Episode 248: How to Increase Revenue In Your Business, Quickly
If you have been struggling with how to increase revenue, I want to teach you how you can increase revenue in your business without extra hustle or driving yourself crazy.
If you've been in business for a while, most of us coaches will come along and tell you to increase your prices. Sometimes, that’s the right answer; sometimes, it’s not. So let’s talk about what you can actually do to increase revenue without jumping to the automatic “let’s increase your prices.”
How to increase revenue in your business
Take a close look at the following areas in your business to help increase your revenue:
1. Your expenses
There is so much money flying out of business accounts and personal accounts. Ask yourself, Where are you spending money on subscriptions, and where are you spending money on software?
You can also look at thing you’re spending on that aren’t important – this can sound silly. Here’s an example from my business. It used to be that when I would have a new client sign up for a new program, we would send these huge, expensive packages all the way around the world costing hundreds of dollars. We loved them. They're beautiful. But it was so much money going out.
What we decided to do instead for people who don't live inside the United States was to send them gift cards in areas that we knew mattered to them, or we found out their favorite local store and made sure we sent them there to go enjoy things they could pick out themselves. It ended up really decreasing our expenses, and it actually increased the joy in most of our customers.
2. Where are your customers and clients failing
Deconstruct where your customers and clients are failing. An example from one of my recent clients was to deal with late cancellations and late shows to her one-on-one sessions. This did two things: One, it did end up increasing her revenue, and two people started showing up on time, which actually benefits everybody.
The other thing is a late cancellation fee. If someone has decided last minute not to rehire you for a subscription or to renew their contract with you, but they said they would and changed their mind. Similarly, you can add a fee to your contract. If they're signing the contract for six months and, for some reason, they choose to leave early, that's fine. But here's a cancellation fee of 50% to 100%. Make sure it is very clear in all of your documentation.
Remember as the business owner, you have the discretion whether or not to charge that fee.
3. Work you’ve already done
Most of the time, just talking about what you have for sale will end up increasing sales. It may not increase sales for the one specific thing you were offering, but people remember you have something for sale and they may come back and purchase something else.
Has there been a marketing campaign that didn't work as well as you wanted? Go back and tweak it and try it again. The benefit is that it won’t take you weeks or months to put together.
Also, reach out to past clients. How are they? What's been happening in their business? Ask them for referrals if they're not ready to work with you again right now or if they're not looking to buy something new from you right this minute. They may know somebody who is. If you take the time to actually reach out to them and ask for those referrals and ask for those connections, they'll usually give them to you.
4. Look at your own actions
We know actions are what cause results. You have control over exactly one thing in your business, and that's your actions. We can also put in there your reactions, when something happens or something doesn't go the way you want. That is what you have control over all the time.
Let’s say, you want to increase your revenue by adding five more clients this month. What you have control over is how many times you share that you have some spots open. So maybe instead of saying, “I'm going to get five more people in my world this month,” what you say is “I'm going to share about my one-on-one offer 20 times this month.”
Just the fact that you're talking about what you have for sale can increase revenue. People forget all the time. If you're consistently talking about how you help and what you can do, you will naturally increase revenue.
Great salespeople know their close rate. If their close rate is 20% and they make 10 phone calls, two people will say yes. So if they have to make 20 sales by the end of the week, that’s 100 calls they have to make. Twenty calls a day. Isn’t that clear?
What actions you can focus on to make a difference in your bottom line? You're running this business to make a living.
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