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Increasing Revenue in Small Business

Just because small businesses are small, doesn’t mean they can’t aim for high goals such as increasing revenue and expanding their market. Increasing revenue is essential in the growth of any business no matter the size, so to increase your profits here are a few small business accounting tips for financial health and growth of your business.

Loyal Customers
Customer loyalty is a given for increased revenue, but doubly so small businesses that depend on recurring purchases from a dedicated customer base. Chasing new customers can be costly in terms of marketing and can be harder to persuade to buy your products or services. Connecting with an established customer base who have already bought your product and know your brand can increase revenue over the long term. Repeat purchases offer sustainable growth and a better return on investment than acquiring new customers. However, to create loyalty customers have to have trust in your brand which can be achieved through loyalty programs, discounts and regular customer rewards than incentivize their purchases.

Advertising and Promotions
While attracting new customers can take more effort than appealing to established buyers, they are essential in expanding your customer base. Your advertising and marketing efforts are the first contact buyers will have with your brand, so you have to make sure you have a good first impression. Traditional advertising can be helpful, but most buyers will engage businesses online through social media and websites. Your social pages are a great way to foster a community and to personally connect with your customers, rather than the one-way communication that happens with flyers and brochures. It’s also a cost-effective way to promote upcoming sales and discounts as well as special offers to your followers. However, to make sure you’re not giving away too much in special discounts, have a small business accountancy firm help to analyse your revenue and track your performance.

Track your Revenue
Focusing on your customers to provide the best buying experience is one of the best ways to increase revenue, but you also have to track the financial side of your business to know if you’re succeeding. Analysing the data and your financial targets can be confusing if you have multiple revenue streams and a multitude of expenses. While small business accounting software can help, sometimes it's best to leave it to the professionals such as a small business accounting firm who can measure your business performance and provide financial reports to help you stay on track. A tailored budget can also identify cash flow problems and help in the overall financial health of your business.

Talk to a Professional
Here at M.A.S Partners, we’re Australia’s original small business accounting firm with almost sixty years of experience in helping small businesses succeed. From business advisory to tax compliance, we take the hassle out of small business accounting. To find out more about our small business accounting services in Sydney, contact our team here or call us today on (02) 9211 5000.

 
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