A growing number of business owners are learning how to manage their businesses with less than half-full coffers, or even empty ones. This is called “lean” revenue generation. Lean can be achieved through various strategies, but one of the most effective ways is by offering low price points with a strong brand image.
Many large corporations use this strategy in marketing, where they market products that are clearly better than those of more expensive competitors.
Smaller companies can do the same by undercutting larger rivals on quality or service. By going up against bigger guns, you lower your own cost barrier for entry, creating a competitive advantage.
This article will talk about some easy ways to launch into lean revenue generation via lowering your overhead costs.
A strong understanding of your business and marketing strategies is integral to improving your revenue growth. You can start by taking notes on this article and other relevant articles.
Reading more about marketing and leadership will help you develop your skills as a leader, which helps grow your company.
Business owners who are in their early stages of starting their own companies may not have enough knowledge around marketing, leadership, or creating an efficient work environment.
They may also lack self-confidence when it comes to leading others. If these issues remain unaddressed, they could be hurting your business long term.
There are many ways to boost your team’s performance, from changing jobs to giving them praise to motivating them through different means.
Achieving success as an entrepreneur or business leader is not about being in the know of all things, it’s not about having every answer at your disposal, it’s not even about making decisions that make you feel good on the surface, it’s about choosing between two hard alternatives and picking the harder one over and over again until you succeed, at which point you can choose the easier option.
It’s also about keeping an eye on the bigger picture, on what will have the most lasting influence on your company — this might be investing in new technology, developing relationships with key people, promoting through the right channels to increase awareness of your product, or creating clear goals and strategies for growth.
In other words, it’s about focusing on the customer, consistently and relentlessly.
A personal approach to serving customers can go a long way in ensuring their business relationship is strong. If you are not sure what steps to take, start with greeting each other with appropriate levels of respect, if possible.
Clothing that fits well and looks good will make you feel better about yourself which will help motivate you to do your job more effectively. For example, someone who has just walked into the office may be greeted with a tight-lidded face or a cold tone of voice due to an angry conversation they had earlier.
If this happens to you, try to put some extra time into pleasing them before they leave. Make eye contact, ask how their day went, let them know it was yours too, and that you hope things work out for the best.
A large part of any business’ success is its ability to generate revenue. More dollars in the bank means more money left over to invest in your company, increase the salaries for employees, or do whatever you want to grow your business.
But how much revenue does it take to call yourself successful?
There are two major ways to define “successful” for an entrepreneur — either as a profit or net income. Both are good metrics to use, but there is one that seems to get thrown around way too often these days: total dollar growth.
Total dollar growth sounds great, doesn’t it? It even uses the word GROW! But this metric isn’t very helpful when talking about the long-term health of a business.
Why? Because it only looks at what happens in the short term. Sure, if your business has a really strong month-to-month period where people keep spending lots of money because they perceive that you have something special, then total dollar growth is meaningful. But is that sustainable longer term?
The other problem with total dollar growth is that it ignores the cost side of the equation. What costs did you incur to achieve that dollar growth? Was investing in marketing expensive or cheap? Did you spend money on advertising or free events? Were you able to lower your operating expenses significantly or not at all? All of these things affect the math behind calculating total dollar growth.
A growing number of businesses these days are choosing to automate certain tasks or functions that were once done manually. This is particularly common in the service industry, where most of the work is dependent upon relationships you have built with customers.
By automating this process, you can focus more time developing strategies and products for growth, and less time spending energy on other things like organizational planning and communication.
Running an automation program allows your business to perform its duties without direct human interaction. Computers do not need sleep, eat food, go through personal struggles, and always seem ready to carry on working until someone tells it to stop.
These qualities make them perfect workers. Given their similar traits, there are now many software programs which auto-pilot daily operations for you. You no longer have to be present to keep tabs on everything your company does – computers do!
There are several types of automated systems available, so what’s best for yours depends on how your company operates. Some give you full control over every aspect of the operation, while others simply take care of the parts that require little input from you.
The one thing they all share is that they facilitate efficiency in production and reduce overhead costs, as you no longer need employees to operate under such standards.
Marketing is one of the most important parts of running any business, which is why it’s often overlooked in favor of more practical tasks like production or sales. This is very unfortunate as marketing will likely be your biggest cost aside from labor, and growing your revenue depends heavily on how well you market yourself and your product.
It seems obvious, but many businesses never invest enough time into developing their marketing strategies and skills. Some may even go so far as to completely avoid investing in marketing activities because they believe there are “free” ways to gain exposure for their products via social media platforms or through advertising.
However, this isn’t necessarily the best approach if you want to maximize the effectiveness of your marketing efforts. By avoiding the expense upfront, you’ll risk wasting money down the line when you have to spend extra on ads to make up for lost time. You also run the risk of losing customers due to poor customer service or excessive pricing caused by limited marketing opportunities.
A strong understanding of your customers is one of the most important things you can have as an entrepreneur or business leader
This is particularly true for wellness lifestyle brands that rely heavily on online shopping to survive. With the explosion of online shopping in the past decade, it’s easy to forget that early entrepreneurs struggled to keep their businesses afloat without it.
But by adding more ways for people to connect with your brand, you’re limiting how much money you lose. By creating loyal followers who purchase products from you, you’ll eventually see growth in revenue!
In this article, we’ll talk about some strategies for establishing individual relationships with your audience members, along with tips and tricks for making sure they’re staying connected. Read on for our top five relationship-building tactics.
1) Ask questions
Asking good questions is a great way to gain information and establish connections with others. This applies to both potential clients and friends, so don’t shy away.
Ask them about themselves – what sports they watch, what books they read, etc.
Questions related to their career and personal life are all fair game, but be careful not to ask too many questions that may seem like a “soft” topic. If someone seems reluctant to tell you something, try asking again at another time when they’re less guarded.
A strong work ethic, intelligent leadership, and clear communication are major pillars of any successful business. These are things that can be influenced by what you put in to your workplace, how you interact with others, and what messages you give off to the public.
At Iovis, we believe these three things play an integral part in our company’s success. We expect our employees to treat their colleagues with respect and to strive for excellence in the performance of their jobs.
We also emphasize education and career development as important parts of each employee’s employment. Each of us at Iovis has earned at least one advanced degree, and many have several. This not only benefits them personally, but it boosts our organization’tarnish rank.
Lastly, Iovis encourages open conversation and collaboration. Since we don’t run large departments, we depend heavily on teamwork and sharing information across functions and levels.