Every business has the potential to double its revenue. Yes, that’s true, with the right plan in place you could see your profits soar. So, how do you go about achieving this goal? Simply put, you need to get more clients, for them to spend more each time, and for your customers to buy more often.
Begin the process of doubling your revenue by ensuring you are ticking the boxes on each of these critical areas:
Communications and Marketing
It is important to remember that while you are seeking new customers, you must also maintain regular contact with existing customers to keep a loyal client base and remind them of your expertise and what you have to offer. Your communication could be face to face, phone, social media or e-newsletters; it’s down to you to decide which channel works best. It’s also essential to tailor your communications to your target audience, identify their core needs and desires, and highlight how your business can provide the solution.
Look at the customers you currently have and see what characteristics they have in common, such as age, demographics, and industry. Then, use this information to guide you in seeking new customers. Once you are crystal clear on your target audience and what they want, you can then research where they go online to share your message on the social media channels and websites where they go.
Managing Costs and Strategic Planning
You must keep a close eye on your outgoings and see where you could reduce costs, as well as identifying where best to spend your money. Assess how much it costs you to acquire a lead and turn them into customers, then look at your monthly expenses.
All businesses need a strategy, so they have a clear plan of action on how to achieve their goals. Your strategy should include a clear picture of your target audience, your long-term goals, new opportunities (e.g. ideas for different revenue streams), a look at the competition, and potential risks you should bear in mind.
To succeed in doubling your revenue, you need to believe it is possible truly. Don’t let worries of failure or doubt creep in; otherwise, it will hold you back from achieving your goals. Successful entrepreneurs begin with the end in mind, and they don’t let anything or anyone hold them back. They understand there will be obstacles along the way, but they remain confident that these challenges can be overcome. So, keep believing! It is also helpful to put a structure around your business dreams so you have a plan to keep you on track. Many businesses find the SMART goals – Specific, Measurable, Attainable, Relevant, Time-sensitive – helpful in this context.
In taking these actions, remember to focus on growing your client base, increasing their average spend or frequency of purchase, or combining all three.
In the words of Henry Ford, “Thinking always ahead, thinking always of trying to do more, brings a state of mind in which nothing is impossible.”