• 8 Ways You’re Leaving Money on the Table with Your Business

    If you’re wondering where the holes are in your business, and where you might be able to find more revenues, following 8 Ways You’re Leaving Money on the Table with Your Businessare some of the common ways small businesses miss out on revenue opportunities.

    1. Past Clients – Your past clients already have a history with you, which means that they are far more likely to do business with you again. Maintain contact with them via email marketing, direct mail, or an occasional phone call to check in. Not only could they return to do business with you again, they can also tell their friends about you.

    2. Cold Leads – If someone inquires about your business, be sure to check back in with them later. Don’t assume that they will call you when they are ready. Develop a system to follow up and keep the communication going.

    3. Stagnant Marketing – Unless you have all the business you can handle, you must continue to test new marketing tactics to find out what works best for your business. Every business should run several concurrent marketing campaigns at all times, and continue to uncover new strategies that get results.

    4. Same Products and Services – Continue to add new products and services to your menu. Each new offering gives you a reason to reach out to past clients and prospects, diversifies your revenue streams, and can add up to long-term profits. Pay attention to what your customers are asking for that you don’t yet offer and then find a way to deliver what they need.

    5. Internet Avoidance – The majority of businesses today can benefit from adding internet marketing tactics to the mix, including website optimization, blogging, content marketing, and social media. If you are ignoring these powerful marketing opportunities, you are missing out on business.

    6. Solo Insanity – Small business owners wear many hats, but the time comes when you need to hire other people to wear some of those hats so that you can focus on what you do best. If you’re handling your own bookkeeping, managing administrative tasks, or tackling any tasks that you dread, hire an intern, virtual assistant, or a contractor. Even a few hours of reclaimed time per month can help you focus on revenue-generating activities and break through the revenue cap you’ve set by doing it all yourself.

    7. Ecommerce – Take a look at the products and services you sell and see if it makes sense to offer some of them for sale directly through your website. It’s easy to set up an online shopping cart, and if you make it easy for your customers to buy, they will. And don’t forget that you can sell gift certificates online, which is a big missed opportunity for a lot of service-based businesses.

    8. Invest – Though your budget may be tight, it’s still important to reinvest some of your revenues back into making your business successful. Invest in activities that will improve your business image, such as a good website design and marketing collateral. Also invest in marketing campaigns, staffing, education, and advertising. It’s not easy to find the budget when you’re bootstrapping your business, but your business will grow faster if you make smart investment choices. Your investments should bring bigger returns and accelerate your long-term success.

    Filed Under: Small Business

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    About the Author: Stephanie Chandler is an author of nine books including Own Your Niche: Hype-Free Internet Marketing Tactics to Establish Authority in Your Field and Promote Your Service-Based Business and The Nonfiction Book Marketing Plan: Simple Strategies to Build Your Audience and Sell More Books. She is also founder and CEO of Authority Publishing, specializing in custom book publishing and social media marketing services, BusinessInfoGuide.com, a directory of resources for entrepreneurs, and the Nonfiction Authors Association, a marketing community for authors. She has been featured in Entrepreneur magazine, BusinessWeek, Inc.com, and Wired magazine, and she is a contributing blogger for Forbes. For author and speaker details, visit http://StephanieChandler.com. Subscribe to Stephanie Chandler's blog feed here.

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    1. NathanNo Gravatar says:

      All the tips you mentioned in this post Stephanie are really helpful. I believe its one of these mistakes which holds your business from behind, hindering your growth. I know people learn things the difficult way but I think if these things are kept in mind while doing a business, it will do well.

    2. Amy ShieldsNo Gravatar says:

      Thanks Stephanie for sharing your ideas. I may be guilty of “internet avoidance” that is why I’m making myself more involved on internet marketing matters and I have to say that you are right that you are missing out a lot if you are not venturing your business online.

    3. HarryNo Gravatar says:

      I think a business must keep on introducing some sort of nuances in it to keep things rolling. If not new products then new models must be sought of, or else customers may get distracted by cheaper products or companies which offer more at the same cost.

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