Easy Ways to Increase Revenue for a Small Business

Small business profits ebb and flow according to many factors in the community. When the "getting is good," it is really good, but when profits wane, it is painful. The key to enduring in the lean times is to sock away while you can and to make more on each sale. You can increase the revenue of your small business without spending a ton of money on publicity. Don't work harder, work smarter with these easy tips.

Raises profits with upselling. As a former director of sales, I loved closing the deal. There is just something satisfying about walking away from a transaction knowing that you not only scored a point, but you also got all you could. Make upselling a part of your closing. Upselling is simply offering product enhancers, selling sets of products and providing customers information about warranties. Never give a purchase total without offering an additional service or product.

Be a consultant. Fill in those profit gaps with some extra cash from consulting. Make money for offering special pointers and opinions. This added arm of your business could spell big bucks down the road. Add the title "consultant" to your business cards and share your new service with your regular customers.

Seek out referrals. The best source for new customer leads is within your current customers. Tap into this rich field of potential revenue raisers by doing what the professionals do - ask! After the sale is complete, ask your client to tell his friends and family about your service. Don't quiz him, but do say, "I'm looking for additional clients in this area. Who do you know that needs my services?" Never say negative things like, "You don't know anyone who could help me, do you?" Keep it positive but specific. If needed, offer a referral bonus for current clients like 10% off a future sale.

Join forces. There is power in numbers. Team up with other small businesses in your area to create a network. Teaming up is a win-win for customers and small business owners. Networking is especially effective if you team up with linked services. For example, if your small business provides a book printing service, you could network with book agents or research companies.