How small businesses can increase their revenue stream

Developing a strategy to combat the pitfalls involved with obtaining a healthy revenue stream can make a massive difference; a solution may involve choosing a startup loan to improve their cash flow and overall revenue stream.

You may face the following problems:

  • Being unaware of who your target market is
  • Failing to network with your current customers
  • Needs of clients/customers aren’t being met
  • Leads with positive prospects aren’t followed up
  • You unknowingly lose money that you could have banked

As a small business time and money will be at the top of your agend and the biggest issue is how to direct the resources you have in the right areas. You may find that you need to get a handle of how to market your business to the right people. There are plenty of ways to run a free marketing plan and the biggest player at the moment is content.

To get you moving in the right direction, here are some tips on how you can improve your revenue stream:

Indentify your target market

This topic will never change, no matter how big or small you business is, take some time to look at your current customers and then ask yourself; why do they buy from me? Once you understand this you will find out what they like and how to get them buying more than they currently do. At times we may create a product or service for one group of people, but as time goes on it becomes greater benefit to a completely difference audience; so taking time to figure out who your target market is will save time and money.

Have a look at those who you would like to be your perfect customer and ask yourself - why don’t they spend their money with my company?

Now analyse your competition; why are their customers buying from them? Take a leaf from their book and start doing what they do. There is nothing wrong with taking a few tactics and tailoring it to your business – if it brings in the customer base you need then it’s worth it.

Analyse your results!

Carrying out research is nothing without analysing the results. The results will give you insight into why customers buy and what their needs. You may also acquire what their requirements or purchase routines are. You will now be able to identify the following:

  • Who your target market is 
  • What they expect to receive from your business
  • Find out where they are:  What organizations do they participate in? What events do they attend? Do they operate on a job site or in an office?  What blogs, websites, magazines or other publications do they read?

The answers to these questions will tell you where you need to spend your networking time and efforts.  Since you do not have unlimited time or money you need to spend it on things that will reap the best revenue results, including:

  • Places to meet and relate.
  • Places to learn about relevant trends and issues
  • Places to make your business known.
  • Follow the processes and directions of your Prospects, Customers/Clients
  • Remember the phrase “The customer is always right”? 

Well, they are.  It is extremely important that you do things the way your Prospect, Customer or Client wants it done.  If they want you to register on a website – then register.  If they want you to provide them a one-page summary of your business, then do not give them a folder with brochures, company history and pretty pictures.

If they want information electronically don’t give them paper.  If they tell you that they need for you to follow-up (remind them) then don’t expect them to remember your business from one trade show meeting.  How closely you follow their procedures and preferences is part of the test to determine if you would be a good and responsive vendor/supplier.

 

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