Chances are, your business is always looking for ways to increase its bottom line. That might mean redesigning your website, starting an email newsletter, having a sale, or creating new products. Well, it turns out, there are plenty of other ways to increase your bottom line that you may not have thought of.
If you’re tired of doing the same old things in an attempt to make more money, it’s time to think outside the box with these five unexpected ideas.
Start with Your Expenses
If you want to make more money, you have to spend less time actually making it and more time paying attention to what you’re spending. After all, making extra cash to meet your quarterly quota isn’t completely within your control, but taking control of your budget is.
Invest in high-quality expense reporting software. It is designed to keep track of all expenses in real time, which means you can ditch the receipts. It also makes it easy to create, submit, and approve expenses at any time, anywhere, which will save you time and money.
Most importantly, you can organize your expenses and quickly see where you might be spending a little too much so you can find ways to cut back.
Stop Trying to Sell
You aren’t alone if your mind goes directly to the customer when it’s time to increase sales. Selling to interested customers is the easy part, but chances are, you’ll only be wasting your time talking up your product or service with people who aren’t really interested to begin with.
Stop trying to sell your product. Instead, shift the focus of the conversation to your customer. Speak to them as if they were a new acquaintance you were just meeting by asking questions about what they do for a living. Ask them what brings them to the trade show or your store. Make the focus of the conversation about them, and even if you don’t spend a lot of time talking about your product, you’ll still make a huge impact.
Improve the Women’s Bathroom
This is likely to be the most unexpected way to increase revenue on the list, but it works.
Spend time rethinking and remodeling the women’s restroom. Why is that going to increase your bottom line?
Improving the women’s bathroom is a surprisingly good way to boost business in places like restaurants and movie theaters. For example, if you increase the number of stalls, women will spend less time in the restroom, and more time spending money in your establishment!
Better bathrooms can be a great investment in a traditional office setting too. Clean, easily accessible bathrooms mean less time standing in line or hunting down paper towels, which means your employees will spend more time working.
Accept More Forms of Payment
It seems obvious that you would want to accept multiple forms of payment if you want to make more money, but do you know just how many different forms of payment are out there?
In addition to the normal forms of payment, like cash, credit, and check, there are other options you should consider that include:
– Consider mobile payments, like PayPal, Apple Pay, and Capital One Wallet.
– Money orders can make it easier for low-income customers to shop with you.
– Automated clearing house (ACH) payments are a great option for recurring services and products.
– Accepting Bitcoin can make you seem modern and relevant, as long as you understand the risks involved.
Use Influencers to Your Advantage
Advertising is a tried and true way to increase business. It used to mean commercials on the television and billboards on the side of the street. Today, it means ads on Facebook and Google. An even newer form of advertising is working with social media influencers.
Usually, that means reaching out to influencers in your niche to see if they would be interested in representing or advertising your brand. You will be required to pay them or provide them with your product or service for free. Once an agreement has been reached, they will promote your product to their followers, providing you with a more authentic way to reach new customers and clients.
Be open to involving existing customers too! Offer something for free in exchange for mentioning you on their Facebook, Twitter, or Instagram.
Feel free to continue doing all those tried and true traditional things to increase the success of your business, but don’t be afraid to try something a little different. The ideas on this list are a great place to get started!