Optimize Your Small Business Revenue by Taking These Steps

Published on: 30 April 2020 Last Updated on: 31 October 2024

Making more money as a small business isn’t as straightforward as simply selling more product. There are many different variables that go into any business’s bottom line.

The trouble is, finding those variables, and knowing what to do when you’ve found them can be a huge challenge!

If you’re looking for a way to optimize your small business revenue without necessarily selling more products, these tips will help you get started.

Forecast Future Demand for Your Products

One of the most intimidating things any business has to deal with is figuring out how much product to have in the storeroom. Although you may think having more is better than not having enough, having too much can be just as bad. Manufacturing all that product takes money, and if it doesn’t sell, you’ll be out the cash you spent to have it made.

There are things you can do to predict your selling forecast as accurately as possible. They include things like:

Assessing the success of your marketing campaigns
Consider your sales history
Knowing the costs associated with customer acquisition
Spending extra time preparing before the holidays

By making an informed guess at the future demand for your products, you can ensure you don’t make too much, but you can also ensure you have enough in the warehouse, so you don’t have to turn any business away.

Forecast Future Trends

Not only do you need to spend time figuring out the future demand for your products, but you should also have your finger on the pulse of future trends. Keeping an eye on trends will help you assess the future demand for your products, but it can also help you develop new products that will appeal to new and existing customers.

Digital tools can help you do this. For example, you can subscribe to subreddits to discover trends, while Google Trends can show you real-time searches on the world’s most used search engine.

Don’t be afraid to develop relationships with other professionals in your industry! Although other businesses may be the competition, they can also be allies. You can refer customers to each other, and you can share interesting developments you’ve observed in the market.

Dive Into Your Data

Although forecasting demand and future trends can be hard, they can also be fun. That isn’t necessarily the case when it comes to diving into your data.

Collecting and analyzing data can be tedious, but it is the best way to learn about the hidden details of your business. There are many ways to do your data analysis better, but one of the best tips is to make time to look at seemingly meaningless data. From combing over time-stamped sales receipts to third-party transaction logs, you never know what kind of information you’ll uncover!

Segment Your Customers

You may think you know your customer base, but it’s rarely as simple as it appears on the surface. It’s more likely that you have multiple segments of customers from different demographics with different needs.

Segmenting your customers allows you to break down a large audience, enabling you to create marketing strategies that target the pain points of those groups. You can focus your message to appeal to the right people, and test separate messages for different groups.

It also ensures you optimize your marketing strategy. By targeting specific audiences with detailed messages, you can increase your ROI.

Optimize New Areas of Your Business

Chances are, there are some areas of your business that you have spent a lot of time on. It should go without saying that there are other areas of your business that have received very little attention at all. If you want to optimize your business’s revenue, it’s time to start looking at those underappreciated areas of your business.

A few things you may want to do to optimize your business include:

Update to cloud-based software programs
Personalize the online experience
Find ways to automate time-consuming processes
Work at developing a more robust social media presence
Learn about and leverage application programming interfaces (APIs)
Make sure your site is optimized for mobile
Offer a new way for customers to buy your products
Rethink your hiring process

If you want to make more money, you can always try and sell more products, but you’re leaving money on the table if that’s the only way you try and increase your revenue. There are many things you can do to optimize the money you’re already making.

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Benefits of NBFC Business Loans

Being a small-business owner, you have been putting your whole-hearted efforts to make your business venture a success. You have been working long hours, traveling for client meetings to different cities, staying away from home for days on stretch and also investing all your personal savings and assets to take your business to new heights. Now that you have put your business on the path to growth, it suddenly dawns on you that you have not been able to pay adequate attention to your financials. Now when there is a significant opportunity in front of you in the form of a brilliant idea, which will change the future course of your business, you find that you do not have necessary funds to put that into practice. You feel anguished and frustrated, but that is not going to serve any purpose. So rather than ruing your ill-luck, its better you start looking at other options that you must explore, to meet your financial requirements. One of the most obvious options is availing an Unsecured Small Business Loan. What is an Unsecured Small Business Loan? Business Loans that are available to small business owners for their desired purpose without any requirement of collateral are called Unsecured Small Business Loans. These loans are extended by all financial institutions in India, private sector as well as public sector. You are free to utilize the loan amount for any purpose you may deem suitable including the purchase of machinery, upgradation of infrastructure, renovation of office premises etc. There are two types of unsecured business loans in the market NBFC business loans and Bank business loans. The repayment of these loans is to be made in monthly EMIs. Advantages of Small Business Loans Small business loans offer a flexible source of funding for you to meet your urgent financial requirements. There are various advantages provided by small business loans such as: - No dilution in ownership : When you take a small business loan from a financial institution, you need not provide any collateral and are free to utilize the money in any way you want for your business purpose. The lender does not have anything to do with the way you have spent the money, as long as you repay your EMIs on time. This ensures that the ownership of business stays with you and is not diluted. This is a better option compared to other sources as venture capital or personal borrowing, where you must give up a part of your ownership of your business in lieu of money. Taxation Benefits : Small business loans are to be repaid in monthly installments, which comprise principal component and interest component. The interest that you pay on loan is allowed as an expense, and you can claim tax benefits against the same. This, in turn, reduces your tax burden, and the loan in effect costs less in practicality. No other source of funding offers this option. No Collateral required : If you do not have any collateral to be hypothecated with the financial institution, then unsecured business loans are your only option. This is an ideal situation for new businesses or start-ups who have a great idea but do not have any collateral to be mortgaged. If required by the lender, you can get a guarantor on board. Lower Interest Rates : Unsecured small business loans have a more moderate rate of interest as compared to various other sources of finance such as credit cards or private money lenders. Lower interest rates mean lower EMIs which translate into a lesser burden on your finances. In some cases, the government also offers subsidies on unsecured business loans to help small business owners have easy access to credit at lower interest rates. No stress on working capital : When you are able to avail an unsecured business loan, you get spare money at your disposal, which can help you in getting better deals from your suppliers and vendors. Moreover, this ensures that you need not withdraw money from your working capital and thus you can meet your daily expenses conveniently. Also, as the EMIs are to be paid on a monthly basis only, you do not have to put pressure on your cash cycle by withdrawing huge sums together. Flexibility in Repayment : some NBFC business loans come with the option for EMI holiday or flexible repayment options, where you only need to pay interest on the loan as your EMI for a specified period, in the beginning, this way your EMI payments, in the beginning, is reduced and you get time to manage your financial position. The principal amount for this mortarium period is adjusted over the remaining period of the loan. Unsecured small business loans offer a lot of benefits for you. But you must conduct proper research and analysis before you take a final decision regarding the loan. Read Also : Top 5 Types Of Startup Business Loans Major Financial Problems That Can Affect A New Business

Some Facts You Need to Know About Rainwater Harvesting

The practice of rainwater harvesting, also known as roof water harvesting, involves setting up systems that allow any rainwater that falls on roofs to flow to rainwater collection tanks and not on the ground. The rain stored in tanks can then be used for a few chores that require the use of water, like gardening and driveway cleaning. While rain is clean, rainwater that’s already in the tank is generally not recommended for use in tasks like handwashing, dishwashing, and clothes washing. Drops pick up dust and other impurities when they land on roofs. In urban locations, it’s worse because drops pick up impurities whilst still on the way down. As such, rain in tanks should be further purified to become suitable for more chores and important tasks. That said, rainwater harvesting can cost much in terms of time and money. Despite all the effort and money needed to get the most out of a rainwater harvesting system, having one in your home is still better than having none. Here are the benefits of having a rainwater storage tank in your property. Benefits Of Rainwater: You Save Money If you live in an area that gets a lot of rain each year, a system that’s properly set up will allow you to save significant a good amount of money on water each month. Remember that you pay for every liter of water that is sprayed out a garden hose. You Help Prevent the Depletion of Local Water Supply Water that flows to the taps of houses comes from underground sources and surface bodies of water. If more people use water supplied by the utility companies, time will come when there won’t be enough for all. Thus, by building your own rainwater collection system, you help prevent shortages. You Help Save Energy Also, it goes without saying that water from underground and surface sources isn’t 100% safe for human consumption. It has to be filtered or cleaned using energy-intensive procedures. Thus, by building your own rainwater collection system, you take part in lessening the energy consumption involved in the filtering of surface- and underground-sourced water. You Help Prevent Flooding and Erosion in an Area The practice of rainwater harvesting can reduce erosion and flooding near downspouts. It also helps in controlling stormwater runoff. When heavy rains come, there is a tendency for stormwater infrastructure to be overwhelmed. When this happens, both sewage and contaminated water will overflow into groundwater. If rain falls onto concrete, asphalt, and other impervious surfaces, it won’t go into the ground. Because it does not go into the ground, it cannot help replenish groundwater. When it flows across man-made structures like parking lots, it will pick up pollutants. This will eventually reach the water supply. With rainwater harvesting, you can reduce how much water adds to runoff. If, by this point, you’re convinced that you need to build your own residential rainwater harvesting system, here are the best ways to go about it. Rainwater harvesting systems are typically composed of the following: A collection surface or catchment area The catchment area needs to be an impermeable surface, and the best one to use is the roof of your home. Just make sure the roof to be used is made of non-toxic material. Conveyance system This can include gutters as well as downspouts which lead water from collection surface to water tank. Filters and Diverters Both things prevent dirt and leaves from entering the water tank and mix with the water. Tank Choose one that can fit in your property and store enough water for your household. Water treatments The treatments to install in the system will depend on how you intend to use the water. Options include carbon filtration and drip irrigation. Distribution system Transports water from containers to parts of the home where water will be needed. Options include gravity systems or pumps. How to Set the System Up The first step is to evaluate the site. Determine where on the premises the rain pools, flow and drains. It’s also important to determine your property’s exact size, boundaries, and the exact location of electric and plumbing lines. From there, you can determine where to place the tank. Next, determine the required components for the system. Consider tank location, tank size, collection surface size, treatment methods, and preferred distribution method. You may need to consult a professional rainwater harvesting system(rainwater collection system) installers for this step. Once you have determined the components your system needs to have, as well as the exact locations of these components, the next step is selecting an installation expert. Make sure the chosen installation expert is knowledgeable, experienced, and licensed. After the installation, make sure to ask the installer the best ways to keep the system clean and functional at all times. This way, your system can last several decades in your place. Read More: How To Start Trading On The Stock Market And Profit? 5 Questions To Ask Yourself While Finalizing An E-Learning Platform For Quality Education Google Maps Marketing: Guides On How To Boost Brand Advantage

Employee Monitoring Linked To Business Growth

The name “Spy App” itself sounds awfully notorious like something out of a James Bond movie, but according to the state law, its use is quite legal. As long as employers follow a few basic rules regarding spy apps, they are perfectly authorized to monitor employees by using the said apps. Spy apps like; TheOneSpy is quite helpful in keeping track of employees’ various activities, online and offline. They indirectly can also serve as a great medium of business growth strategy. According to various surveys, companies lose millions of dollars every year due to non-work related internet surfing as well as idle employees who slack off during work hours. This is where turning to spy applications can serve greatly in terms of business growth strategy in the following ways: Read Also: What Does Business Law State about Monitoring Employees? You Can Increase Employee Productivity Most businesses use video surveillance to keep an eye on their employees. Video surveillance was enough at a time when if the boss saw that the employee was in his cubicle, it meant that he was working. But now, with unlimited access to the internet, employees can browse through various blogs and videos at their leisure while they pretend to be working. Such a coupe can seriously damage the productivity of such an employee since their work vs. time ratio doesn’t add up. If such employees learn that their employer has his eye on every single keystroke they make on the company sanctioned computer, it greatly reduces the chances of them slacking off during work hours. Additionally, this way you can easily work out the slackers and identify the hard workers they have in their business firm. Keep Confidential Information From Being Leaked Humans are fickle beings by nature. They can be the best people you have ever met and yet at the same time, they can turn out to be the worst people you can have the misfortune of ever coming across. We meet thousands of people every day. When we meet them, we can never know at a glance whether they are worthy of our trust or not. The same goes for employers when they hire an employee. At first, even the most notorious people seem fine but when given the time, such people show their true colors. Spy apps can serve as a brilliant medium to catch such people early on since spy apps allow you to: Take a look at their browsing history. Keep an eye on the emails being sent or received. Get detailed logs about every single keystroke being made by the employee. This way, if you keep a close eye on a certain suspicious employee by using the spy app, you can not only prevent confidential data from being leaked but also catch such a thing from transpiring early on. Keep Internet Abuse At Bay Since most companies conduct most of their business interactions and other things using the internet. They use high-speed internet connections to make sure that an important business deal is not hindered by bad internet connection. Such high-speed internet bandwidth is equivalent to a shot of cocaine to an internet junkie, who’d rather watch funny and cute cat videos all day long instead of actually doing work assigned to them. Such slackers do not only abuse the unlimited internet access companies allow their employees, but it also reflects badly on the company if they are not on top of all the work assigned to them. Spy apps help company owners out with this problem as well. Since spy apps allow employees to block certain websites from being accessed by the target device, they can easily block the websites their employees are obsessed about to get them back to work. Keep Employers From Stalking Co- Workers One of the biggest setbacks being faced by business owners is employees manipulating the use of office hardware and bandwidth to stalk co-workers. Since almost all the official data is accessible by certain employees, they can use this data to harass their co-workers which may not reflect nicely on such a business if the local authorities are informed of such occurrences. Therefore, it is in the best interest of business owners to use spy apps to discover such obsessive behavior and immediately nip it in the bud before it can become much worse. The Bottom Line A business and its success completely rely on the people working for it. Unfortunately, as mentioned earlier, humans are fickle by nature and such fickle nature is bad for business. Therefore, investing in a good spy app is in the best interest of business owners since they can serve as a great pair of eyes and ears on troublesome employees. Read More: 5 Major Tips To Increase Employee Engagement In A Call Centre Industry How To Get What You Want At Work By Strategic Negotiation

Optimize Your Small Business Revenue by Taking These Steps

Forecast Future Demand for Your Products

Forecast Future Trends

Dive Into Your Data

Segment Your Customers

Optimize New Areas of Your Business

Have You Been Laid Off Because Of Coronavirus? Here Are 5 Income Earning Opportunities For You

Principles for Leading Your Company through COVID-19 Crisis

Content Rally

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

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Benefits of NBFC Business Loans

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Employee Monitoring Linked To Business Growth

Optimize Your Small Business Revenue by Taking These Steps

Forecast Future Demand for Your Products

Forecast Future Trends

Dive Into Your Data

Segment Your Customers

Optimize New Areas of Your Business

Share this Article

Have You Been Laid Off Because Of Coronavirus? Here Are 5 Income Earning Opportunities For You

Principles for Leading Your Company through COVID-19 Crisis

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

Leave a Reply

Popular

Follow Us

Recent

Related