Diversifying your income stream to make more money in business is old advice, but it’s advice worth following in harsh economic times. Making greater use of your existing assets and resources is one of the least hazardous (and least expensive) ways to successfully grow your business income.
All of the suggestions below are strategies to increase revenue for your company without investing a lot of money and saving on your monthly expenses.
Part of your business premises might be rented out
Do you truly need all of your current business space if you own or lease it? If not, you can generate additional money by renting out some of your space to another firm.
Many tiny enterprises merely require a corner or a cubicle. Perhaps you have a vacant room that another company could use for office space. Consider renting out unused warehouse space or an empty garage/storage shed (in urban environments storage space can command a high premium).
You can improve the earnings from spare office leasing space by including additional extras, such as shared use of a conference room and internet access.
Services Packaged as Products
If your primary business is selling services, you can increase your profits by packaging your services and charging defined fees. This increases sales by removing clients’ reluctance to sign on for what they perceive to be open-ended projects, and it makes your efforts appear tangible.
Change your sales focus
Getting your present customers to buy more of your products and/or services is one of the simplest ways to make more money that is frequently ignored. Because your current customers are already converted prospects, shifting your sales focus to existing customers rather than courting new customers makes tremendous economic sense. They are more likely to buy from you because they are familiar with your company and its items.
Make Use of Your Employees
Do you employ talented, marketable individuals? Perhaps you might subcontract them to other companies. For example, if you have great managers, you could lease them out to other businesses to do team-building and management skills activities. Working for another company might be useful for employees because it allows them to get valuable expertise in a new firm.
Make more money by extracting more value from your assets
Your business location, intellectual property, products, services, customers, and personnel are all assets and resources that may or may not be generating as much revenue for you as they could. Examine your company to discover if any of its assets are being underutilised. Often, the opportunities for our businesses to produce more money are right in front of us; we just need to realise them. If you have recently upgraded things in your office you can sell used office furniture.
Increase the value of your services or products
Another smart company strategy is to include value-added services or goods. A carpet cleaner selling spot remover bottles, a company selling kitchenware offering culinary courses, or a financial services organisation offering a lecture on investment methods during difficult economic times are some examples. Another example is a farm that provides delivery service for the products it sells.