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Diversifying your income streams to create more money in business is an old mantra, but it is advice worth following in these challenging economic times. Making greater use of your existing resources is one of the least problematic and least expensive ways to successfully grow your overall revenue.
Here, we look at some things that you can do to boost your revenue as a retail business.
Rent out part of your premises
Do you truly need all of your current business space, whether you own or lease it? If not, you can increase your earnings by leasing some of your premises to some other business.
A lot of startup firms merely require a portion or a booth. Perhaps you have an unused room that might be used as office space by another company. Also try renting out underused warehouse space or empty storage space, which in a major city can fetch a premium.
While it isn’t renting out part of your space, you could also consider whether to rent an ATM. These are helpful for your customers and can bring you a steady trickle of income.
Look at marketing your services as products
If your company primarily sells services, bundling them and allocating defined prices can help you generate more money. This will enhance sales by removing clients’ apprehension about signing on for what they perceive to be open-ended projects and making your service appear concrete.
Look at swapping your sales focus
Getting your present consumers to buy more of your products or services is one of the simplest techniques to make more money. Because your current customers are already converted prospects, focusing your sales efforts on them rather than attracting new ones makes tremendous financial sense. They are more likely to buy from you because they are familiar with your company and offerings.
However, if you want to grow sales from existing consumers, you must serve them well. Look at strategies such as loyalty programs to keep them sweet.
Utilize your employees
Do you employ folks who are skilled and commercially viable? You might be able to subcontract them to other companies. If you have great managers, for example, you could hire them out to do team-building and management skills exercises for other businesses. Working for another company can be beneficial to employees since it allows them to get vital expertise in a different setting.
Add services and products that can increase value
Another smart company strategy is to include value-added services or goods. Look at the different things you sell and the products or services that would enhance that even more. For example, if you are selling sofas, can you sell a range of upholstery cleaner to go alongside them? You could also look at offering delivery if this is not something that you currently offer.
Your business location, intellectual property, products, services, customers, and personnel are all assets and resources that may or may not be generating as much revenue as they may be. Use them wisely and you could see a big boost to your revenue.