When you're working on your business strategy, always keep in mind that your objective is to increase revenue and profit. True, some of your tactics can be aimed at bolstering your reputation or widening your influence. Ultimately though, increased revenue should be your intention, and the result of all your strategic activities. If that's not true for you, reconsider. Here are a few ideas for you to examine relative to using strategy to increase revenue.
1. Don't "follow the crowd" and think that you have to pursue the latest, greatest social media activities simply because "everybody's dong it".
Sure, explore the possibilities, but often these tactics are not right for you, your business, or the best use of your time. Look for ways that work and mentors who are actually generating revenue from such pursuits. It they don't fit for you, don't do them.
2. Know how your strategy will increase revenue before spending resources on it.
Don't put a strategy in place and spend time and money on it without some certainty that you'll get revenue from it. This sounds obvious, but it's actually very common for small business owners to make this mistake. It's almost as if they experience some sort of mental blackout about revenue and forget their business objective.
3. When you've considering a new strategy, brainstorm about revenue.
Ideally, this would involve getting input from one or more bright business minds. Lay out the revenue objective and record all the ideas that you get (using recording equipment). Many of the ideas ultimately won't prove to be practical. Some won't seem useful on first hearing, but may have more value when combined or altered. The idea is to produce as many possibilities to increase revenue as you can - and to amplify those ideas through the input of other brilliant minds.
4. Don't be afraid to try new strategies if they have revenue potential.
It's true that some will not work - but some will. As you see what works, this tends to generate new and workable ideas. If you get great ideas and never put anything into practice, there's no way that will increase your revenue. Don't be one of those entrepreneurs whose lack of courage costs them greatly.
5. Be sure that you look at revenue potential in considering all the actions necessary to create your strategy.
Does it require too much time and labor for the end result to truly be profitable? Are there unrealistic aspects of the plan? Is it possible to increase the revenue potential so that it makes sense financially? Do you need to revisit the process, procedures or delivery? How can you change the plan to increase income form the activities?
6. Look at any business strategies you perform habitually where you do not give current consideration of true impact on revenue.
You may find that some of your habits cost your business money, and don't really produce value. It's always good to examine our habits and ensure that they benefit us. Make sure that they also benefit your business.
Examine all your business strategies through the "lens" of increased business revenue. It's a good practice to get into and you'll find it's a great benefit to your business.
1. Don't "follow the crowd" and think that you have to pursue the latest, greatest social media activities simply because "everybody's dong it".
Sure, explore the possibilities, but often these tactics are not right for you, your business, or the best use of your time. Look for ways that work and mentors who are actually generating revenue from such pursuits. It they don't fit for you, don't do them.
2. Know how your strategy will increase revenue before spending resources on it.
Don't put a strategy in place and spend time and money on it without some certainty that you'll get revenue from it. This sounds obvious, but it's actually very common for small business owners to make this mistake. It's almost as if they experience some sort of mental blackout about revenue and forget their business objective.
3. When you've considering a new strategy, brainstorm about revenue.
Ideally, this would involve getting input from one or more bright business minds. Lay out the revenue objective and record all the ideas that you get (using recording equipment). Many of the ideas ultimately won't prove to be practical. Some won't seem useful on first hearing, but may have more value when combined or altered. The idea is to produce as many possibilities to increase revenue as you can - and to amplify those ideas through the input of other brilliant minds.
4. Don't be afraid to try new strategies if they have revenue potential.
It's true that some will not work - but some will. As you see what works, this tends to generate new and workable ideas. If you get great ideas and never put anything into practice, there's no way that will increase your revenue. Don't be one of those entrepreneurs whose lack of courage costs them greatly.
5. Be sure that you look at revenue potential in considering all the actions necessary to create your strategy.
Does it require too much time and labor for the end result to truly be profitable? Are there unrealistic aspects of the plan? Is it possible to increase the revenue potential so that it makes sense financially? Do you need to revisit the process, procedures or delivery? How can you change the plan to increase income form the activities?
6. Look at any business strategies you perform habitually where you do not give current consideration of true impact on revenue.
You may find that some of your habits cost your business money, and don't really produce value. It's always good to examine our habits and ensure that they benefit us. Make sure that they also benefit your business.
Examine all your business strategies through the "lens" of increased business revenue. It's a good practice to get into and you'll find it's a great benefit to your business.
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