Five Proven Revenue Accelerators for Small and Medium Businesses
1) Increase access to your smarts.
This is non-fail offer from knowledge workers: designing, writing, consulting, coaching, operations experts, supply chain advisors, and every other person whose major value comes from what they know. Instead of packaging your knowledge into hours-based options, offer “Pick My Brain” for periods of 1, 3, or 5 months. 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. You can put some topic parameters into the packages. For example, you would talk about ideas at the lowest price point and you would provide written feedback on marketing materials or articles, proposals and slides at other higher price points.
“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 priceless convenience value to the products and services that you sell.
An independently owned automotive services business built intense loyalty and trust over twenty years because of their fair prices. I helped the owner create VIP convenience packages for his best customers. These 2 packages, paid for in full in advance, provide varying degrees of convenience and personalized service not related to time and materials. There was an instant boost in revenue and the only costs will be incurred when the services are provided. The right buyers enjoy the feeling that the owner has their back. That’s priceless!
3) Always, always talk about and charge for value.
A consultant with specialized, highly prized expertise made the decision to start offering project plans focused on meeting the client’s objectives, rather than charging by the hour. If the work got done in a short or long time, the price was the same. She also made herself and the client accountable, so there is always a clear statement about expectations upfront. There is no scope creep. The fees paid didn’t change much but her capacity grew and she increased her revenue and profit margins.
“Susan Trivers has the eye and mind for making business sense. When it comes to critical thinking she can see the issues no one else sees – and she is right! Her imagination and different way of looking at the issues is uncanny. Susan has made a difference to my business by taking the complex and turning it to simple solutions.” Marsha Lindquist, CEO Granite Leadership Strategies, Inc
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.
A lawyer created some low labor intensity, high value services for clients who do not need the full extent of her expertise. Some clients buy only these services for which they pay a fixed fee. Others move from them to a more complex engagement, which she also prices with a fixed fee. Still others can go straight to her exceptional offerings depending on their need. She says that offering the low labor intensity, high value options has brought more revenue to her from both those clients and from her full service clients. In other words, the lower cost offerings did not dilute her reputation and in fact increased interest in her work. 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.
This tip comes from my own business success. I finally narrowed down all my marketing activities to three that I thought could generate major advances in attracting small and medium business owners. Then I made appointments with myself for these activities for a month out. I posted them on a huge chart. I committed to not canceling any of these appointments. One month later I had several new strong prospects and a couple of new clients. The focus was intense and the outcome terrific. You can’t do everything well, so stop trying. Move a couple of projects forward a mile and you won’t need the rest.
Each of these quick revenue accelertors can be designed and implemented in about a week. If you want to help doing one, or can’t figure out how to start, let me help you. I offer two “Pick Susan’s Brain” mentoring options as well as more extensive consulting where I help small businesses find opportunities that are hiding nearly invisible in their businesses.