The short answer to “how do I double my revenue” is this: increasing you revenue requires effort and funding. Most small business owners are keenly aware of what they are lacking and where they are falling short. Many are lacking funds and falling short due to exhaustion, burnout, complacency or diminishing drive. With these 4 fundamentals for success and securing the right funding you will be on the right track to doubling your revenue in no time.
Increase your online presence
If your business does not have a presence on the web you may as well be dead in the water. This is where the real marketing is happening these days. More than ever, businesses are dedicating more funds to secure their online presence. You need a website (and, if appropriate, an e-commerce section where your customers can buy your product/service) and a blog. Write and post engaging articles about what you do in your business and anything else connected with it that your customers might find interesting. This attracts traffic to your site via search engines and more visitors equal more potential customers. Take advantage of online advertising. Essentially, this involves placing clickable ads on sites you know your customers are already frequenting which takes them to your site. Communicate with your customers through an email newsletter or blog. You can incentivize signing up for it and knowing that you have to come up with news every month keeps you on your toes! If you are really keen, try a bit of social networking. This keeps you in the loop with the community of customers who are paying attention to your business. The best thing you can do is seek external funding and hire a professional digital agency to get your site at the top of Google lists and make sure you are reaching the right customer base.
Map out your funnel
A funnel is a path to your customers which starts out broad and follows a series of steps to accomplishing the end goal which is a sale. Real estate investor, entrepreneur and author Brandon Turner suggests you map out your funnel in a way that looks something like this: Visitor to site-subscribe to email list-click on promotion-visit brick and mortar store-convert and buy product-generates discussion on social media. “Small, Incremental changes to each step of your funnel will result in greater changes than a massive increase in just one step.” Identifying your funnel will help you to allocate your business funds where they are needed most or work on securing some new funding to double your revenue with your funnel. For example, you could inject funds into working on increasing your web traffic. Using your funnel helps you identify your goals and directs your energy where it is needed.
Have a system
Clarity drives business. It’s easier to move forward, recognize your goals and use your energy wisely when you have a system that you know is working for you. Naomi Dunford, business consultant and Author of “The Growth Guidebook” asks us “What happens after someone gets on your mailing list? Is that optimized? OK, what happens after that? Is THAT optimized? What happens when somebody buys something in your store? After that? After THAT?” Each part of the system is just a part of the whole overall goal and to have a kick ass system you need to be clear about your goal and work backward. A good system means you don’t have to worry about what to do next. It means your business can keep growing and your revenue can keep increasing, even if you are feeling overwhelmed and stressed out. A good system will be the structure that will support your small businesses growth. Your systems will also help you identify issues before they arrive which is crucial in allocating funds, knowing when it’s time to secure more funds and ensuring positive cash flow.
Stretch your goals
Money loves speed and in the growth stages of your small business you will need to secure funding to propel you toward greatness. A solid plan to double your revenue will act as a rudder to keep you on course but fast revenue can only be achieved by exceeding goals. If the business plan is a non-negotiable base, the stretch plan is a plan designed to challenge assumptions about current capabilities. Stretch goals are ambitious and inspiring. Often a small business may have their business plan that they will present to an investor, board or a bank and a stretch plan for those within the company. Stretch goals are there for employees to re-imagine what they thought was possible and encourage exploration. Once stretch goals are achieved they are enormously beneficial for the confidence of the team.
We believe in small businesses achieving their goals, it’s what gets us out of bed in the morning. Get started with us and let us help you increase your revenue by giving you access to the funds you need.