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Increasing Revenue

Attempting to increase revenue is a common strategy when the goal is to make more money. The other part of that equation is reducing expenses. (Reminder profit is calculated as the difference between revenue and expenses.) Revenue increases are considered easier to do, as the sky is the limit for revenue and there are only so many expenses which can be reduced. Increase Your Sales Price This strategy is obvious and popular, and for most businesses, it is a fact of life. Prices go up. In order to implement this strategy however, your target market has to agree that a price increase is reasonable. If your prices are higher than your market will tolerate, then a price increase will lead to lower sales overall. But if you have room to increase your price, then you should do it. Find More Customers Most businesses are on the lookout for new customers all of the time. Some businesses will turn down a new customer only if they cannot get their work done or they do not have the product. What about actively looking for more customers? There are may strategies to finding new customers, you can advertise, both on social media and traditional media. You can offer discounts for new customers. You can figure out where your customers might be hanging out and go there and ask for the business. You could ask your current customers to refer their friends or offer a discount to any customer who brings you a sale. Once you start thinking about finding more customers lots of ideas will come to you. Add Channels If you have been selling to retail customers you could consider adding wholesale customers to your customer list. If you are selling online you might think about selling from a physical location and the reverse is true. Do you have a product which can be sold virtually? If so, then increasing revenue is far easier as the entire work could be your target market. Make a List of What Your Customers Ask For Do your customers ask for things which you do not have? If so, consider keeping a list of these items and occasionally reviewing the list to see if there is a demand for some item which you could actually provide. Your customers already want to buy from you, so finding other products which they are asking to buy should be easy. At least you know you will have a sale if you find or create the product. In Summary Increasing revenue is the easiest strategy to implement if you want to make more money. It is the logical place to start in the quest for higher profitability. Consider finding new customers, increasing your prices and expanding your sales channels. Subscribe to PFTGI: https://bit.ly/2Gxn731 Get More PFTGI: http://www.painlessfinancialtrainingg... Online Bookstore: https://www.painlessfinancialuniversi... Online Courses: http://www.painlessfinanciallearning.... Social: https://bit.ly/2EdgXPH Governance: http://www.basicboardgovernance.ca/