4 Creative Ways to Increase Your Business Revenue

Anthony Christensen

January 04, 2019

	Not rated
	Rate:

Running a business is a challenge. And while you may be reaching your financial goals each month, you always need to be looking for ways to increase your revenue stream as well. However, many people simply do not have the resources or expertise to expand their revenue streams properly.

Fortunately, here are four creative ways to increase your business's revenue and bolster your company's finances.

Raise or Lower Prices

If your company is not selling your products at the correct price point, you may be restricting your ability to maximize your sales. Both pricing your products too high or too low can harm your bottom line, so make sure your prices have found that happy medium.

You should already know the cost of goods sold (COGS) for each one of your products, and if you don’t, then you need to find out ASAP. Also know your industry’s market and the prices of your competitors, and have a deep understanding of your competitor’s products and how they compare to yours. Know where your product quality falls within the current landscape and find your price equilibrium.

Expand Your Marketing Plan

One of the hardest tasks that businesses face is expanding their marketing plan. While they may be able to tap into local markets, expanding beyond their inner circles and finding new customers can be a daunting task.

Fortunately, social media marketing has made this task easier than ever for new businesses. You have the ability to target areas and demographics of people that you want depending on your specifications. You will be able to reach a new audience this way that can effectively increase your sales.

Create Specials

An important thing that many businesses fail to do is create specials more often. Specials allow you to bundle together products and services at a special cost. As an example, you can offer a full-priced item that comes with another item at half its cost. This is a great way to help people save money and incentivize them to purchase more expensive items.

Invest in the Stock Market with Company Funds

Not every business owner will feel comfortable with this income strategy, but it’s completely legal to invest in the stock market with funds from your business, even if you’re a small business.

You will want to be sure you’re not using funds it takes to run your business, and that you record and file your taxes appropriately. Filing taxes for profits from the stock market will work differently for a company compared to a private citizen or employees of a trading firm like Maverick Trading.

Creativity is King

There are always ways that you can make money for your business if you think creatively enough. All the problems that you face are simply solutions waiting to be found. Thinking outside the box and utilizing the tools at your disposal will help you increase your revenue and expand the business into what you have always dreamed it would become.

However, it should be noted that these tips take time to accomplish. Rome wasn't built in a day and you will need to be patient to accomplish these tasks. Fortunately, patience is a virtue in the world of business and you are about to see your business expand in many ways because of it.