5 mindset shifts to increase business revenue

Let’s spend some time on an exciting concept – increasing revenue. Businesses can increase revenue and ultimately open the door for improved profit by raising prices, increasing the number of customers and diversifying services and product options. Sounds simple enough, right? asks Amanda Thompson, financial adviser and author of Financially Fit Women.

Problem is, we are often our own worst enemy when it comes to increasing revenue. Our mindset can make a huge impact on how we approach money. With a positive mindset, you should ask yourself: how can I increase the money that ends up in my bank account?

Five mindset shifts for increasing your revenue.

1. Review what you are spending your time on

Just because you are busy, it doesn’t mean you are profitable. When you have your own business, you are usually not paid by the hour, and you are most definitely not paid for all of your tasks and to-dos. You may, however, have clients that pay you by the hour. Spending all of your time trying to change something on your website or update your admin means you’re not spending time on client work. You can use automation and outsourcing to free up time to focus on the things that bring in the dollars and move your business forward. Change your mindset on how you value your time.

2. Clients come first

A common mistake is to forget to focus on the most important people who are integral to your success – your customers and clients. Always ask yourself if what you are doing or planning will be beneficial to current and new clients.

3. Accept help

One of the toughest things to do is ask for help. Although you could quite possibly be a one-woman show to start with, as your business evolves, you will want to grow your village. Seek out people (not just friends) to support you, but who will also challenge you. Accountability is often easier when you have someone else in your fold.

4. Personal development

Don’t be deterred from investing in yourself! Prioritise learning to further your knowledge. This could be directly related to your specialty (as well as your “not so great” areas) so that you can continue to grow and forge ahead as a leader in your field. If the funds aren’t there yet, look at free workshops or budget in your cash flow for non-negotiables.

5. Value yourself

Take a realistic look at what you charge. Believe in your worth. As business owners and women, we are often our own harshest critics. Do not settle for less than you are worth. Don’t be afraid to raise your rates to reflect your knowledge and time.

Cash is key when you’re running a small business. Think about what you anticipate spending in six to eight months, evaluate assumptions about the cost of goods sold, overheads, cash collection, growth, seasonal costs in the business, when you need to invest and get inventory on hand, or if there is anything that could create a closure for you. Forecasting is important in small businesses, particularly when you’re getting started. This planning means the team around you will be able to think about running the business and managing growth effectively.

This is an edited extract from Financially Fit Women by Amanda Thompson.

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