9 Ways You Can Steadily Grow Your Business’s Revenue

It’s common for people to look for ways to grow their business’s revenue. They often research PPC advertising or the benefits of content marketing for small businesses. Alternatively, folks read about CRM software and email marketing. In this article, we’ll discuss 9 different methods that you can use to increase your sales and profits.

1. Create A Marketing Strategy

This is a plan that outlines your business’s overall marketing goals and how you intend to achieve them. Creating a marketing strategy helps you allocate resources effectively and provides a measure against which to track your progress. Some important elements to consider include your target market, your unique selling proposition (USP), your brand identity, and your channels of distribution.

As with all 9 points, we’re discussing today, you can learn more by making a Google search. Specialist websites can fill you in on the promotion strategy fundamentals, discussing such things as digital advertising, mobile marketing, and public relations. You can also download free eBooks and calendars, and read definitive marketing guides.

2. Increase Your Prices

If you’re providing goods or services that people want, and you’re not charging enough for them, raise your prices! You can either implement small increases over time or increase them across the board. There are several benefits to doing this, including:

  • You’ll make more money per sale
  • You’ll attract higher-quality customers who are willing to pay more for what you’re offering
  • You’ll have fewer customers overall, but each person will be worth more to you
  • People will assume that what you have to offer is of a higher quality than its rivals

Of course, there are some risks involved in increasing your prices. You need to make sure that you do it in a way that won’t alienate your existing customer base or price yourself out of the market.

3. Decrease Your Costs

If your business is spending more money than it’s making, it’s time to take a close look at your expenses and find ways to cut back. Sadly, many businesses overlook their own expenses and continue to pour money into areas that aren’t yielding results. By decreasing your costs, you’ll be able to free up more cash flow, which can be reinvested into other areas of your business (or used to pay down debt). This will help improve your bottom line and leave you in a better position to grow your revenue.

Take a close look at where your money’s going and see what can be trimmed. You may be surprised at how much you can save by making a few simple changes. The possible disadvantages of decreasing your costs are that it may lead to layoffs or cutbacks in other areas of your business. This can be a difficult decision to make (it could reduce the quality of your products) but if it’s necessary to keep your business afloat it may be worth considering.

4. Add New Services Or Products

You could expand your current product line to include new items that complement what you already offer. Rather than buying two related products separately, perhaps people can buy them together from you at a reduced price.

You may be able to create new services that fill a need for your target market. Alternatively, you can partner with another company to offer their products or services through your business.

5. Get More Customers

One way to attract new buyers is to offer a discount or sale on your product or service. This can attract new people who may not have considered your business before. Another option is to improve your marketing and advertising efforts. This can include creating a more effective website, using social media, or running targeted ads.

Getting more customers can lead to increased revenue, as well as improved brand awareness and reputation. Additionally, it can help you expand your customer base and build long-term relationships with clients.

6. Seek Ways To Retain Your Existing Customers

It costs several times more to attract a new customer than it does to retain an existing one. That’s why it’s so important that businesses focus on ways to retain their current clients. There are many practical ways to generate customer loyalty, such as providing excellent customer service and offering discounts and rewards for repeat business.

By taking these measures, you can ensure that your customers will continue doing business with you for many years to come.

7. Develop A Recurring Revenue Model

This could involve charging customers on a monthly basis for access to your products or services. Alternatively, you could offer annual subscriptions that need to be renewed each year.

This type of revenue model is extremely valuable as it provides you with a steadier stream of income that you can rely on month after month, year after year. This makes business planning easier and improves the accuracy of your future financial forecasts.

8. Increase Your Sales Efforts

First, take a close look at your current sales process and see where there may be opportunities for improvement. Are you making the most of every lead? Are your salespeople properly trained on your products and services? Could your pricing structure be more competitive?

Next, consider ways to generate more leads. This could involve anything from increasing your marketing budget to having your website SEO optimised.

9. Create A Diversified Revenue Stream

Don’t put all your eggs in one basket when it comes to generating revenue for your business. Consider diversifying your revenue streams to include multiple sources of income. This will help ensure that you’re never left high and dry if one particular product or service dries up.

Some ways to diversify your revenue streams include being involved simultaneously in product sales, services, and advertising. Also, check out affiliate marketing, consulting work, and charging for access to premium content.

These have been 9 key ways to steadily grow your business’s revenue. The market’s always changing, and so are your customer’s requirements. By being proactive, you’ll be able to stay ahead of the game and continue to be a growing and thriving business for the long term.

Baker McKenzie Announces Global Annual Revenues of USD 2 Billion

Baker McKenzie has announced revenues for the fiscal year ended 30 June 2020 of $2.9 billion. In terms of constant currency revenues were up 1.2% compared to the previous year. In US dollar terms, the Firm’s reporting currency, this translates into a flat year, after the effect of adverse currency movements during the year.

All of our regions recorded growth in constant currency terms – Asia Pacific up 1%, EMEA higher by 2%, Latin America rose 2% and North America increased 1%. In US dollar terms, three out of our four regions – Asia-Pacific, EMEA and North America – each experienced slight growth.

Latin America revenues, however, fell by 12% in U.S. dollar terms, highlighting the weakness of currencies in that region during FY20. The first quarter of FY21 has continued that growth with revenues and profitability up in all four of our regions.

Our PPP for FY20 is down 12% year-on-year as compared with FY19, reflecting the significant investments we made in new technology, infrastructure and laterals and other talent, as well as the negative impact of FX. Over the last decade the Firm has grown by 37% in terms of revenue and 31% in terms of PPP.

We saw revenue growth in our two largest markets – the United States and the United Kingdom. Some of our markets that saw high single-digit or double-digit growth include: Thailand, Singapore, South Korea, Netherlands, Belgium, Sweden, Luxembourg, Hungary, Egypt, Kazakhstan and Morocco.

Milton Cheng, Global Chair, Baker McKenzie says, “I am proud of how our Firm has stepped up this past year to record a reasonable set of results, given the economic and logistical headwinds we have faced since January and the softening of demand we saw in the final quarter of FY20. It is a strong demonstration of our collective resilience.

“We continue to look to the future. Despite the ongoing challenges of COVID-19 and the decline in economic activity in many parts of the world, Baker McKenzie is heading into FY21 with confidence, bolstered by our client base, resilient team, and exciting investments in the future of our industry and communities. The Firm has appointed new leaders, including our first Chief Sustainability Officer, as well as announcing our innovation arm Reinvent.

Law Firm Announces Record Global Revenues

Multinational law firm Baker McKenzie has announced record revenues for the fiscal year ended 30 June 2019 of $2.92 billion.

In terms of constant currency, Baker’s revenues were up 4.4% compared to the previous year. In United States dollar terms, the law firms reporting currency, this translates into growth of 1.2%, after the effect of adverse currency exchange.

Revenue is the money generated from normal business operations, calculated as the average sales price times the number of units sold. It is the top line figure from which costs are subtracted to determine net income. Revenue is also known as sales on the income statement.

Baker McKenzie remains the most geographically diverse global law firm and all of our regions recorded growth as follows: EMEA +5.2%, AP +2.1%, LA +9.0% and NA +4.0%

All of their key financial metrics improved over last year: revenue growth, net income, profit margin, Profits per Partner, Revenue per Partner and Profits per Lawyer. Baker are especially pleased to accomplish this amid a market with flat demand.

PPP was up by 3% to $1.48 million in United States dollars. Overall net income or profit rose by 2% to $1 billion. Over the last decade the law firm has grown by 40% in terms of revenue and 50% in terms of PPP, outperforming most of our competitors.

Among our standout markets, all with significant double-digit growth, include Bogota, Buenos Aires, London, Prague, Turkey and Warsaw.

Baker McKenzie Overview

Baker McKenzie is a multinational law firm headquartered in Chicago, Illinois. Founded in 1949 as Baker & McKenzie, it has 77 offices in 46 countries, and over 6000 lawyers worldwide. It is one of the largest law firms in the world by headcount and revenue.