How to increase business income

Richard Branson once said that an entrepreneur who is not able to increase the company's efficiency by at least 5% will not be able to achieve great success. Even if the company is at the peak of opportunities, it is still possible to increase revenues.

Instruction manual

1

Increase productivity of workers and equipment. In the first case, you can use the theory of motivation (external and internal approach). For example, you can praise an accountant for an excellent report and assign a bonus to the one who manages to close the most transactions in a month. In the second case, improvements are due to modernization and quality service.

2

Focus on really important things. Very often, workers do not work on tasks that are really priority. For example, it may take several hours a day to fill out various pieces of paper. Optimize this issue, set precise goals for your employees, and try to stick to such rules yourself.

3

Start collecting an audience for your business yourself. If before that you used mostly foreign platforms (for example, advertising on billboards), then start generating them yourself. For example, you can create a website on the Internet and use it to attract new customers. You can also release a magazine in your niche.

4

Use customer reviews. If you have not applied this technology before, then try to implement it as soon as possible. After completing any transaction, invite the person to leave a review. It doesn’t matter if it is positive or negative. In any case, you will know in which direction you will develop. Therefore, negative reviews are even preferable.

5

Start collaborating with competitors. No matter how strange it may sound, but they can help you increase profits. Suppose two taxi companies operate in different areas of the city. The client called from the area where you do not work - just discard the order to competitors for a part of the profit. This practice allows you to well reduce average costs and increase total income.

6

Retain old customers. It is believed that getting a repeat purchase from an old customer is 6 times cheaper than attracting a new one. Accordingly, you must do everything so that people come back to you again and again. Offer various discounts, bonuses and other programs. Remind them via SMS and email that a new product has arrived.

7

Keep track of and improve your ad’s performance. If you do not know the numbers, then very soon this event may become unprofitable. Suppose advertising on TV brings 0.05 customers per thousand rubles, and putting up ads for 2 customers per thousand rubles. It is better to maximize the second method, and only then resort to the first.