Business Bites – Business Tips in a Minute
Incease Sales Revenue with Minimal Additional Effort
Often business owners think that in order to increase sales revenue, you have to work harder. What if you could increase revenue without working harder or only doing a little additional upfront work? The challenge in a service business can be trading time for dollars and having all income come from providing a service where income is tied to time. If you offer a service and every time you provide that service, you are the one doing the work, your income is limited to the number of hours you can work with clients. And, the clients you serve are limited to the people that can afford your services and time on an individual basis.
What if you discover that there are a lot of people out there who cannot afford your service on an individual basis but need your service. You don’t have discounted services and you are not sure how to give them access to your services without paying your individual fees. There are ways to reach these people that provide additional income for you while offering great benefits to those you are unable to work with individually.
Consider sources of passive income that benefit those in need of your service or for those that are already clients. If prospective clients cannot afford your service but know that what you offer is something they need, offer more affordable solutions, such as: training, self-study workbooks or group programs.
If you sell a product, one way to grow your revenue is to offer additional products that are related to your product. Another very common offering for a product is a maintenance plan. Offering supporting services is a great way to create recurring monthly revenue, that may or may not require additional effort for you, depending on the type of maintenance program it is.
These are some of the ways to increase your sales and customers without taking additional time. Every industry has its own way of offering additional services/products without the cost of additional time. The key is to listen to your customers and consider other ways you could help them and what it would take to implement new and/or complimentary products/services.