Uncovering Untapped Revenue Sources: Where To Look (Collaborative post)

The amount of revenue your business generates isn’t, contrary to popular belief, the most important by which you should measure your capacity for long-term success. Keeping customers on board and receiving excellent feedback are better indicators that your business has a bright future.

Still, that’s not to say revenue isn’t important. In fact, if you’re beginning to feel the pinch, then increasing your revenue will be a top priority. 

More businesses focus on attracting more sales via new customers as the best way to increase revenue. And they are correct — that is the best strategy. However, it’s far from the only one. There are a bunch of often overlooked revenue boosting strategies that are worthwhile considering, too. If you’re looking for ways to improve your bottom line, then try the tips outlined below.

Selling Equipment

Your business might have a lot of value, the only issue is that it’s tied up in expensive machinery and equipment. If you’re looking to increase the amount of money coming into your business, then you can always consider selling those assets, especially if you know that they’ll depreciate in the future. 

Of course, selling unneeded equipment is a no brainer, but what about equipment that you need? In that case, it’s recommended to sell and then lease/rent a replacement. Doing that can increase your cash flow while retaining operational functionality. 

Use Your Assets 

Have space in the office that you’re not using? Then consider renting out unused spaces to other companies. It’s an easy way to slash your workspace expenses. 

Figure Out What You’re Entitled To

It can be difficult to run a business when you don’t have as much revenue as you’d like. But it’s even worse when you have revenue problems and you’re leaving money on the table. Most businesses are unaware of what they’re entitled to. This can be obvious things, like government grants and funding initiatives, but it can also be via other methods, too. If you’ve bought a company vehicle in the past few years, then getting in touch with a company that helps with Mercedes PCP claims can get you the money that’s rightfully yours. If you feel that your intellectual property has been stolen, then an IP lawyer can help you to fight for damages. Ultimately, it’s about leaving no stone unturned. 

Look at Upselling

As we mentioned above, most businesses focus on acquiring new customers when they’re looking to increase revenue. But it’s worth paying attention to your existing customers. They’ve already shown a committed interest in your goods/services, so it’s likely that they’ll be interested in other, related products that you can offer them, too. Not every customer will take you up on the offer of an add-on or upgrade, but many will. 

Raising Prices

Most businesses shy away from raising their prices, since they think that it’ll lose them customers. But that only happens if you increase the prices too much. It’s worth playing around with your pricing strategy, and see which number fits.