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How to Grow Your Business and Increase Revenue
With all the time and energy you’ve placed into fine-tuning your business, it’s really important to have a plan ready to deploy when the time comes to expand your operations. When exponential business growth leads to increased revenues, responsive delegation and careful planning can sometimes make or break a small business.
Because the handing over of key business management tasks is so important to an expanding business, you've got to be ready to embrace new business paradigms and let others lead too in order to grow your business. We’ve got some important ideas to share with you, because winging it can only take you so far over last year’s profits.
“If getting bigger just means you’re spending more time in the office running the company and putting out fires, how is that smart?” asks Melissa Galt, an Atlanta-based business coach, strategist and creator of the course Design Your Business Blueprint.
Below, Galt shares five key tips to help you communicate with your customers and optimize operations to help make your business's future brighter with increased business revenues. These powerful business growth strategies can quickly streamline the way you work in the near-term and position you for continued revenue growth for years to come.
Tip 1: Create a Business Blueprint That Delegates Responsibilities
If you find yourself wondering each morning what to do that day, you’re not making the most effective use of your time. One of the best ways to increase revenue is to build a roadmap that shows you where your business is right now, where it’s trying to go and what needs to be done to get closer to that objective.
A good business plan needs to be flexible but strong because it has to provide a sense of structure so the business owner knows where to focus efforts. “Structure helps you know when, where and how to delegate, and what support systems you need to put into place,” says Galt. “That frees you to do the things you’re best at.”
Tip 2: Maximize Profit Margins With the Right Clients
Growing your business is sometimes all about pruning clients that may not be paying off. “I’m a huge advocate of having fewer, better clients where you make more money in less time,” Galt says.
So, don’t be afraid to say ‘no’ to clients who aren’t a good fit, whether they cause too many headaches or spend too little money, Galt advises. It’s best to stay focused on sales and revenue. Focus your attention on increasing your business’s marketing efforts toward potential clients that will yield the sweetest returns.
Tip 3: Streamline Business by Building Repeatable Processes
Once you know what’s working in your business, make it easy for those winning processes to be easily replicated. For example, instead of starting from scratch every time you embark on a new marketing campaign, see what can be reused and salvaged from the previous campaigns. Make a few tweaks, rinse and repeat.
Adopting a modular and automated business approach can be a great idea for all aspects of your operations — from training to sales to lead generation, Galt says. And the potential for increasing sales and boosting revenue streams with all that free time will help justify the effort.
Tip 4: Customize a Marketing Plan With Cloud-based Software
Cloud-based services let you automate marketing strategies and they can free up time to do other things like attract new customers. And that can lead to a bigger bottom line. Lead generation and email marketing are two tasks that can particularly benefit from automation, Galt says.
Among the tools she recommends: LeadPages.com for lead generation along with Keap.com and AWeber for email marketing and developing distribution channels. But don’t make the mistake of wasting money on tools you won't use, or on those that your business hasn’t yet grown into, Galt warns. Communicate with your existing customers in ways that foster business relationships while highlighting an individual product or service you’re offering.
Tip 5: Have a Backup Plan for Revenue Generation
Most small business owners will have to endure times when money is tight — but creating an emergency cash flow strategy can help your business get through a financial drought. For example, service-based businesses can raise quick cash by announcing via email that they’ll soon be raising prices.
And by letting current clients know they can enjoy a lower rate if they buy in the next 30 days, you can leverage that email list and your social media contacts from former campaigns as well.
As for product-based businesses, they can announce a newer, upgraded version of a current item. Make it a point to give prospective customers the opportunity to take advantage of these pricing strategies with a limited-time special offer.
Once these successful strategies are put into place, document everything so when you’re ready to outsource tasks, the manual is already written. The goal is to design your company’s operations so that your business can run without you, Galt says. “I want my business to work for me. I don’t want to work for it.”
Find the Right Commercial Coverage for Your Business
While you’re crafting a plan and laying out a blueprint for success, be sure to reach out to your American Family Insurance agent for a quote on commercial insurance. You’ll learn about customized coverage options that can better protect your business and everything you’ve worked so hard for.