- 22 May
10 Ways To Make More Money
These are 10 simple ways that you can potentially boost your company’s income, and make more money.
1) Increase your prices by a fraction – if you don’t already increase your prices annually, in line with inflation, you could introduce this, or you could make a small price increase in order to cover rising cost.
2) Ask your existing customers for more work – this could be in the form of asking for additional orders, or it could be asking them to refer you to some of their contacts who could potentially become new customers.
3) Ask your accountant for an introduction – accountants tend to deal with maybe 100 businesses each, if your products or services are applicable to a range of different corporate customers, it is possible that your accountant may be able to introduce you to one of their other clients that could become a customer.
4) Mine your existing contacts – everyone builds up a book of existing contacts over their career. In many cases, we fall out of touch with people so why not reinitiate contact with some of your own contacts in order to try and find additional business.
5) Use LinkedIn – LinkedIn is a great tool for business related social networking. You could look up old contacts that you may have lost communication with in order to try and re-establish it and turn them into customers, or to get recommended to people they know.
6) Ask for introductions – if you write a blog or use social media why not use those channels to ask for your network to introduce business to you?
7) Cut your costs – Cutting costs can filter through to your bottom line is exactly the same way as boosting sales. Look at your existing suppliers, source alternative quotations and see if you can save some money on your operating costs. Most people get comfortable with their existing sources of supply and tend not to seek new suppliers to avoid the hassle. However, you could achieve a significant cost saving by driving down operating costs.
8) Advertising – why not try a new form of advertising, that you have not already tried. Look for a form of media that is likely to be utilised by the kind of customers that you deal with. Many advertising companies will give you an introductory bonus e.g. Google Ads who offer a £75 introductory contribution, that can reduce the cost so you can try a new avenue. If you need help with an advertising campaign, we have a marketing agency that will be able to assist.
9) Promotional cards - there are many cheap services that you can use to print business cards. You could create a new card, that is like a small advert, that you could hand out much more liberally to people that you meet. Many places allow customers to post such cards on noticeboards, you could start to spread the word about your business by using this kind of promotional advertising.
10) Target third-party introducers – the parties that you target to introduce business to you, will depend upon the type of work that you do. In our case, as invoice finance brokers, any professional services company that deals with corporate customers is a potential introducer and we offer an commission sharing scheme whereby we reward introducers for customers that they introduced to us. In our case these could be organisation such as accountants who generally have no conflict-of-interest with the kind of services we offer. The trick is to identify a similar niche for your business, parties that tend to deal with the same types of customers but do not have conflict-of-interest with you. You could even make more money by introducing prospects, for business financing, to us.