10 Tips for Growing Your Small Business Revenue in 2017
Dan Levenson January 10, 2017
Revenue growth is the number one goal for most small businesses. Unfortunately, small business owners often struggle to come up with a strategic plan to facilitate growth. Between the challenge of wearing multiple hats and uncertainty about the best ways to attract new prospects, a small business can easily stagnate.
A comprehensive plan to prevent stagnation requires small business owners to ramp up their marketing efforts, reward new and existing customers, and take on new products and clients. These can all help you grow your small business revenue this year.
1. Increase your participation in industry meetings and trade shows.
Trade shows provide excellent opportunities to showcase your products and generate business. Trade shows and exhibits often attract thousands of attendees, many of whom are seeking a trusted source for the products and services that you offer.
2. Expand into emerging markets.
Delving into the international marketplace is not without its challenges. However, expanding into emerging markets is one of the best ways to grow your revenue. You can make the transition easier by starting with Canada and countries in the Caribbean that have fewer restrictions on importations from the U.S.
3. Offer package discounts to customers who purchase a collection of items.
Customers who need multiple items should be incentivized to place a bulk order with your company. Your receipt of larger orders will help grow your revenue and build customer loyalty.
4. Add good content to your website or blog.
By enhancing the content on your website, you will improve your company’s search engine ranking. A better search engine ranking, in turn, will bolster your leads and conversions. The result is an increase in your revenue.
5. Expand your range of products and services.
By adding a new collection of items to your existing product line, you will capture the attention of new customers and potentially increase the size of your average order. A good way to ease into product expansion is to start by adding a collection of items that is related to your current inventory.
6. Run special promotions on your overstock items.
If you are carrying excess inventory of a particular item, be sure to feature that product as a part of your next sale or promotion. In addition to giving your revenue a boost, you will make room for new inventory.
7. Make your website more user-friendly.
Your website should be easy to navigate and mobile friendly. Additionally, the pages of your website should load quickly to help prevent prospects from becoming impatient and leaving your site to visit a competitor. Finally, you should make sure that your website includes at least one way to contact you.
8. Outsource non-core business responsibilities.
Small businesses can often save money by outsourcing non-core responsibilities such as payroll, accounting, and IT needs. More important, outsourcing allows you to focus more attention on increasing your leads and sales, which drive revenue growth for your company.
9. Offer special discounts and promotional items to new customers.
When a new customer is teetering back and forth about purchasing from your company, an incentive like a new customer discount or a complimentary product offering can be the deciding factor that prompts the customer to move forward with an order.
10. Reward repeat clients with preferred pricing.
Repeat customers are the lifeline of a small business. They should be rewarded for their loyalty to your business with a special pricing structure and excellent service. When repeat customers feel appreciated, they will be more likely to place orders in the future and help grow your revenue.
Of course, the foundation of any successful small business includes knowing that you have the right coverage for your unique needs. We invite you to contact us to learn more about growing your small business revenue—and protecting it the right way. Our team of professionals is ready to help you take your small business to the next level!