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Revenues are down, the economy is terrible. What to do …? You must force revenue.
What does this mean? The answer comes in many styles and shapes, and depends heavily on the type of business you have. The important message here, however, is that lost revenue is what is tanking you and despite the awful environment, the terrible economy, widespread unemployment, no borrowing power, decline of credit card availability (and on the list goes) you must force revenues to increase, or die trying.
But how does one force revenue? Many ways:
1. Add sales people. Yes, it costs much, but utilize a top-heavy incentive plan, rewarding sales with large commissions and low base draw, churning the lust for earnings in your sales force. Reward sales people at a level above normal and reap the benefits. Many small business owners reduce their sales force and lower commissions — not the way to go.
2. Find different vertical ways to expand: internet, retail, wholesale, manufacture, import. Reinvent yourself. Force profits, force revenues.
3. Finance your sales and take risks. It may be worth it in the long run.
4. Joint venture: Lower cost, higher return.
5. Horizontal expansion. Add more locations.
6. Buy your competitors.
7. Specialize. Be an expert.
8. Expand public relations efforts, including press releases.
9. Use the internet more effectively, eg use social networking.
10. Go virtual. Lose the office and factory overhead and have sales reps work out of their own homes or offices.
11. Give seminars, engage in public speaking or presentations of any sort.
12. Do charitable work.
The list is endless but the point is clear: Force revenue . Figure out how to do this for your business and then do it. Remaining passive is the death knell. Force revenues.