Talking Cents

Tips on growing your sales revenue

At the end of the day, every business aims to increase their sales revenue. An increase in revenue will mean more money in your pocket! It is an obvious way to help your business grow but can often be difficult to achieve. Here at M.A.S Partners, the leading small business accountants in Sydney, we work with hundreds of different businesses in different industries and understand the process on growing revenue. As such, we have provided some tips to help you grow your business’ revenue.

Understand your customer base

It is important for every business to understand exactly who their customers are, and what they are looking for. Be sure to check in to see how your customers are going, and if they have an issue that your business can solve. It is much cheaper to keep your customers than to find new ones. There are many opportunities for you to learn from your customers. Try emailing surveys to see how you can improve your products or services and find out exactly what your business is doing well. Continue doing the good things and improve on the areas your customers say you lack. In doing so, you will be able to continually stay relevant to your customers.

Introduce a loyalty program

Loyalty programs are one of the most used ways to improve in revenue. This is because it works! It may require extra admin to offer loyalty rewards, but it can definitely increase repeated purchase from your existing customers. Loyalty programs will help you have a loyal consumer base, and as such will improve your word-of-mouth advertising. It is one thing to find new customers, but another to keep your current ones happy!

Sales promotions

Being used a lot more often nowadays, due to the increase in price sensitivity, sales promotions is a great way to increase revenue. Although you will get a slight decrease in profits- if it means an increase in sales and revenue, it will most likely be worth it. Bundling products or services is another great way to increase your revenue. Sales will increase your foot traffic as well, which will generate temporary hype around your business.

Marketing campaigns

Marketing campaigns can act as a great way to help you increase your sales in both the short and long-term. Be sure to put your all into the campaign, and customers are quick to pick up on ingenuous campaigns. When creating a marketing campaign, be sure that you understand your customer, and appropriately cater the campaign to target them. Unless you are attempting to grow your consumer demographic, make sure to stick to the specific target segment.

Consider M.A.S Partners for small business accounting

Whether it is give advice on growing revenue, or handling your bookkeeping, our small business accountants at M.A.S Partners can do it all. Our small business accountants at M.A.S Partners provide expert advice to help your business develop- including creating business plans, budgeting, KPI analysis and setting long-term goals for your business. A small business accountant allows you to focus on growing your business, whilst they focus on the more tedious tasks and providing expert opinion. For more information on our small business accounting services, click here.