5 Things to Increase Your Income and Profits
Renee Daggett • August 25, 2020
Why are we in business? For most of us, it is to provide a solution to our clients. For others, it is to make a difference in the lives of our customer/clients. Whatever the reason, we need to have enough money cover our business expenses and pay our personal bills.
So how can we run a profitable business? A simple answer is we can increase income or
decrease expenses.
Here are 5 things you can do to increase income and profits:
1- Offer new services or products
What do you provide to your clients repeatedly? Think of creating a product to sell that can help provide a solution for those clients. Whether it is a recorded webinar with value-added content or a series of one-minute videos, there are endless ways you can generate additional income without having to clone yourself to get the work done.
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| 2- Upsell additional services/products to current clients
Make sure your current clients know ALL the services you provide. Have a conversation with them and check in. If there is a need, find out what keeps them awake at night or is frustrating. Maybe your company has the solution. You’ve already done the hard work by securing the client; now, they need to know what other ways you can help them. Having current clients purchase additional services and products from you is a great way to increase income without having to come up with new marketing ideas.
3- Know your revenue mix
While it is good to have a variety of services to offer, business owners/managers must look closely at the income that each service/product is generating. And, while it is important to know how much income each service is generating, it is more important to know the profits that each revenue offering is producing.
| 4- Dig deeper into knowing the revenue mix profits
Once you understand what your revenue mix is, it is critical to understand the profit associated with each revenue mix. After determining each revenue mix’s profits, begin asking questions of yourself…
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| 5- Ask Questions so you can make changes in your business
Your strategy for a more optimum revenue mix might be to sell as much of Service X as possible, while eliminating or fixing the problem around Service Y. Besides considering profits, also consider what service brings you more joy or fulfillment. Or, maybe you realize that revenue mix Z will soon be obsolete in the marketplace and you need to find an alternate solution. Take the time to quietly look at your products and services. Be honest with yourself. Now is the time to make changes in your business today so that you can start seeing results!
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