Space
If you own or lease your physical business premise, you could rent out part of it to another small business or freelancer. You might even be able to increase your revenue stream from renting if you throw in additional extras, like shared Internet access, secretarial services or office equipment. If you rent out space to a business that complements yours, you could save money by swapping service or use cross-promotion to attract more customers.
Focus on Existing Customers
If you want to increase sales for your business, the obvious step might be to try and attract new customers, but have you considered shifting your sales focus to the customer’s you already have? This move makes total economic sense because, while it’s costly and time-consuming to acquire new customers, the ones you have are already converted prospects. Therefore, your existing customers are easier to sell to, so long as you can entice them to spend more next time they shop. To do this, you may have to use analytics to gain insight into their buying patterns and behaviours, as well as customer surveys so you can find out what they want.
If you can practice continuous improvement in all of these areas, your business stands to make more money, higher profits and hopefully continue an upward trend of growth.