Sustainable small business growth doesn't happen by chance. The most successful business owners clearly define their goals, create a plan, actively measure their success—and prepare to pivot if necessary. In this article, we explore five powerful strategies to boost sales and revenue for small businesses in the upcoming year. We'll help you set realistic goals and build a roadmap to achieve them. So, without further ado...
You've probably heard of the SMART goals framework. It's important to have a clear growth goal in mind. Determine how much more revenue you want to bring in and be intentional about setting that target.
Consider your current capacity and think about how much growth you can handle. Keep in mind that setting realistic and attainable goals is crucial for long-term success.
Looking back at your business's past performance can provide valuable insights into future growth. Analyze your growth patterns over the previous years and consider any external factors that may have influenced them.
A review of your past performance will give you insight into how much growth you can expect your business will have under the current structure without additional change and resources, which will in turn help you project future growth and set expectations for the new year.
Once you have your growth goal, it's essential to break it down into actionable steps. Create a backwards equation to determine how many additional clients to achieve the revenue growth, then evaluate the closing percentage to know how many leads you need to achieve your target.
By setting measurements at each stage, you can track your progress and adjust your strategies at the individual steps accordingly.
Increasing prices and offering additional services can significantly impact your revenue. This is extremely important if your client load is at capacity.
Understanding your cost of acquisition is fundamental for evaluating your marketing and sales efforts. Calculate how much it costs you to acquire new business for every revenue dollar generated. This metric will help you assess the efficiency of your campaigns and make informed decisions about future investments.
It is more important when considering growth spend to evaluate the return on investment than the solely the cost, and this metric will help you hone in on that number.
Boosting sales and revenue for small businesses requires careful planning and execution. When you set growth goals, analyze past performance, create a backwards equation, increase pricing, and measure your cost of acquisition, you can set your small business up for success in the new year.
Remember, these tips are applicable to various industries and can help you create a solid foundation for achieving your goals. Do you want help reaching your goals? Click the ‘Let’s Chat’ button and see if Kaizen CPAs + Advisor is the right firm to help you.