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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Standard Consulting Updating Businesses Now On ISO 9001 Changes

Whilst quality management system ISO 9001 is a set of International Standards recognized throughout the world, you could also describe it as a way of life or a mindset. Quality management is one of those things that just makes sense - in fact, much of it is exactly that, common sense! Practical, simple and very effective, it's a way of delivering the very best products and services to the customer - and implementing it really isn't rocket science! Whilst so much of this is commonsense, nonetheless, there is a set of policies, processes, and procedures needed to make it all happen. But this is a system that should be at the very heart of any organization. Whether you own a large company, a small business or you run a voluntary organization or charity, you have 'customers', and meeting their requirements should be your main goal. Well-oiled machine Standard Consulting in Brisbane sums it up perfectly when they describe ISO 9001 as a way of consolidating the many internal processes within an organization into one well-oiled machine. It leads us away from considering a business to be many different components running alongside each other, seeing it instead as a total commitment to quality as a whole. Standard Consulting's Quality Management System training packages help organizations of any size understand and adopt this concept, leading to improved performance, fewer complaints, more happy customers and a better bottom line. Crucially, it will also help organizations meet regulatory requirements and achieve ongoing improvement. Government tenders Quality Management System training helps businesses understand that their customers are not the only ones to consider. For example, a business chasing Government contracts and tenders is unlikely to make even the first cut without a QMS system in place. In our competitive world, where a tender might attracts hundreds of bids, Government departments need some sort of benchmark against which they can measure the applicants. Or perhaps you are an SMB wanting to join a major organization's supply chain. Again, it is unlikely you will be considered with a recognized system in place. Remember, that major company has to meet its own regulatory requirements and keep its customers happy, so it is crucial they work with like-minded organizations. In order to be effective, Quality Management System ISO 9001 must be embraced by everyone within an organization, from top to bottom. And decision-makers within the business need to consider it in the context of all future plans and policies. It also demands that all policies and procedures be documented, and constantly reviewed and updated, in much the same way the Standards themselves are revised and updated. Standard updates In fact, there has recently been a review, with the current version of the Standard being Quality Management System ISO 9001:2015. Three years in the making, this only goes to show how important and up-to-date these Standards are, formulated by professionals from throughout the world. Well over a million ISO 9001 certifications have been issued - a reassuring sign that businesses are really starting to take on board the importance of quality, in their goods, services and internal operations. ISO 9001 was revised to make it more in tune with how we do business these days - reflecting our global market better. Quality Assurance vs Quality Control As professionals such as Standard Consulting will tell you, it is far better to create a top-quality product in the first place - Quality Assurance - than to have to deal with returns and complaints later - Quality Control. It's a mistake to think that quality control is enough. As well as disappointing and potentially losing customers, producing faulty products that get returned is a complete waste of money for the organization. Better to get it the right first time, every time. There are, however, a few misconceptions about ISO 9001:2015, and these will be properly explained during quality management system training. For example, you'll hear some people say that the Standard is only for big organizations, or that it is only applicable to certain industries. That is not the case. Suitable for any business International Standards can be applied to any size organization, in any industry, and be just as relevant. The concept of quality products that are fit for purpose has nothing to do with the size of your business. In fact, we are seeing an increasing number of SMEs implementing these systems, because they can see how it saves them time and money and helps them secure a larger chunk of the market. Another myth is that it is only for manufacturing or retail businesses but again, this is untrue. Quality Management System ISO 9001 is used by hospitals, schools, churches, charities, police departments and more. To put it simply, every group or organization or business needs structure - and structure needs policies and procedures. Think about it - even families have structure, rules, processes, systems, and patterns. So it's fairly obvious you need the same processes and systems in business - but much bigger. To find out how your business would benefit, talk to Standard Consulting - experts in International Standards.

How to Start, Set Up, and Grow Your Own Massage Business

Becoming a massage therapist is an excellent way to be self-employed, earn a good living, and help others. Before you can start, though, you need to be trained, licensed, and certified. Each state has different requirements. At a minimum, you will need at least 500 hours of education and hands-on training from an accredited program. In many states, you will need more. After you qualify as a massage therapist, you can work for a health practitioner or spa. However, you will earn the highest amount of money and get the most satisfaction from your career if you start your own business. You will need to find a suitable space to lease, conform to county and city government regulations, and legally form your own company. Funding Your Massage Therapy Business There are a number of ways that you could fund your business. Even if you are unable to get a traditional bank loan because you are just starting out or have no business experience, you can often get funding from online lenders. Other choices for funding include angel investors, venture capitalists, factoring (getting invoice advances), crowdfunding, and small business grants. Setting Up Your Massage Therapy Business Here are a few things that you will need to furnish and equip your new space: 1.Basic Equipment. At the very least, you will need to have a massage bed(s) to start your massage therapy business. Find one that suits your budget. Thankfully, there is a wide variety of choices when it comes to stationary or portable equipment. You may also want to consider getting a portable massage chair so that you can offer samples at health stores or other places where you can promote your business. Additionally, consider bringing in some additional equipment to improve the massage experience for your clients like adjustable headrests and neck bolsters. 2. Supplies. Customarily, you will need an adequate stock of organic, hypoallergenic creams, lotions, and massage oils. You will also need towels, sheets, and pillows. 3. Décor You should get a good music player, a nice selection of calming music, and aromatherapy candles. As your business grows, you can improve the décor, but you should offer a few things to provide your clients with a sensory, relaxing experience. Finding Clients For Your Massage Therapy Business 1. Decide on your ideal clients. Although you may be skilled in helping all sorts of people with a wide variety of needs, you do need to develop a focus. Decide if you want to specialize. For instance, you may only want to work with athletes, on one particular type of problem, or specialize in one particular school of therapy. By specializing, you will be able to fine-tune your marketing. Instead of being a generalist, you will be a specialist. For instance, if you specialize in lower back pain or only work with athletes, then you will be the go-to-person for people who have those needs. Don't worry, you will have more than enough clients. Moreover, you will be able to charge a higher fee than massage therapists in your local area who have not specialized. You will attract clients who want to pay you for the quality of your work, and not clients who are looking for bargain-basement prices and discounts. 2. Learn how to advertise. You must learn how to advertise. Create business cards, brochures, and flyers. Put ads in newspapers and magazines. 3. Get good at networking. Go to health clubs, salons, etc. and talk to people who could recommend your services to others. You may also be able to meet people via business and networking events. Although it may not seem so at the time, the most challenging part of your new career may not be the educational or business setup process. It may be finding new clients! Here's the thing, unless you get good at finding new clients, you will be unsuccessful, even if you did really well in school and have set up a well-equipped massage clinic. Your biggest challenge will not be becoming an excellent massage therapist, as that is a fairly structured process. It will be learning how to be a good business person, which is a highly creative, unstructured aspect of your new adventure.

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

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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Standard Consulting Updating Businesses Now On ISO 9001 Changes

How to Start, Set Up, and Grow Your Own Massage Business

Benefits of NBFC Business Loans

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