Five Proven Revenue Accelerators for Small and Medium Businesses
You’re not the only business owner who says these things and feels they are immutable.
You also don’t have to be the owner who does nothing about them. Here are 5 ways to accelerate and increase revenue when that seems impossible.
1) Increase access to your smarts.
This is can’t-fail offer from professional services providers: attorneys, CPAs, bookkeepers, designers, writers, consultants, coaches, operations experts, supply chain advisors, and every other person whose major value comes from what they know.
Instead of offering your knowledge by the hour, offer “Pick My Brain” or “Whatever It Takes” engagements for periods of 30, 60 or 90 days. For a fixed fee, offer unlimited access to you by phone and email, during regular business hours, with your guaranteed response within a time frame that seems quick to your buyers.
“Susan Trivers is a genius. She suggested one simple fix to my business strategy that, in less than 24 hours, completely transformed my income stream. If you’d rather say “ka-ching!” than “oh…no!” when you look at your bottom line, give Susan a call.” Diane MacEachern, Founder & CEO, Big Green Purse
2) Add the value of priceless convenience to the products and services that you sell.
Who wants to wait 4 hours for a service that takes 30 minutes? Who wants to spend days waiting for a proposal or offer to arrive? Who wants to have to take a lengthy trip when remote service is possible?
Add extraordinary convenience to your various revenue streams and include that value in your price or fee. The right buyers enjoy the feeling that the owner has their back. That’s priceless!
3) Always, always talk about and charge for value.
At the start of any conversation about working with a prospective buyer, or the conversation about additional work with current buyers, always focus on the outcome the buyer will enjoy. The outcome can be big such as “Achieving the mission of your company or organization.” It can be more narrowly defined, such as “Attracting the right clients to your work.”
Once this is established, talk about your work in the context of the outcome, not with a list of tasks or inputs you’ll provide.
If the work gets done in a short or long time, or with this approach or that methodology, the price is the same because the fee or cost is based on the value of the outcome.
You’ll increase client satisfaction because they understand exactly what they’re getting—the outcome—and you will increase your capacity and flexibility, which increases your firm’s revenue.
4) Create an array common, uncommon and exceptional offerings to attract a range of buyers and generate a range of profit margins for your business.
Multiple revenue streams (offerings) increases the range of buyers. Some like an entry level purchase and others prefer, and are happy to pay for, more complex, high value services or products. Your profit margin for the entry level may be small while your profit on the high value should be significantly higher—because the customer is paying for the value!
Keep in mind that lower cost offerings do not dilute your reputation and in fact increase interest in your work. Be aware! This is not discounting, this is pricing commensurate with value.
5) Move 3 key projects forward a mile, rather than a dozen forward an inch.
I see this again and again with my clients and have experienced it with Trivers Consulting Group.
Choose 3 important goals, such as a 15% revenue increase, developing improvements or innovations to three top-selling products or services, or consistently earning 5-star ratings online.
Then apply Singular Focus® to achieving them within 90 days. Temptations may appear or distractions beckon. You must say “no” and focus on these goals for 90 days. The rest will wait.
At the end of 90 days, assess your results. Declare victory and choose 3 new goals.
It’s Your Turn
Each of these quick revenue accelerators can be designed and implemented in about a week.
If you want to help doing one, or can’t figure out how to start, I would love to open a conversation with you. Call 703-790-1424 or email firstname.lastname@example.org.