Instead of pushing the usual idea that increasing your business revenue is all about creating new income streams, we had a good long think about creative practices that businesses can implement to generate extra revenue from what they already have. Below are the fruits of our labour, and they include happier employees, optimising your resources, banking on your values, and fully appreciating your existing customers.
As an employer, focusing on increasing happiness among your team is not only a great end unto itself, but also positively affects the overall success of your business. A great work culture helps businesses to attract and retain excellent employees and motivate a better work ethic, and it has also been found to increase profitability. In fact, companies with happy, engaged staff are 22% more profitable than those with unengaged staff.
That’s great to know in theory, but where to begin? ‘Make your staff happier’ can sound like a pretty daunting task - but there are a few simple ways to begin the journey:
You can find more excellent suggestions for improving employee satisfaction here.
One of the easiest ways to create new revenue streams is to make better use of your existing resources. Parkable has found that the average company car park has between 20 and 35% of its space unoccupied during the workday, and many offices have more desk space than they currently need. Instead of having these resources go underused, why not lease them to people outside your business and make some extra income?
If you have a parking space that has spare capacity, consider using the Parkable app to share your extra bays with others and help you achieve some easy extra revenue. Simple to use and flexible to suit your schedule and work hours, leasing your extra parking bays can bring in revenue every month with almost no effort on your part. Pretty neat, right?
Hot desking is another easy way to immediately increase revenue, as well as bringing fresh faces (and fresh ideas) to your business. You should look for people who can bring their own unique energy and experience into your building, so that your workplace becomes more enjoyable as well as more profitable. Try Shared Workspace for Australia or Shared Space for New Zealand to find hot deskers.
In many industries, you will have a huge number of competitors. How do you set yourself apart from other businesses that do something similar to you? One option is to market yourself based not only on the quality of your product or service, but on your values.
Where to start? Here are a few easy steps, and the local companies that are carving out a niche by practicing sustainable and prosocial business methods.
Whether it’s your environmentalism, your support for community projects, or whatever else your business really cares about, chances are there will be other people who care too, and they’ll be thrilled to find you.
Many businesses will be using upselling and cross-selling techniques without even knowing it, because often, it’s just a natural part of the sales process. If you’re already onto the terms, skip ahead - otherwise, here are some quick and dirty definitions.
However, what it really means is making the most of the customers who are already purchasing your products or services - something which many businesses underestimate in the quest to grow their customer base. Whether your business uses these techniques consciously or not, the importance of upselling and cross-selling for revenue is huge.
Here are some easy ways to boost your upselling and cross-selling, which could have huge impacts on increasing your revenue.
Well, that’s it from us! We hope that you’ve found some positive and innovative suggestions for increasing your business revenue.
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