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1. Small Business Solver Questionnaire will help you no matter what stage of business or challenge you have.
2. The Sales Solver Calculator will help you find the area of your sales that needs the most improvement.
3. The Idea Tester will find some red flags with your business idea that you could focus on.
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An example of a webinar is below on how to generate more revenue!
Revenue Generators for Small Business
This is a subject that is very near and dear to all small business’ hearts as this is something that is at the core of our businesses.
The primary purpose of a business is;
1. Create and keep a customer
2. Create and keep a customer
3. Create and keep a customer
We are in business folks! We are here to satisfy our customers. With that cemented firmly in mind….
How do we measure success? Probably the best way is Customer Satisfaction. You should use MEDA. M is meeting expectations. E is better as this is exceeding expectations. Although this is okay, D is better at delighting. Better yet, how do we Amaze our customers? How can we be so amazing that our customers are referring us to their friends and acquaintances. This is part of revenue generation!
How do we measure if this is working? This is easy. Repeat Business!
So we measure success through customer satisfaction and the end goal is to have repeat business.
Revenue generation is really all about focusing on sales. There was an interesting study from Dun & Bradstreet that identified that businesses fail when they have low sales (no kidding!). Then they said that businesses did well with high sales (again, not rocket science). Then they went on to say that all else is commentary. If you don’t have business coming in the front door, you can forget about the other issues. We get bogged down in inventory levels and costs, but our success is based on being able to get orders.
Let’s focus on the top line the revenue formula.
The first thing that builds into the revenue formula is the # of leads. We then look at our conversion rate, how many customers are closing. When we multiple these two we come up with the number of customers.
So if we can increase the number of leads we have. If we can improve our presentation skills, etc. Then we will have more customers.
We take the number of customers and multiple this by the average sales dollar multiplied by the sales per year, this will increase your revenue.
Breaking this down, we need to increase the average sales price. Can we upsell? Not just adding fries to that, but are there other needs that we can fulfill? Perhaps there is something else that has a higher sales value that we haven’t offered yet.
Or is there an approach that will result in more than one sale during the time period?
Regardless of what you sell, if we look at these 4 elements and impacting these will yield a much larger revenue for your company. A recap of the 4 areas that we need to focus on;
1. Number of leads
2. Conversion rates
3. Average sales size
4. Number of sales during a period for a single customer
One tool to use and to think about is the productivity focus.
– Do more of certain things. Are there things that are working you should do more of?
– Do less of certain things. Is there something you should curb back on?
– Start doing something you are not now doing
– Stop doing something you are now doing
There are some other general areas that you should consider when thinking about generating revenue.
You need to plan to succeed using some of these levers that we could consider using.
1. Sales Function
2. Differentiation
3. 4 Ps of marketing
4. Pareto Analysis
The video goes through how to use these levers specifically to build revenue. Enjoy!
