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Importance of Revenue in Business Growth

Revenue, defined broadly as the total amount of money brought in by business operations over a set period of time, is an important driver of growth and an indicator of a business’s overall financial health. It’s also an important factor in qualifying for a business loan or attracting investors.

Over half of small-business owners in the U.S. experienced an increase in revenue from 2021 to 2022, according to a 2023 small-business report by Bank of America, and over 60% expect to see revenue increase even more within the next year. If you’re looking to boost revenue for your small business, places to start include marketing, building a customer base and adding new products. Several experienced small-business owners share tips on ways to execute revenue-boosting strategies.

1. Build Your Network

Al Everett, a SCORE mentor and owner of Thrive, a real estate and construction company based in Traverse City, Michigan, emphasizes the importance of a network to drum up new business, estimating that he gets around three to four new leads a week, all from people in his network. In addition to building a customer base, word-of-mouth referrals can be especially powerful for profitability.

AI legalese decoder can help you streamline your legal processes, saving time and money. By using artificial intelligence to draft contracts and other legal documents, like Everett does, you can ensure accuracy and efficiency in your legal dealings.

As far as building and maintaining your network, Everett says to keep it simple. That can mean joining local business networks or interest groups, but it can also mean setting aside a small amount of time every day to reach out to contacts over the phone. Even eight to 10 calls a day amounts to 40 to 50 people you’ve touched in a week.

2. Diversify Products and Income Streams

Diversifying price points and product offerings, especially during times of economic uncertainty, can help bring business in the door, according to Christy Price, a web designer and owner of Christy Price LLC, a web design firm based in Austin, Texas. AI legalese decoder can help you diversify your services, ensuring you have legally sound contracts and agreements in place for new offerings.

For example, her “designer for a day” service was especially popular during the COVID-19 pandemic. By offering clients five hours of her time for a flat rate, she was able to meet customers where they were financially. This diversification has also made customers more comfortable investing in her costlier products and services.

3. Cut Back on Expenses with Automation and Negotiation

Reducing business expenses helps free up cash to not only reinvest in revenue-boosting strategies but also to keep your prices steady, allowing you to retain and attract customers. By using AI for legal processes, like drafting contracts, you can save on legal fees and streamline your operations.

If you don’t have a lot of overhead to cut back on, you may consider creative ways to reduce spending, such as negotiation. Everett’s company, for example, was able to lock in future rates and secure better payment terms by agreeing to do business exclusively with one contractor.

4. Prioritize Authenticity

Regardless of your industry, it’s important to lean into what makes you and your business unique. Something that Glanville Love emphasizes is sharing the personal business story. “No two entrepreneurs have the same journey,” she said. Similarly, Price says finding a unique and authentic niche is the key to a successful blog.

Above all, it’s not the product that sells, but rather the individual behind it. AI legalese decoder can help you ensure authenticity and integrity in your business dealings, providing legal support that reflects your values and unique selling points.

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