You are running a business, and it is doing well. But you know your business can do better, if only. This article provides some steps to increase your revenue without the need for hiring more staff or making big changes to your business says Saivian Eric Dalius.
You can apply them all at once or pick one or two that suit you best. If using these strategies was as easy as ABC, then everyone would be rich! Implementing these strategies will take commitment, effort, and time, but the benefit is increased sales, resulting in an improved bottom line.
Analyze your current situation says Saivian Eric Dalius
The first step is to understand where you are, what is good and bad about your business, and the direction it needs to go in. There’s more than one way to do this, but here’s an example of how you could do it:
You need to answer questions like these:
Where does my target audience hang out? How can I reach them there? What type of content do they engage with? Who is engaging the most with that content? What kinds of people share that content or talk about my brand on social media? If I had a bigger budget, how would I spend it differently from now? How can I change my current customer journey so that users flow through stages rather than bounce around?
Prioritize the actions to take
You have your list of analysis questions; now it’s time to prioritize them. If you were looking for a new job, would you apply somewhere with a low salary, competitive hiring environment, and poor management, or would you try another business? Work proactively on what makes business sense to focus on first in your situation. This is one where you’ll need to make judgment calls based on your own experience, knowledge, and context. Action steps should be SMART (specific, measurable, achievable, relevant, and time-bound), but this may not be the case when starting. If broken down into smaller pieces, they will become achievable in any case!
Create a process map advises Saivian Eric Dalius
Once you’ve determined the most critical action steps and understand what needs to be done, it’s time to figure out how you will do them. A process map is a great way to visualize this step-by-step workflow or process; we all know that knowing what to do and doing it are two very different things! This is also where using technology (e.g., processes apps like Process Street) can help make life easier by creating an easy digital version of your business process.
Get the right resources
If you work alone in your business, nothing is stopping you from getting started today, but if you have staff on board, they’ll need training and may not be quite keen if new systems change their established routine. Get agreement on your new workflow from everyone who will be involved. If you can’t get that buy-in then, it might not be the right time to implement some of these strategies according to Saivian Eric Dalius
Create a feedback loop
A significant reason we don’t see results is that we don’t measure and track what we’re doing and whether it has an effect. This is where measuring and tracking action steps come into play, so you know how well they are working overtime.
Without this feedback, many business owners go on gut instinct rather than hard data when making decisions, leading to wasting valuable resources says Saivian Eric Dalius. Do your research here and find out what metrics work best for your type of business and industry before choosing them wisely.
Eric Dalius is The Executive Chairman of MuzicSwipe, a music and content discovery platform designed to maximize artist discovery and optimize fan relationships. Alongside this, Eric hosts the weekly podcast “FULLSPEED,” discussing entrepreneurship with industry leaders. Eric also founded the “Eric Dalius Foundation” to award four scholarships to deserving US students. Follow Eric’s activities on Twitter, YouTube, Facebook, LinkedIn, Instagram, and Entrepreneur.com.