Making sure your business is growing is crucial for a successful and thriving venture. Increasing the revenue of your business is part of the most crucial tasks you need to do as an entrepreneur to ascertain your small company stays afloat for the long haul.
This is important because when your revenue is high, you can gradually make more improvements and expand your business. Through marketing strategies and effective sales, you can increase your company’s revenue. And with accounting and tax services in the Philippines, you can assure profitability. To help with you this, here are five tips on how to boost revenue for small businesses.
1. Reevaluate Your Spending
When you reevaluate your expenses, you will find out where you can save more money by cutting or correcting costs in your operations. You can check the variable expenses of your company and modify, reduce, or remove what you can.
The following are some of the aspects you can look at when reevaluating your expenses:
- outsource services in your business
- reevaluate your acquisition of raw materials and supplies
- Reviewing agreements with suppliers or contractors
- Reassessing variable and fixed costs
Check how your business spends and purchases with tax and audit services in the Philippines. With professional help, you adjust and find ways how to save more money to increase the revenue of your business.
2. Expand Your Market
Expanding your market beyond your usual customers is an effective marketing strategy that can help you gain more revenue. It will help you gain more customers who can patronize and even advertise your products or services to their friends and acquaintances.
To expand your market, you can do the following:
- Adding complementary services to your existing products
- Extending your market are geographically
- Venturing into Cooperative Sales Agreements
There are many ways you can expand your market. You can make use of different marketing strategies to get a higher chance of getting new customers and thus increase your company’s revenue. You can also seek audit services in Manila to analyze profitability of your planned expansion.
3. Implement Effective Sales and Marketing Strategies
Make sure you are connected and visible to your existing customers and potential customers. It is crucial to stay connected with them through digital or traditional marketing to gain revenue.
Investing in strategies that can help make your company more visible to more audiences will help boost your revenue. Having a website, social media presence, and email marketing are some of the good ways you can show authority and boost reputation to both new and existing customers.
Another thing is to take advantage of licenses, certifications, and accreditations because these will help set you apart from your competitors in the industry and ensure your credibility and legitimacy to your customers. It would also be an advantage if most of your employees have accreditations for their practice.
4. Provide Sales and Coupons
Offering sales and coupons will help you earn more income because it will entice many of your customers. It will give you an edge because it will spark patriotism among your customers. Just make sure you have a good profitability ratio and don’t compromise on this aspect.
In addition, sales and coupons are effective tools that can increase your customer’s purchasing power. They provide a sense of urgency and push your customers to purchase your products sooner than later because of the usual time limits.
5. Revamp Payment Gateway Channels
Entrepreneurs like you know that it is crucial to offer your customers payment gateway channels on different platforms. Due to the COVID-19 pandemic, a lot of businesses have been struggling to cater to their customers because the payment options are limited.
Find time to engage with different payment operators so you can cater to your customers who would prefer to pay through cash, credit, debit, and/or e-money. You will reach more customers when you partner with payment gateway firms while also providing them the opportunity to enjoy the promotions and benefits offered by these channels.
Due to the COVID-19 pandemic, many businesses here in the Philippines have formed partnerships with local banks, G-Cash, PayMaya, Grab, and many more. It would be an advantage for your business to follow the trend, especially with the social distancing and contactless guidelines imposed by the government.
As an entrepreneur, it is part of your job to continue finding ways to generate more revenue for your business to grow and expand. If these tasks are too exhausting, you can always opt to ask for help from business consulting firms to guide and help you. You can get assistance from reputable accounting services in the Philippines like our team because CPAs don’t only check your books. We also provide analysis, projects, business guidance, and management consultancy services. Get in touch with our team and take advantage of our free 30 minute consultation.