248. How to Increase Revenue In Your Business, Quickly

If you have been struggling with how to increase revenue, I want to teach you how you can increase revenue in your business without extra hustle or driving yourself crazy.  If you've been in business for a while, most of us coaches will come along and tell you to increase your prices. Sometimes that’s the right answer; sometimes it’s not.  So, let’s talk about what you can actually do to increase revenue without increasing your prices: Look at your expenses There is so much money flying out of business accounts and personal accounts. Ask yourself, Where are you spending money on subscriptions, and where are you spending money on software?  You can also look at things you’re spending on that aren’t necessary. Here’s an example: When I had a new client sign up for a new program, we would send huge, expensive packages all the way around the world. We loved them. But it was so much money going out. Instead, for people who don't live inside the United States, we decided to send them gift cards to their favorite local store so they could pick out things themselves. It ended up really decreasing our expenses, and it actually increased the joy in most of our customers. Where are your customers and clients failing Deconstruct where your customers and clients are failing. An example from one of my recent clients was to deal with late cancellations and late shows to her one-on-one sessions. This did two things: One, it did end up increasing her revenue, and two people started showing up on time, which actually benefits everybody. The other thing is a late cancellation fee. If someone has decided at the last minute not to rehire you for a subscription or to renew their contract with you, but they said they would and changed their mind. Similarly, you can put a fee into your contract. If they're signing the contract for six months and for some reason they choose to leave early, that's fine. But here's a cancellation fee of 50% to 100%. Make sure it is very clear in all of your documentation. Remember as the business owner, you have the discretion whether or not to charge that fee.  Work you’ve already done. Most of the time, just talking about what you have for sale will end up increasing sales. It may not increase sales for the one specific thing you were offering, but people remember you, and they may come back and purchase something else. Has there been a marketing campaign that didn't work as well as you wanted? Go back and tweak it, and try it again. The benefit is that it won’t take you weeks or months to put together. Also, reach out to past clients. How are they? What's been happening in their business? Ask them for referrals if they're not ready to work with you again right now, or if they're not looking to buy something new from you right this minute. They may know somebody who is. Listen in for the final tip! Mentioned in this episode: Save your spot in The Abundance Academy: https://sarahwalton.typeform.com/to/X8lEWujM  What’s Causing the Results You Have Right Now?: https://sarahwalton.com/causing-results/  Other GoG episodes you might want to check out: Test That Marketing Tactic to Accelerate Your Business: https://sarahwalton.com/test-marketing/  3 Easy Tips for Your Sales Conversations: https://sarahwalton.com/sales-conversations/  You can check out our podcast interviews on YouTube, too! http://bit.ly/YouTubeSWalton   Thank you so much for listening. I’m so honored that you’re here and would be so grateful if you could leave a quick review on Apple Podcasts by clicking here, scrolling to the bottom, and clicking “Write a review.” Then we’ll get to inspire even more people! (If you’re not sure how to leave a review, you can watch this quick tutorial.) #IncreaseRevenue #SmallBusinessTips #EntrepreneurSuccess #MakeMoreMoney #RevenueManagement #BusinessOwner #GrowYourBusiness #AskExpert