If you’re satisfied or even smug about where your business stands today, you may get limited value from today’s article. Everyone else, please consider reading on.
Options to Increase Your Revenue
As you look at options to increase your revenue, there are really only three variables:
- How many prospects you speak with
- How many of those become clients
- How much you charge each client
Just about everything else is external to you and largely beyond your control.
How many prospects you speak with is a function of how many come to you and how many conversations you can have in a day. If your day and week are already full you have options:
- Make your days longer
- Get more effective prospects (better qualified) coming to you
- Get very good at speaking compellingly about your product/service
- Close more prospects
- Charge more to those you do close
If you have space in your day, or your day is filled with non-revenue or low-revenue activities, your first priority is to get more prospects coming to you. A good marketing/PR team can help. So can your physical or online presence in the right venues for you. Not all venues will be a fit. And you need to get very, very good at talking about your service/product in a compelling way that sets you apart from the crowd.
Don’t Give It Away
You have probably become aware of how unforgiving the current marketplace is. The casual, shoot-from-the-hip style that served many of us a few years ago is sadly ineffective now. Clients demand more benefit for the same money they used to spend freely. Please hear me – this does not mean you discount down to the bone on every deal just so you can keep the lights on.
Sell and Market First
Michael Gerber in The E-Myth says as small business owners it’s critical we recognize our first responsibility is to sell and market. Without that, nothing else happens. There are specific skills virtually anyone can learn quickly that allow you to show your client your worth and claim the value you deserve.
Don’t we all need this now more than ever before?