The 4th quarter of 2023 is upon us. There’s enough data for the year to give you some guidance into what you could change up as you finish this year and head into 2024.
Alongside doing more and/or better at the things that are working, it's crucial to consider different strategies to bolster your income.
Here are four you might consider:
- Add more options. One of the most effective ways to boost revenue is by expanding your product or service line. Is there a new market segment just waiting for you? What could you offer that would attract new customers and cater to existing ones? Ask your existing customers what else they might be willing to buy.
- Leverage your online visibility. People look you up, you know. From Google searches to LinkedIn profiles to Instagram, FB, and TikTok presence, prospective customers will look for you online and current customers will follow you. How could you spruce yourself up there?
- Reward customer loyalty. Encouraging repeat business and customer referrals can be a sustainable source of revenue. Loyalty programs, exclusive discounts, or rewards can keep your current customers coming back and spreading the word about you to others. (Team Nimbus alumni, I’m sweetening the pot for you.)
- Review your costs. While not directly increasing revenue, optimizing operational costs can effectively boost your bottom line. 4th Quarter is a great time to review expenses, cancel forgotten or unprofitable subscriptions, negotiate with suppliers, and streamline your business processes. Reduce overhead, keep more of your earnings.
Here at Team Nimbus, we're considering all four. I’ll just mention a couple we're doing now.
First, we offer a private coaching day, focused exclusively on the client’s specific need.
Here are a few topics we’ve covered recently:
Build (or Review) Your Profitable Business Plan
Why Not Quit? Creating a Graceful Exit.
Profitable Client Prospecting Day.
What business challenges do YOU need to focus on?
Book a time this week at CallwithLorette.com.
Second, we are live online with complimentary Common-Sense Chats for Small Businesses. On the 1st and 3rd Wednesdays of the month, we discuss the challenges our attendees are facing, and some very creative approaches come up. Free brilliance!
Attendance is free, but registration is required.
Register at Teamnimbusnj.com/common-sense-chat/
I look forward to our discussions.
