Generating revenue, the most basic concept for an emerging business but one that is not as easy to follow through on. It is easy to get lost in the day to day of selling products and services instead of focusing on long term decisions that will generate revenue. That’s why an outside team of people within the startup industry like Solutions For can be crucial in creating an in depth and realistic revenue model. The following three steps are just the basics of the numerous options Solutions For can advise your company to take in order to truly generate revenue.
Break down your costs
We all know and understand the formula for profit pretty well by now:
Profit = Revenue – Cost
However, knowing the formula and implementing it efficiently are vastly different tasks. Therefore, it is important to consider numerous methods to increase revenue and reduce costs. One simple method to increase revenue is through the reduction of unnecessary expenses. One department that can become very labor intensive and costly is financial management. Instead of wasting resources on an entire department, you can reduce this unnecessary expense by hiring a virtual CFO or virtual assistant through Solutions For instead of a full-time CFO and assistant. A virtual CFO (vCFO) isn’t simply a bookkeeper, they instead monitor the financial health and well being of your business. They are there to work closely with your books to provide accurate forecasting and budgeting analyses. A vCFO will reduce the daily costs of the enterprise and will help to consider the long term financial stability of your company, which is especially important for startups and small or medium sized companies.
Expand the market
In addition to cutting expenditures, you can also expand your market to increase revenue. But how can you expand the market? First of all, it is crucial to make full use of Internet and television advertisements to promote your product. Nearly every person consumes some amount of screen time every single day. However, there are thousands of other companies advertising as well. It is not wise to only consider a simple social media push, instead it is important to use all analytic tools at your disposal to create the most effective way to reach new clients.
It is necessary to create a seccint message campaign geared towards your prospective clients across all platforms that accomplishes your goals. Your resources need to be used in the most effective way to reach out to clients. Everything we do at Solutions For is firmly rooted in analytics, projections and sound strategies. You cannot expand your market without considering what is feasibly implementable for your company. Our company doesn’t provide you with just a plan but with the strategies and tools to make your goals a reality.
Innovate your company
Thomas J Peters, the famous America management master claimed that,
“Distance has disappeared, innovation, or death.”
It is obvious that innovation can bring vitality to an enterprise. Kodak, whose film used to occupy nearly the entirety of the market, has been basically eliminated because it ignored innovation in relation to its product. Hence, you need to pay attention to reform and innovation in today’s ever changing society.
But innovation cannot simply include your product or service. In order to truly generate revenue efficiently a company must always consider innovating its management, service, concept and all other facets of the company. Solutions For uses the most up to date technology to best serve our clients. The industry of accounting is changing with the introduction of cloud technology. Our use of cloud technology opens up new and profitable opportunities for our clients by making it possible for us to see our client’s cash flow in real time. We have access to real time reporting and analytic features that give us constant access and insight into a client’s financial condition. Allow us to innovate the way you consider your financial data.
Take the next step
Generating revenue is the only way to take your business from a startup to an ever growing company with a secure financial future. We at Solutions For have the expertise to ensure that you have the right tools and strategies to make that a reality.
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