Increasing your business’s income
Ten ways for increasing your business’s income
- Raising prices
- Reducing variable costs
- Removing and replacing inefficiencies
- Changing how you sell your products or services
- Getting more customers
- Getting customers to buy bigger quantities
- Getting customers to buy more frequently
- Appealing to other customer groups
- Repackaging one-off sales into recurring
- Seeing competition positively
Execution defines the outcome
Simply knowing a few ways for increasing your business’s income is not enough. The deciding factor rests in how these methods are applied. In turn, this depends on any given situation and requires careful consideration of various influencing factors (such as business psychology, financial understanding, correct analysis, timing considerations, a thorough all-round business acumen and more).
Taking for example method #1 of raising prices, this requires very careful application as it could even lead to reduced revenues if incorrectly executed. It must be a justified increase, only applying to a selection of services or products and promoted in an indirect manner. The customers cannot be allowed to feel they are paying more than before. If they get this sensation, it means the increase of prices was not executed correctly. This calls for expert advice and solutions.
Likewise all methods require expert advice for a correct application that will lead to the desired results.
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