Trying To Grow A New Business? 12 Ways To Boost Revenue And Profits

Trying To Grow A New Business? 12 Ways To Boost Revenue And Profits

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Many entrepreneurs are able to sustain a decent profit level for a few years by doing the same things that helped their business take off to begin with. However, the idea that what got you here will get you where you want to go has been disproven countless times by founders whose businesses stagnated after an initial run of success. 

If your company is still going strong, but you haven’t seen the growth you desire, you want to focus on boosting profits and revenue. Below, 12 members of Forbes Coaches Council share their top tips on how you can achieve your revenue goals and grow your business to the next level.

1. Shift Into A Growth Mindset

Drop the words “revenue” and “profit” from your vocabulary. Instead, have your teams focus on growth over reward. We are conditioned to look at dollars and cents, which introduces financial anxiety into decision making. How are you growing as an organization, and what is your reward for that growth? – Brad Cousins, Ingage Human Capital Strategies

2. Improve Your Business Process

Growth can come in many ways, and increasing top-line revenue can often lead to bottom-line improvement. Improving the business process is one of the best ways to push more of that top-line revenue down to the bottom line. Systems such as the Entrepreneurial Operating System have been proven to help improve small and medium-size businesses so they can grow and become more profitable. – Dan Ryan, ryan partners

3. Develop Your Personal Brand

Develop and be aware of your personal brand. Using this powerful tool to differentiate yourself in your business development and sales strategy will increase market exposure and client opportunities. Profitability grows substantially when your message resonates with your target audience and they choose to develop long-term relationships with both your business and your personal brand. – Reena Khullar Sharma, Agilis Executive Consulting

4. Increase Your Qualified Lead Flow

Assuming you have a sales and delivery process that works, then it’s about scaling. Increase your qualified lead flow to put through your proven sales funnel. Consider referral programs, paid ads, organic reach, affiliates and more. – Lisa Rangel, Chameleon Resumes LLC


Forbes Coaches Council is an invitation-only community for leading business and career coaches. Do I qualify?


5. Revisit Your Pricing Strategy

One of the best ways to boost your revenue and profits quickly is to revisit your pricing strategy. It’s an area where there are massive gains to be had, and you don’t need to change the product. You can increase your prices or offer a “try before you buy” risk reversal. You can also offer a split pay or a subscription model to improve your bottom line. – Allan Dib, Successwise

6. Audit Your Offers

When a business has been stagnant for a while, it’s time to do things differently. Doing more of what you’ve done won’t get you to the next level. It pays to take a deep dive into your offers and audit what works and what hasn’t worked for a while. Going deep before going wide is how to scale in the quickest way. When you know where and how you can make the biggest impact, your business will scale. – Petra Zink, impaCCCt

7. Clarify Your Messaging

When looking to boost your profits, look at your marketing and messaging. First, ensure that your message for your target audience is specific, clear and concise. Once you have the messaging down, increase your marketing budget and strategize to attract those target consumers. – Jon Dwoskin, The Jon Dwoskin Experience

8. Eliminate What Is Not Working

Maximize what is working and eliminate what is not working. Create space for innovation and opportunity by analyzing your products, services, systems and processes. Identifying, stopping and removing the things that are no longer serving the mission, vision, values and goals of the company will inspire and build momentum, opening up opportunities for growth and profit. – Lori Harris, Harris Whitesell Consulting

9. Treat The Issues, Not The Symptoms

You don’t have a sales, revenue or profit problem. You have a problem with vision, process, people, issues and data. It starts at the core of how you run your business. In order to break through to the next level, you need to ensure your leadership team is aligned, with eyes wide open. Results are attainable when you treat the issues, not the symptoms. – Melanie Towey, Melanie Anne, LLC

10. Align Your Team Around Growth Goals

Take a fresh look at your most important asset—your people. First, consider whether your team is fully motivated and aligned around your growth goals. If not, some team alignment sessions are probably in order. Next, look at skills gaps that could be preventing the team from leveling up sales results or productivity. If you know the gaps, you can address those through coaching and training. – Glenn Taylor, Skybound Coaching & Training

11. Closely Audit Your Expenses

It’s important to closely audit expenses. Nonessential expenses silently eat away at income. Regular review and forensic analysis of these metrics will contribute to overall profits. This may include a pricing review as well as a review of expenses. – Claudine Reid, PJ’s Community Service

12. Foster Customer And Brand Loyalty

Increasing revenue comes down to customer loyalty. Assuming you already have a product or service that your customers value, focus more time and energy on the customer experience and developing genuine relationships with your customers. Foster customer and brand loyalty, and they’ll be more likely to come back as well as recommend your business to others, thus increasing your revenue stream. – Jonathan H. Westover, Utah Valley University & Human Capital Innovations, LLC

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