Get Clear About Generating Revenue
by Shivani Gupta,
Newcastle Herald Small Business Column,
published Monday, 5 July 2010
One thing small business people often sacrifice is their own professional development. Are you someone that is bogged down by the day to day of working in your business, rather than on it?
I am a big believer in learning from others. In small business, you don’t have the luxury of in-house experts or a different set of eyes on both issues and opportunities for your business.
It is also important to remind ourselves that we are in business to make money. Sure, there are other considerations, but if you aren’t generating increasing revenue you won’t have a business for long.
This month I attended a workshop in Sydney by US TV money expert and author Loral Langemeier. Lorel’s achievements have earned her the title of "The Millionaire Maker". Her workshop forced me to reflect on my business. It also reinforced three important tips for small business success in generating revenue that I thought I’d share with you.
Sometimes jargonistic terms such as "niche" and "unique selling proposition" make it hard for small business people to focus on getting clear about what it is that they do. Loral asked the simple question, "What are you CEO of?" When answering this question think about what you do and what you don’t do. The clearer you are about what you do, the easier it is for you to articulate the benefits of your business to your customers. I resolved that I am the CEO of a leadership business. I help people to become better leaders.
The clearer you are about your great products or services, the clearer you can be about defining your worth (prices). Many entrepreneurs are fearful about asking for money. We don’t like doing it. We have to get over that fear - practice asking for money in the mirror if that helps. Being clear and confident about your worth helps you to avoid traps on which I have written about before, like setting your prices too low or discounting.
Lastly, you need to have the right intention in developing a long-term business. It isn’t always about money. If you focus on serving your clients rather than just selling you have a greater chance of developing loyal customers and generating new opportunities. For example, I have clients that can’t afford (either in time or money) to use my face to face coaching. To serve them better, I am developing a new online coaching service.
What are you CEO of and how are you maximising revenue?
Generating revenue
- What are you CEO of? Be clear about your niche and benefits
- Value your worth
- Serve as well as sell to clients