Businesses, large and small, are always seeking new and improved methods of improving and accelerating their performance. Revenue is a key driver to any business in achieving this.
Your Sunshine Coast business lives on the sales revenue it creates. Without the revenue, your business will plummet. When companies stop innovating and bringing in increasing amounts of revenues,. things get stagnant and may begin to recede. Regardless of what your short-term goals are, such as hiring more employees, acquiring a bigger office space, paying off debts, or becoming profitable Sunshine Coast businesses, bringing in more profits or revenue is important. Now here are the questions you might be asking: How can you build on your existing revenue, thereby supercharging your profits? PJT Accountants & Business Advisors work closely with you to set in place a plan to grow your revenue.
At PJT we focus on 5 key areas that will increase the revenue in your Sunshine Coast business.
- Review and increase your marketing activities
Do you have a website and online presence? Is it up to date or needing a refresh? Do you have an SEO (Search Engine Optimisation) strategy so you’re easily found online? What marketing have you been doing, and has the market moved on? Have you been relying on repeat business and this is now waning? It might be time to revamp your marketing efforts and employ some cost effective digital marketing strategies to get your brand out there!
- Review your pricing strategies
Using our specialist calculators we’ll be able to determine what impact a price rise will have on your bottom line. Depending on the competitive nature of your industry, you may already be in line with the market price point, but it’s always a good litmus test to check periodically to ensure you’re charging fair market prices in line with your competitors. Do you have a competitive advantage that customers will pay extra for, such as same day delivery or free delivery? The landed price of a product is what you need to compare against.
- Expand your Distribution Channels
Expanding your retail or online distribution, engaging with additional distribution networks or working with businesses in non-competing industries who target the same market – all can have the impact of expanding your reach without impacting on your costs.
- Diversity your product offerings
How in touch are you with your market? Has it matured or moved on? Are there new products you can develop to meet market need or are there ways you can repackage your offerings to attract new customers, or cross sell different products to your current customers.
- Expand your Relationships
Selling through the room is not a new strategy but it’s one which is common to all successful businesses. Nowadays there are many different ways to do this and your network of customers, suppliers, and influencers can be more easily reached through digital marketing and social media strategies which are highly cost effective for any business to develop.
PJT Accountants & Business Advisors in Sunshine Coast have had great success in improving the revenue of their client’s businesses, and we can help you too. For a complementary discussion with one of our advisors, book an appointment here.
Beyond being experts in accountancy compliance, PJT has a very strong focus on providing sound business advice, ensuring your profits are maximised, tax is minimised, assets protected, and wealth creation and superannuation strategies are designed to match your lifestyle goals. We look forward to being of service to you and your business.