Hi, everyone, welcome back to another episode of What's Your Game Plan! Today we're going talk about my favorite topic... Revenue! Most people get pretty excited about the opportunity to bring more money into the business, but when should you actually start focusing on revenue generating activities? If you're in charge of managing your companies revenue, stay tuned.
Driving revenue for some organizations comes very easily. They've usually managed to define a clear and powerful sales strategy with very specific and measurable goals. In order to increase your revenue, you've got 4 options. You can:
1. Increase the number of customers - So we had 10 customers, now we have 100.
2. Increase the average transaction size - Every time they shop with us, they spend about $25 on average, now they spending $75.
3. Increase how often people buy from you - They were buying once a month, now they buy every week.
4. Increase your prices - We were selling this for $100, now we sell it for $125.
So now that you know your options, when is it appropriate to start focusing on these sales activities?
1) When your business is a startup
As a startup, you should be focusing on revenue from day one. You need to be cash positive and generating as much as possible. It's better you start now to avoid any cash flow problems in the future.
2) When sales are declining
When you're in sales slump, it's time to switch it up. You may need to re-engage past customers to promote a special one time offer or even ask for referrals. You can quickly generate lots of cash with email marketing and cold calling.
3) When you're interested in being acquired
If you're willing to position your business for a strategic acquisition, you'll need to start focusing on revenue generating activities. Most buyers want to see a strong return on their investment, so growth should be your number one priority.
4) When you want to become a bigger entity
If you want to transform your small business into a big business, you'll need to focus on revenue. Revenue is going to be needed to cover more salaries, more expenses and to keep the lights on. If you're already selling, you should focus on up-selling more products and services to new and existing customers. This will generate more revenue per transactions and get you a lot closer to meeting your goals.
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