• Home
  • Audit and Accounting
    • Audit and Assurance
    • Financial Planning
    • Accounting and Bookkeeping Services
    • Payroll
    • Outsourced Controller
    • Cloud Accounting
    • PPP Loan Forgiveness Assistance
  • Tax and Advisory
    • Tax and Advisory
    • Tax Resolution
    • Filing Prior Years Returns
    • Owing the IRS Money
    • Behind on Payroll Taxes
    • When Your Spouse Owes the IRS
    • Help with Your IRS Audit
  • Industries
    • Services
    • Construction
    • Medical and Health Care
    • Real Estate
    • Non Profit
    • Retail
    • Restaurant
    • Manufacturing
    • Wholesalers and Distributors
    • eCommerce
  • Resources
  • Blog
  • About
    • About Us
    • Send Us Your Referrals
  • Contact
(855) 543-6476
client.service@waatcpa.com
February 1, 2018

Three Super-Easy Ways to Boost Your Revenue for 2018

Keston Woodhouse Business Development, Business Tips, Profitability Tips

Every business has a gold mine in its current customer base. But not all business owners remember to mine this gold because they are too busy trying to attract new customers or developing new products or services. This is the perfect time of year to step back and remember the three easiest ways to grow your business revenue using your existing customer base.

1. Upsell current clients.

Offer steady customers a product or service with more features than they usually purchase. Examples include moving a client from coach to first class, from a budget vacation to a luxury one, from a standard model car to a luxury version, from an off-the-rack suit to a designer suit, from the standard service to an all-you-can-eat version, and from a regular meal to a super-sized one.

Some customers simply need to be given permission to splurge on themselves, so why not by you? Others have outgrown the standard package but find it hard to break routine. With a gentle nudge from you, a percentage of your clients will purchase the upgrade, therefore boosting your sales with little effort on your part.

2. Cross-sell current customers.

Restaurants practice this the most, asking us if we want appetizers, dessert, or fries with our entrée, and you can apply this to your business too. If you offer two services and a client is only participating in one service, make sure they know about the other service you offer, and find out if they have a need for it.

This is called cross-selling, where you offer a current customer a service or product that they don’t already purchase from you. For example, an attorney that does trademark work for clients might also let clients know that they do wills, too. A pool builder who also offers maintenance service will want to follow up with the new pool owner once the pool is built. A real estate agent who also manages properties will want to let rental property investors know about this service.

3. Raise prices on current customers.

If your costs have gone up but your prices have remained the same, you’ve accidentally given yourself a pay cut. No one wants that, so raising prices is an option that will restore your profit margin to the way it was before costs went up.

If it’s been a while since you’ve raised prices, it might be time to make an adjustment. Review your price list for your services and products and determine what you need to do to bring the numbers back in balance. Let us know if we can help with some profit margin or breakeven calculations to help you make this decision.

Raising prices requires careful consideration and timing. Customers do expect periodic price adjustments, so don’t let procrastination or fear hold you back from making a good solid business decision here.

All three of these strategies will help to raise your average revenue per customer and boost your overall revenue without a lot of additional work on your part. Try these strategies so you can enjoy a more prosperous 2018.

Five Tips to Make Tax Time Painless Is Your Workplace Female-Friendly?

Related Posts

Business Tips, cybersecurity

Fighting Cybersecurity Threats in Your Business

Accounting, Blog, Business Tips, News

PPP January 2021 Update

Blog, Business Tips, News

The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act

Recent Posts

  • Fighting Cybersecurity Threats in Your Business
    February 25, 2021
  • PPP January 2021 Update
    January 13, 2021
  • Wrapping Up 2020
    December 31, 2020
    • Home
    • Accounting and Audit
    • Tax
    • Industries
    • Resources
    • Blog
    • About
    • Contact

    Contact Us

    Tax Services and Accounting services

    Woodhouse Associates CPA

    3510 Main Street, 1st Fl Suite 200, Bridgeport, Connecticut 06606

    7421 Douglas Blvd, Suite #478, Douglasville, Georgia 30135

    (855) 543-6476 | client.service@waatcpa.com

    Client Login

    Copyright Woodhouse Associates CPA 2020 | Site Design by Accelerator Websites