4 Tips To Improve Small Business Revenue In 2023
New year brings the spirit of joy and hope all across the world. This also reflects in your new year quarter’s business plan strategies, new year resolutions and positive attitude amongst everyone in the company. And what better way to start the year than to streamline your resources to improve your sales growth?
Even though there are many facts about the functioning of any business, one can admit that the most important and crucial aspect is sales growth and an increase in revenue. Therefore, to help you maintain your positive spin on things, here are five suggestions you may want to consider that can improve your sales and, by extension, your revenue.
1. Act On Your KPI Analysis
Your Key Performance Indicators can act as a compass tool to guide you towards what works well for your company. If you do not have your key performance indicators analysis done by now, you should begin doing it this year. An experienced accountant who has worked in analysing KPIs for other businesses can be immensely helpful in this regard. When you know the areas that are responsible for the maximum revenue generation of your business, you can invest more in them to improve your sales further.
2. Decrease Wastage of Company Resources
Your company resources are very valuable and must be used in a constructive manner. This should include improving the workflow, making sure that the buffer stock in your inventory is precisely how much it needs to be, and the accounts receivable are cleared within their due date to avoid any bottlenecks. This may seem less significant than other aspects of your business, but once you keep track of the proper usage of resources, it eventually enhances the budgeting process, and most importantly, your budget limitations will not exceed very often.
3. Ensure You Have A Google My Business (or Google Business Profile) Account
Not all businesses require a social media presence. That is because many businesses have only local clients, and that is why they are their only target audience. Therefore, you must have a ‘Google My Business’ or ‘GoogleBusiness Profile’ account, if you do not already. You should post important information regarding your business, such as address and landmarks, contact number, email address, services you provide, products you sell, etc.
Additionally, you should also have your clients post good reviews on the page and update your business account regularly. This ensures that you appear within the first top three results of the first page of google search results. It boosts your visibility to potential clients and enhances your sales considerably.
4. Have A Wide Range Of Secure Payment Gateways
Sometimes, a minor hindrance, such as having limited payment options, can hamper your sales. This is very undesirable as a technical issue such as this should not be a limiting factor to the growth of your company. Therefore, have flexible and secure payment methods available for your customers. Online payment options have their share of risks; therefore, only make secure payment options available and have backup solutions in case of payment failure from one source.
Consider MAS Partners for your small business Accounting needs
Your business can benefit greatly from the services offered by our experienced small business accountants in Sydney. They can advise you with many solutions to boost your business and work with you to find alternatives to various gridlock situations. To know more about us, contact us here.