Every business owner wants to grow revenue and create a profitable enterprise, but there’s no one-size-fits-all strategy for achieving this goal. What works for one business might not work for another, and determining the best steps to take to boost profits requires a bit of creativity and a lot of critical thinking.
When business owners need help deciding what the best way to grow their revenue and profits would be, they often turn to a coach for guidance. Here, 15 members of Forbes Coaches Council discuss how they would assist their clients in figuring out the best approach to growing their business revenue and increasing their profits.
1. Consider Expanding Current Offerings
It’s less expensive to get “more share” from your current customer/client base than to spend time and money acquiring new customers/clients. Think of ways to expand current offerings, such as creating a monthly or annual membership with extra benefits to generate recurring revenue, developing a continuation program or adding services or products that make sense as the next step to your current offering. – Shelley Willingham, The Diversity Movement
2. Use A Five-Step Strategy
To help a client determine how to best grow their revenue, I would first conduct a needs assessment. Then, I would remind them to reflect on their vision. Third, I would hold a strategy retreat with them. Fourth, I would use coaching tools to help retrain and prepare their mind to achieve the goal. Finally, we would create key performance indicators to measure progress and success. – Akin Akinpelu, Akin Akinpelu International
3. Evaluate Current Clients’ Needs And Do Market Research
I would help my client evaluate their current clients’ needs to sell to existing customers, and do market research to learn why their new client growth is lagging. Is it the market, pricing, lack of communication or other aspects? – Able Wanamakok, Find Your Voice Asia
4. Follow The Law Of Reciprocity
Here’s the ritual I wholly extol to growing business. First, lock into this tenet: “The future of your business is in the imaginations of your best clients.” Why? Because they have the credibility to grow your business with extraordinary velocity. The key is to ask for advice, not referrals, after delivering a “wow” experience. Law of reciprocity, here we go. – John Evans, Evans&Evans Consulting
5. Review Your Strategy And Goals
My first questions would be, “Do you have a business strategy? Does it include marketing strategy, product strategy, a business plan and a schedule of activities for the whole team?” This is the first thing to review when we want to talk about growing small and midsized businesses. The next step is a coaching session to review both the company’s and the owner’s goals. Then, we start to plan for growth. – Edyta Kwiatkowska, Leadit, Hana Mana Instytut Szkoleniowo-Rozwojowy
6. Focus On Three Success Factors
To unlock the potential of your business, you need to focus on what really makes you successful. Everything you do should fit into one of three buckets: Where you win (where you aim to be the absolute best), where you are distinctive (where you are noticeably different from others but not necessarily the best), and where you just need to be good enough. Focus breeds growth and profit. – Gary Crotaz, Gary Crotaz Ltd.
7. Explore Add-Ons And Upsells
Just as individuals have side hustles or gigs, companies can do the same—it just looks a bit different. Explore add-on products, upsells and subscription offerings. Generate multiple streams of income, including passive income, with an upfront time investment that will pay out for years. Get creative expanding your offerings while remaining in alignment with what your company is known for. – April Willis, April Willis Consulting, LLC
8. Increase Prices Or Increase Sales
One way to grow revenue is to increase prices. This can be done by raising the price of goods or services or by introducing new products or services at higher prices. Another way to grow revenue is to increase sales. This can be done by selling more goods or services or by finding new markets for your products or services. – Peter Boolkah, The Transition Guy
9. Audit The Current Business Structure
Take an audit of the current business structure to see what is working and what isn’t and how you can scale and grow the processes that are working. From there, you can take a look at the “low-hanging fruit,” such as raising prices and eliminating expenses. Lastly, take a look at the future and see if you need to invest funds in new team members or processes to run more efficiently. – Lauren Najar, Lauren Najar Coaching LLC
10. Ensure A Stable Foundation
A stable foundation allows for organic growth to thrive. I would assist the client to consider where the leakages are in their value chain. Knowing all the players and partnerships that build or detract from your revenue growth means you can remedy the source through effective strategizing and negotiating. This builds toward strategic medium-term goals. – Arthi Rabikrisson, Prerna Advisory
11. Explore Where AI Can Assist
I would suggest the client explore what artificial intelligence can do to assist. AI is becoming more intelligent and capable every week. Record levels of investment are going into AI development every year. AI can now identify who potential future clients could be and what they are likely to buy. – Richard Chiumento, The Rialto Consultancy
12. Identify Current Obstacles To Growth
My first line of questioning would focus on identifying what the current obstacles to growing revenue/profits are. Are they tactical (“we need to hire a chief revenue officer”), or are they mindset-related (“if we start to hold people accountable, we will lose our culture of empathy”)? The former is an easy fix. The latter takes deeper work to identify new ways of behaving to balance empathy and accountability. – Janine Davis, Evolution
13. Clarify What Growth Means To You
Mindset comes first! To create mindset-fitness, clarify, explore, articulate and communicate what growth means to you in ways that resonate with your inner core. Explore your “zone of excellence” and how you could individually and collectively channel your energy into productive lines of action. Develop awareness of what makes the difference and model your success factors. – Albana Vrioni, Vrioni Consulting
14. Ask For Referrals
The best way to grow revenue would be to ask for referrals and then follow up with potential customers. Asking for referrals is a great way to get new business, and following up with potential customers ensures that you’re top of mind when they’re ready to buy. By providing great customer service and maintaining consistent communication, you will be well on your way to growing your business. – Ryan Stewman, Break Free Academy
15. Build On What Is Working
Build on what already works and do it better, faster or smarter. When looking for business growth, businesses want to try new things—a new product, different marketing channels or new types of clients to serve. In reality, most small businesses are really only scratching the surface of their current market penetration. The path to growth is more focus on and amplification of your success spots. – Krista Neher, Boot Camp Digital
Check out my website.